Industry
Overall, the January 2005 reinsurance renewal season was “much less dramatic” than might have been expected given the significant catastrophe losses seen by the industry in recent years, notes a new report by Fitch Ratings.The rating agency notes that despite terrorist attacks, hurricanes and typhoons, and the dramatic swings of the hard market, most reinsurers […]
By Canadian Underwriter | March 23, 2005
1 min read
Risk
Aon has released a “Risk in Global Filmmaking” map which shows 70 countries with “high-risk” status, as compared to 55 last year. Some of the riskiest locations are also the most popular, including Mexico, Thailand, the Philippines and South Africa, the report adds. “Filmmakers are becoming more aware of the risks they encounter abroad, and […]
While 2004 showed only a small increase in the expense ratio of U.S. p&c insurers, this result came as a surprise to rating agency Standard & Poor’s.S&P says history suggests periods of declining loss ratios are often followed by an uptick in spending (while conversely, rising loss ratios lead to spending cuts).Between 1997 and 1999, […]
By Canadian Underwriter | March 22, 2005
New reforms tabled in the Alberta legislature would see public insurers allowed to sell auto insurance in the province.Bill 34, the Insurance Amendment Act, 2005 was introduced by Peace River MLA Frank Oberle on Monday.We are following through on a commitment made last summer to allow BC’s ICBC (the Insurance Corp. of B.C.), Saskatchewan’s SGI […]
Claims
2004 saw the lowest level of losses in the history of the global aviation industry, according to a new report by Aon’s U.K. division. While the 1990s saw an average 22 loss incidents per year, there were just 15 in 2004. However, total losses rose moderately in severity to US$1 billion. On average, premiums dropped […]
2 min read
U.S. reinsurers posted net income slightly higher for 2004 at US$3.14 billion, according to results from members of the Reinsurance Association of America (RAA). The RAA’s 26 members posted net income of US$3.08 billion in 2003.However, the slight uptick did not come from improved underwriting. Overall, the industry’s combined ratio worsened to 106.2% in 2004 […]
By Canadian Underwriter | March 21, 2005
Brokerage Heath Lambert Group says it will now charge a 1% (of premium) flat rate for work carried out on behalf of insurers. The “broker insurer services commission” (BISC) is a response to the industry’s ongoing controversy over broker compensation, and Heath Lambert says the flat rate should be more transparent, fair and simple to […]
An earthquake measuring 7.0 on the Richter-scale emanated off the south coast of Japan on Sunday morning, believing to have resulted in the death of one person and injuries of up to a further 381 people, according to early television news reports. Authorities for Fukuoka city, located southwest of Tokyo, have confirmed 107 injuries caused […]
By Canadian Underwriter | March 20, 2005
Financial services group and broker network consolidator Western Financial Group (TSX: WES) saw net income almost double last year to $4.22 million compared with the $2.12 million reported for 2003. This equates to earnings of 18c a share for the latest reporting period versus the 11c a share reported for 2003.Western Financial increased 2004 revenue […]
Reinsurers operating in the U.S. likely finished last year with deteriorating business indicators with companies reporting declines in premium volume while higher claims costs appear to have boosted the sector’s combined ratio, according to data released by the Reinsurance Association of America (RAA). Although U.S. reinsurers were able to increase policyholder surplus during 2004 by […]
By Canadian Underwriter | March 17, 2005
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