Claims
With no clear indication that the U.S. Congress will extend the Terrorism Risk Insurance Act (TRIA) beyond its December 31, 2005 sunset, the insurance industry is already seeing the potential impact of TRIA’s non-renewal, says a new report by Standard & Poor’s.The rating agency says workers’ compensation (WC) carriers could be hardest hit if the […]
By Canadian Underwriter | February 3, 2005
1 min read
Industry
A full year into the implementation of the federal Protection of Information Privacy and Electronic Documents Act (PIPEDA), many issues remain unresolved for insurers, lawyers told delegates of the Ontario Insurance Adjusters Association (OIAA) Claims 2005 Conference in Toronto Wednesday.Lawyer Lee Samis, of Samis & Co., says there is still a great deal that is […]
By Canadian Underwriter | February 2, 2005
2 min read
As the day draws near for Florida’s insurers to request a rate increase following last year’s record hurricanes, Standard & Poor’s expects an average 10% increase may be in the offing.S&P’s Robert McNatt says insurers are in far better shape following this hurricane season which produced four major hurricanes and as much as US$27 billion […]
Risk
U.S. analysts are predicting property & casualty insurers will post a combined ratio of 98.9% in 2005, despite a slow down in premium growth, according to results of the Insurance Information Institute’s annual “Groundhog forecast”.Analysts from various investment and research firms say the industry’s combined ratio should be on par with the 98.7% expected for […]
Lloyd’s of London has estimated its losses from the South Asian tsunami at GBP100 million, net of reinsurance. “A significant proportion of these losses will be within businesses’ planning assumptions for expected catastrophe loss costs,” notes a Lloyd’s statement. While the U.S. Federal Reserve Bank was true to course in rising the target funds rates […]
The p&c insurance industry must be on its toes in the coming year, prepared for a threat from any corner as it comes off of one of its biggest roller-coaster rides in 2004. This, according to the annual review/preview by A.M. Best.The rater notes hazards have taken a number of forms in the past few […]
By Canadian Underwriter | February 1, 2005
The Insurance Bureau of Canada (IBC) is heading to North Bay to spend the month promoting “Injury Prevention Month”. “This campaign is designed to communicate important safety messages to people of all ages and to bring practical support for all the good work already undertaken in this community,” IBC vice president of public affairs and […]
Voluntary mediation is becoming an attractive alternative to trial in many insurance-related cases, a panel of lawyers told the Joint Conference sponsored by the Canadian Insurance Claims Managers Association (CICMA) and Canadian Independent Adjusters Association (CIAA), Tuesday in Toronto.The legal panel offered a “Cross Canada Claims Check Up”, giving delegates the status of various legal […]
Standard & Poor’s has assigned the following ratings to Fairfax Financial Holdings’ US$750 universal shelf, registered with Canadian and U.S. regulators: “BB” senior debt; “BB-” subordinated debt; and “B+” preferred stock. S&P does not expect significant amounts of incremental debt to be part of any offerings under the shelf, but notes Fairfax may offer subordinated […]
The insurance industry is already preparing to better handle the release of 2004 yearend financial results and the incumbent media attention they will garner, says Mark Yakabuski, vice president of federal affairs and Ontario region for the Insurance Bureau of Canada (IBC). Speaking to a monthly meeting of the Property Casualty Underwriters Club (PCUC) in […]
January 31, 2005
3 min read
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
