Claims
Two researchers who work with the Institute for Catastrophic Loss Reduction (ICLR) will be heading this week to the World Conference on Disaster Reduction in Kobe, Japan.Dr. Gordon Bean and Dr. Slobodan Simonovic are set to present research to the conference, which has gained the spotlight in the wake of the Asian tsunami disaster.Dr. Simonovic, […]
By Canadian Underwriter | January 17, 2005
2 min read
Manitoba Public Insurance (MPI) says for the first nine months ending November 30, 2004, it pulled in net income of $81.5 million, more than double the $38.7 million reported in the first nine months a year prior.Premiums written were up over the same comparative period to $577.6 million from $526.7 million the year before. At […]
Industry
Ontario-based Loyalist Insurance Group says it is working to meet requirements of the Toronto Stock Exchange as the company is to be reinstated on the TXS Venture Exchange later this week.The company had been delisted in November for failing to meet TSX requirements. Just days after that announcement, the company filed third-quarter 2004 financial results, […]
1 min read
Risk
Toronto-based conglomerate Onex says it has sold its U.S. insurance brokerage operation, InsLogic. While the buyer was not disclosed, Onex says it received $22 million for the Tennessee-based provider of private-label brokerage services. InsLogic provides insurance services for auto manufacturers and others, including the Ford Motor Credit Co. Swiss Re has created a new guide […]
Auto
On the heels of publishing its claims study, Newfoundland’s Public Utilities Board (PUB) is asking for public input to a series of insurance hearings.The first hearings will deal with auto insurance, with the completion of the PUB’s study of closed auto claims. That study, published last week by Mercer Oliver Wyman, suggests there would be […]
By Canadian Underwriter | January 16, 2005
Insurance industry leaders expect the investigation into market practices will only expand in 2005, according to results of a survey conducted by the U.S. Insurance Information Institute (III).The III asked attendees at last week’s P/C Industry Joint Industry Forum in New York to comment on a variety of trends, with a startling 92% saying they […]
In its annual “Marketplace Realities” report, broker Willis finds despite price softening in “virtually all market segments”, underwriting discipline remains intact.Despite the past year being marked by catastrophes, including the Atlantic hurricane season and December 26 Asian tsunami, market capacity has not been significantly impaired, the report notes. And “unlike previous turns in the market […]
The Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA) says 43 new captives were formed in the domicile in 2004. The forms were varied, with 29 pure captives, 8 risk retention groups (RRGs), and also industrial insureds, sponsored, association and branch captives being formed. Some of the notable new entrants are Wal-Mart Stores, Best […]
2004 was marked by a series of “disasters” for the insurance industry not just natural catastrophes like the Atlantic hurricanes, but also corporate catastrophe in the form the investigations into broker compensation and non-traditional insurance products. In light of this, the industry needs to focus on “early warning systems” to reduce the impact of these […]
By Canadian Underwriter | January 13, 2005
Although far overshadowed by the December 26th Indian Ocean tsunami, Ohio experienced severe weather just before the Christmas holiday, and the price tag for insurers is likely to top US$85 million.The Ohio Insurance Institute (OII) says the US$85 million is a preliminary figure and losses will likely rise above this. Just 23 insurers have reported […]
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