Industry
The U.S. Insurance Research Council (IRC) says auto injury fraud is adding about US$5 billion to claims costs per year, based on 2002 data. The study also found indications of fraud in 10% of all paid bodily injury claims, and 5% of all paid personal injury claims. The study looked at both fraud and build-up, […]
By Canadian Underwriter | January 13, 2005
2 min read
Writers of commercial auto insurance have effected a massive turnaround since 1999, posting strong results last year, but this upward trend is unlikely to last past 2004, says a new study by Conning Research.In 1999, commercial auto writers posted a combined ratio of 117.8%, but by 2003 were able to turn this around to 95%, […]
1 min read
Fairfax Financial Holdings is buying a French reinsurance operation which was placed in run-off last November.Fairfax’s Compagnie Transcontinentale de Reassurance Holding (CTRH) has purchased Markel Corp.’s Corifrance (Compagnie de Reassurance d’Ile-de-France) and its French holding company, Terra Nova SAS.Fairfax is paying EUR44 million (Cdn$70 million), with CTRH receiving a reserve indemnity capped at the purchase […]
By Canadian Underwriter | January 12, 2005
While reinsurance rates decline moderately in January, 2005 renewals, reinsurers appear to be handling the onset of the soft market in “orderly” fashion, says Standard & Poor’s.In S&P’s annual “report card” on the global reinsurance market, credit analyst Stephen Searby says January 1 rate decreases were on the order of 5%-15% for loss-free accounts. “For […]
Trucking insurer Markel Insurance Co. of Canada has devised a new product to hedge against volatile fuel prices.”FUELogic” allows long-haul truckers to lock in the “maximum” price they choose to pay for fuel from a number of options, to be reimbursed by the insurer if fuel prices rise in excess of that maximum.”The recent high […]
Claims
CIBC Insurance is providing quotes on p&c insurance from various other insurers, to clients in Ontario and Alberta, via the bank’s website. The site provides a link to online insurance marketplace Kanetix as a service to clients, although CIBC no longer sells auto and home insurance itself. CIBC sold its general insurance operations in 2000. […]
By Canadian Underwriter | January 11, 2005
Risk
The amalgamation of EGI Financial Holdings Inc. (EGI), parent company of Echelon General Insurance Co., with Canadian Insurance Marketing Inc. CIMI) is now complete. With the merger, The Co-operators Group has also reduced its stake in EGI to 43% – Co-operators previously held 50% of EGI, while CIMI held the other 50%.In 2001, Co-operators sold […]
In its annual report on reinsurance renewals for January 1, broker Guy Carpenter says pricing is generally flat to slightly down for 2005. The report also notes that pricing seems to be more directly tied to risk modeling, leaving little room for negotiation of rates, although terms and conditions seem to be on the table […]
The world’s megacities face a host of unique risks which have not yet been fully understood, according to a study by Munich Re.In its report to the United Nation’s World Conference on Disaster Reduction, Munich Re presented new research which shows that megacities are exposed not only to natural catastrophes but also technological, environmental and […]
Commercial
U.S. tort costs continued their upward trend, although at a far less dramatic rate in 2003, according to a new study by Tillinghast.In its annual review, the research firm finds tort costs rose 5.4% in 2003, exceeding overall economic growth which was up 4.9%. Overall tort costs were US$246 billion in 2003, or US$845 per […]
By Canadian Underwriter | January 10, 2005
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