Risk
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
November 30, 2004
4 min read
Industry
Canadian federally regulated insurers produced a return on equity (ROE) of 13% for the third quarter of this year, primarily on the back of a healthy underwriting gain. The industry’s taxed profit for the latest reporting period clocked in at $1.83 billion, more than double the $890 million reported by insurers for the third quarter […]
2 min read
Claims
Montreal-based Optimum General Inc. (TSX: OGI.SV.A) is reporting its sixth consecutive quarter of profit for the third quarter ending September 30, 2004. The insurer produced net income of $742,000 ($0.06 per share) for the quarter, up from income of $411,000 ($0.04 per share) in the same quarter a year ago. Over the same comparative period, […]
1 min read
Responding to the release of a multi-national study of vehicle headrest designs, the Insurance Bureau of Canada (IBC) says consumers must also play a role in their own safety.The study, which included tests by the U.S. Insurance Institute for Highway Safety (IIHS) and the Insurance Corp. of B.C. (ICBC), amongst others, found many manufacturers’ head […]
By Canadian Underwriter | November 30, 2004
U.S. reinsurers watch their net income fall in the first nine months of 2004 on the back of higher losses and decline in premiums, according to data released by the Reinsurance Association of America (RAA).For the first nine months of 2004, reporting reinsurers saw their net income drop to US$2.4 billion from US$3.3 billion for […]
Jardine Lloyd Thompson CEO Steve McGill has announced his resignation, concurrent with the brokerage reporting earnings significantly below forecast. Financial results indicate the company’s earnings will almost 19% short of analysts’ targets. The reason, the company notes in a statement, is the faster-than-expected drop in premiums leading to lower revenues, specifically in the U.S. and […]
Despite one of the worst typhoon seasons in memory in 2004, Japanese non-life insurers maintain strong balance sheets and hold an overall stable outlook, according to a new report by Standard & Poor’s.In addition to the spate of typhoons weathered during the past few months, Japanese insurers are also dealing with stagnant premium growth and […]
A survey of Canadian life and non-life insurers shows a high level of confidence about their ability to beat expectations in the next year, says consulting firm KPMG.KPMG surveyed industry attendees at its 13th Annual Insurance Issues Conference in Toronto in mid-October. The results show that 68% of Canadian insurers predict they will outperform compared […]
By Canadian Underwriter | November 29, 2004
The restatement of 2003 yearend earnings by Calgary-based brokerage Anthony Clark International Brokers (TSX: ACL), has resulted in an 11% drop in earnings.The company previously reported a net loss of $933,000, but has now increased this loss to $1.05 million. This translates to a restated loss per share of $0.14, compared to the previously reported […]
Despite improvement in the results posted by European insurers and reinsurers since 2002, next year promises to be a challenging one for the market, says rating agency Standard & Poor’s.In its report on the European market, S&P says European insurers have dealt with some of the key issues facing them prior to 2002, including: excessive […]
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