Industry
Kingsway Financial Services Inc. (TSX, NYSE: KFS) saw its net income jump an impressive 96% in the third quarter of 2004 on underwriting gains, specifically with improvement in its Canadian operations. Overall, the Toronto-based insurance holding company produced net income of $30.6 million ($0.54 per share, on a dilute basis) for the quarter ending September […]
By Canadian Underwriter | November 2, 2004
2 min read
Claims
The Insurance Corporation of B.C (ICBC) saw its net income almost triple in the first nine months ending September 30, 2004. The province’s public insurer saw net income rise to $317 million during the nine-month period, up from $112 million in 2003.Net earned premiums were up over the comparative period to $2.3 billion from $2.1 […]
By Canadian Underwriter | November 1, 2004
1 min read
While much has been written about the explosion of liability claims in the U.S., the trend has taken on global proportions, according to a new sigma study released by Swiss Re.In “The economic of liability losses”, the U.S. does come out ahead in terms of the economic impact of general liability claims. In 2002, the […]
Even with the cloud of the investigation into commission practices, rating agency Fitch is maintaining its stable outlook on the U.S. commercial lines p&c sector.Recently, Standard & Poor’s said it was placing a negative outlook on the sector following a recent civil suit filed by New York Attorney General Eliot Spitzer against broker Marsh, and […]
Adjuster Lindsey Morden (TSX: LM), part of Fairfax Financial, saw its losses narrow in the third quarter of 2004, with continuing operations providing an earnings boost.The company posted a net loss of $1.6 million ($0.11 per share) for the quarter ending September 30, 2004, compared to a loss of $4.2 million ($0.31 per share) the […]
Risk
Faced with the alluring prospect of a second year of acceptable profitability, the tension within the offices of Canadian licensed reinsurers is easing - but not underwriting discipline, at least according to the senior management responses in CU's annual "reinsurance strategic outlook" for 2005. While rates and terms for next year's reinsurance treaty renewals will likely remain stable, at least for most classes of business, reinsurer CEOs remain wary of the mistakes of the past, and point to the volatility of global catastrophe losses over the past year as well as uncertainty regarding the long-term effectiveness of the provincial auto insurance reforms.
By Sean van Zyl, Editor | October 31, 2004
18 min read
The once exotic world of captives is opening up for risk managers as they seek out solutions to a challenging insurance market. The traditional offshore domiciles are experiencing growth in captive numbers and premiums written, while new domiciles are being created through captive legislation, specifically in the U.S. But, experts say captives are more than just a passing solution to a temporary lack of available, affordable commercial insurance - they are a long-term investment requiring focus and commitment.
By Vikki Spencer | October 31, 2004
9 min read
Let’s get one thing straight right off the top: If what he alleges is true, Eliot Ness – I mean Spitzer – is right on the money with some of the accusations he has made against a few of the major players in the insurance brokerage industry. Again, if true, what these companies did was, […]
By W. Epaminondas Adrastus Blab II | October 31, 2004
8 min read
With personal auto insurance rates across the country having peaked almost a year ago, and insurers' financial results now beginning to show consistent strength, the dark cloud of despair that had hung over the Canadian property and casualty insurance industry over recent years seem to be dissipating. However, the political environment surrounding the auto market remains volatile, a panel of insurer CEOs speaking at this years' Insurance Brokers Association of Ontario (IBAO) convention say. And, the "cost of the past" in terms of inadequate reserving, as well as brittle relations between companies, brokers and the insuring public as a result of the steep pricing and lack of coverage availability of the latest hard market, are hurdles that have yet to be overcome, they say.
7 min read
Home
Recent studies have brought the Canadian property insurance industry to one of its biggest challenges in modern history - the knowledge that the majority of its residential property policies are underinsured by significant amounts. And although the need for immediate action is obvious, concerns within the industry about how to go about it are understandably present. The urgency of addressing this industry-wide issue demands that we all move forward and that we do so quickly.
By Klaas Westera | October 31, 2004
5 min read
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