Risk
The average premium decline on commercial insurance accounts in the third quarter of 2004 was almost 6%, according to the latest quarterly market index from the U.S. Council of Insurance Agents and Brokers (CIAB).”Price competition has definitely returned to the marketplace, although more so for new business than renewal business,” says CIAB president Ken A. […]
By Canadian Underwriter | October 24, 2004
2 min read
Industry
Saskatchewan Government Insurance has withdrawn its request to raise auto rates 10% next year for the province’s drivers.SGI says the decision comes after an external actuary’s audit predicting its “auto fund” will be in an improved position heading into next year. The government auto insurer says it will also continue with its planned “safe driver […]
By Canadian Underwriter | October 22, 2004
1 min read
The average rate on auto insurance dropped 8.75%, according to filings approved by the Financial Services Commission of Ontario (FSCO) for the first nine months of 2004.While the average decline in the third quarter alone was just under 2%, this follows a drop of 3.59% in the second quarter and the 10.15% decrease seen in […]
A.M. Best has added issuer credit ratings to complement its financial strength ratings on insurers. The ICRs have already been assigned to non-operating holding companies, but will now be added for operating companies in the reinsurance and some non-U.S. markets. U.S. p&c or life insurers will not see the ratings generally. Converium has seen its […]
By Canadian Underwriter | October 21, 2004
Although road accidents are the leading cause of death amongst young adults, a new poll is finding a surprisingly lack of concern about young driver safety.The poll, released by the Traffic Injury Research Foundation (TIRF) in Ottawa, finds that less than one-quarter of the 1,200 Canadian drivers surveyed believe young drivers are a serious problem […]
Reflecting on the situation facing Ontario insurers a year ago, company CEOs say the picture this year is a much healthier one.A panel of insurance company CEOs addressed the industry’s financial outlook as well as the lingering issue of public image, at the Insurance Brokers Association of Ontario Convention in Toronto. While the industry has […]
3 min read
Claims
In an analysis of the impact of the 2004 Atlantic hurricane season, broker Benfield Group says significant catastrophe losses this year should help enforce pricing discipline as the latest renewal period looms.Benfield notes that comments from reinsurer CEOs indicate an optimism about pricing discipline, specifically in the property catastrophe line, holding tight as a result […]
Insurers are expected to tap the Florida Hurricane Catastrophe Fund for US$3 billion to reinsure losses from three major hurricanes which hit the state in August and September (losses from Hurricane Frances will not apply as they are below US$4.5 billion). However, insurers are upset by the announcement that Florida Insurance Commissioner Tom Gallagher is […]
By Canadian Underwriter | October 20, 2004
Overshadowed by the 2004 Atlantic hurricanes, hailstorms have exacted a hefty price from insurers in New Mexico. A recent spate of hailstorms pounding the Albuquerque area in early October are expected to cost insurers US$39.7 million, according to the Rocky Mountain Insurance Information Association (RMIIA).The storms, which came in the middle of the night on […]
In the U.S., the most stolen among new passenger vehicles are the 2002/3 Cadillac Escalade and the 2002/3 Nissan Maxima, according to the Highway Loss Data Institute (HDLI), an affiliate of the Insurance Institute for Highway Safety (IIHS).The IIHS says the Escalade, a luxury pick-up, and the Maxima, a mid-size sedan, have theft rates 7-8 […]
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