Claims
Munich Re is predicting insured losses from this year’s Atlantic hurricane and Pacific typhoon seasons combined could be US$20-$50 billion. The world’s largest reinsurer says its own losses should be about EUR500 million, a figure which will make its yearend target of EUR2 billion after tax profit “difficult to achieve”. Munich Re also expects pricing […]
By Canadian Underwriter | October 13, 2004
1 min read
Risk
Quantifying directors’ and officers’ (D&O) exposures is not only possible, but necessary in the current environment where shareholder lawsuits proliferate, says one analytics company.Advisen Ltd. co-founder David Bradford says insurers must look beyond more traditional tools to new metrics for understanding this risk. “Securities class actions have become a dominating source of (D&O) claims,” he […]
By Canadian Underwriter | October 12, 2004
2 min read
Industry
In its latest “industry report card” on North American insurance holding companies, rating agency Standard & Poor’s says the more stable outlook on the p&c industry should not be cause for celebration just yet. “there are a few mountains to move before ratings can turn around, the largest being massive increases in industry reserves for […]
Allianz’s remaining business in Canada Allianz Global Risks (AGR Canada) has received approval from the federal insurance regulator to operate as a branch of Allianz Global Risks US Insurance Company.The company also expects to receive its provincial licenses in November, notes an AGR Canada press release. Among its offerings in this country will be commercial […]
RBC Insurance is extending the capabilities of its sales force to banking products. The company says in a statement, it can now allow its “career sales force” to offer clients “enhanced access” to RBC Royal Bank personal banking and lending products. This includes such things as Visa credit card, mortgage, loan and line of credit […]
Ending weeks of speculation, ING says it has bought Allianz of Canada Inc., although Allianz will retain the industrial lines book in Canada under Allianz Global Risks.The Allianz of Canada Inc. portfolio of p&c business includes subsidiaries Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada (which handles group business), as well as […]
By Canadian Underwriter | October 11, 2004
Despite public backlash over auto insurance rates over the past few years, the industry continued to score relatively high marks for claims satisfaction in its largest market. The Ontario auto claims satisfaction survey, which includes 50 writers of personal lines auto, saw the industry score 84% overall, down just 1% from last year. And again […]
Despite rising premiums for motorcyclists in Manitoba, other drivers continue to subsidize this high-risk group, according to a new survey released by that province’s public insurer.Analysis of claims figures shows that for motorcyclists to pay premiums consistent with their share of claims costs, their rates would have to increase by 37%, says Manitoba Public Insurance […]
Canadian personal property insurers produced continued strong results in 2003, despite wildfire and hurricane losses, according to a new study by A.M. Best.The statistical study shows the Canadian personal property industry produced a loss ratio of 61% last year, despite losses sustained from the B.C. wildfires, Hurricane Juan’s devastation in Nova Scotia and PEI, as […]
Non-life premiums in emerging markets are expected to double over the next decade, according to Swiss Re’s latest sigma study. While premiums in these markets, which include Africa, Asia, Eastern Europe, Latin America and the Middle East, were about US$123 billion last year but this figure is expected to blossom to US$250 billion by 2014, […]
By Canadian Underwriter | October 7, 2004
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