Industry
The first release of the MSA Benchmark Report on Canadian p&c insurers highlights the struggles being experienced by auto writers compared to commercial insurance carriers.The report’s author, MSA Research Inc.president Joel Baker, says that despite a return on equity of 9.2% for auto writer, when B.C.’s government insurer is excluded, this drops significantly to 7.2% […]
By Canadian Underwriter | August 8, 2004
2 min read
Auto
Net income for B.C.’s public auto insurer more than doubled in the first half of 2004, to $166.8 million from $77.4 million a year earlier.Investment income paid a key role in the growth, rising to $215.4 million for the first six months of 2004 from $190.0 million during the same period in 2003, largely from […]
By Canadian Underwriter | August 5, 2004
1 min read
The Insurance Bureau of Canada (IBC) says Newfoundland’s Bill-30 is a “short-term fix” that does little to relieve the pressure on auto insurers and their customers in the province.Bill-30 was signed into law earlier this week, despite opposition from insurers who say the bill does nothing to reduce the claims burden at the same time […]
Claims
Early claims estimates resulting from the recent Peterborough, Ontario floods show insurers paying out close to $71 million, says Eve Patterson, regional manager for the Insurance Bureau of Canada (IBC). Patterson says with the major writers having reported thus far, 4,371 claims have been logged for estimated insured losses of $70.83 million. But this number […]
Toronto-based Lindsey Morden has a new CEO who will also take on the top role at Cunningham Lindsey U.S.. Jan Christiansen was named to the position upon the resignation of Karen Murphy after four years. Christiansen was most recently CFO of freight and logistics company USF Worldwide Inc. ING Insurance has donated $10,000 to the […]
By Canadian Underwriter | August 4, 2004
Risk
In the latest survey of financial services companies’ views on risk management, PriceWaterhouseCoopers and the Economist Intelligence Unit find a heightened profile for the risk management function and specific concerns about unquantifiable risks, namely reputational risk. In fact, reputational risk is now viewed as the greatest threat to the market value of organizations.A previous study […]
Several states have agreed to scrap a joint credit scoring study they had been pursuing in favor of an agreement with insurers who will provide data to the federal study on the same issue.Thirteen states led by Missouri had originally taken up their own study, despite one already in the works by the Federal Trade […]
Despite notice from several insurers that they would withdraw from the province of Newfoundland’s auto insurance market due to the passage of Bill-30, the auto reform measures have been proclaimed.The bill was proclaimed on August 1, although this was not announced until August 2. The reforms will see rates frozen for another year, and government […]
By Canadian Underwriter | August 3, 2004
Co-operators General Insurance Co. (TSX: CCS.PR.A) saw its net income rise to $38.0 million ($1.74 per share) for the second quarter ending June 30, 2044, on the back of 5% improvement in the company’s combined ratio. Co-operators posted a combined ratio of 92.8% for the quarter, compared to 97.8% a year previous, when net income […]
The insurance industry was spared the full wrath of the first Atlantic hurricane Tuesday as Hurricane Alex made just a glancing blow on the North Carolina coast. Earlier it was feared Alex would be the first storm to cause major damage, and while thousands of residents saw their power cut off and some highways were […]
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