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Property crime, including vehicle thefts and break-ins were on the rise in 2003, according to figures from Statistics Canada.StatsCan data shows the national property crime rate rose 4% in 2003, despite hitting a 20-year low in 2002. The 2003 rates buck a trend of flat and even decreasing property crime rates since 1991, and despite […]
By Canadian Underwriter | July 28, 2004
1 min read
Industry
Fairfax Financial Holdings Ltd. says some of its affiliates have priced an offering of 3.1 million shares of common stock of Zenith National Insurance Corp. for gross proceeds of US$133 million. An overallotment of 400,000 shares was also offered to underwriters, with the offering set to close July 30. Following on the heels of Converium’s […]
Commercial
Global reinsurers are cleaning up their act, prompting Fitch Ratings to change its outlook on the sector to stable from negative, where it has been since 2001.Fitch says there should be fewer rating changes in the near term, and downgrades should not outnumber upgrades significantly as has been the case over the last three years. […]
By Canadian Underwriter | July 27, 2004
2 min read
Statutory accident benefits (SABS) representatives will face new rules coming into effect September 1, according to a bulletin issued by the Financial Services Commission of Ontario (FSCO). SABS representatives, largely paralegals, will now be banned from representing claimants if those representatives have been convicted of an applicable Criminal Code violation. The bulletin includes a list […]
Risk
The event cancellation insurance market which took a roller-coaster ride after 9/11 is leveling off, according to a new report from international broker Willis.The study says premiums and terms in the event cancellation market are stabilizing despite ongoing turmoil in the Middle East and the continued instances of global terrorism events. Event cancellation insurance spiked […]
By Canadian Underwriter | July 26, 2004
Claims
Last week’s heavy rains in Japan are expected to cost insurers US$137 million, according to the General Insurance Association of Japan. At the same time, the oil industry in Europe is reeling from two refinery firs in the past month which are expected to cost in the tens of millions of Euros.In Japan, The Fukushima […]
Raters gave mixed reviews, although generally produced a fast ratings hit to correspond with the announcement of a US$1.625 billion reserve boost by the newly merged St. Paul Travelers. St. Paul Travelers says the reserve addition, which will be recorded in second-quarter 2004 results, could produce a loss of US$275-$300 million for the quarter. A […]
By Canadian Underwriter | July 25, 2004
The onset of the soft market will challenge reinsurers to maintain the stability shown in strong results over the past two years, according to a new report by A.M. Best.2003 was a strong year for reinsurers in the U.S., Europe and particularly Bermuda, with the top 15 Bermuda reinsurers posting a combined ratio of 89.3% […]
The massive turnaround effected by Canadian insurers, who turned the worst-ever performance of 2002 into the very profitable 2003, is examined in a new A.M. Best statistical study.With the industry posting a combined ratio of 98.4%, return on equity of 12.4% and an underwriting profit of $524 million, 2003 will be remembered as a year […]
The U.S. Senate will consider a bipartisan bill to extend the Terrorism Risk Insurance Act (TRIA) until the end of 2007, much to the delight of insurers. The Property Casualty Insurers Association of America (PCI) says it is pleased to see legislators taking quick action in recognition of the need for stability in the terrorism […]
By Canadian Underwriter | July 22, 2004
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