Industry
With the failure of the U.S. Senate to invoke cloture on its class action reform bill, the legislation is effectively dead, causing widespread disappointment amongst insurers.Bill S.2062, the “Class Action Fairness Act of 2004”, failed when Republicans failed to get support to end discussion of the bill and force a vote. “This is a missed […]
By Canadian Underwriter | July 11, 2004
2 min read
Auto
In response to the Alberta government’s auto insurance reform package which was announced last month, the opposition Liberal Party has set in motion a public petition to gather support for the introduction of a public auto system. The province’s premier Ralph Klein has rejected the idea of a public auto insurer for Alberta, choosing to […]
By Canadian Underwriter | July 8, 2004
Claims
Catastrophe-related insured losses for the second quarter of this year will tally about US$1.65 billion, according to claims data collected by the Insurance Services Office (ISO). The insured cat loss for the second quarter of this year shows a marked reduction on the US$5.1 billion loss insurers incurred for the same period in 2003, and […]
1 min read
The Insurance Bureau of Canada (IBC) is calling on homeowners in B.C. to confirm their insurance coverage as the risk of forest fires intensifies. Insurers paid out more than $200 million in fire-related claims last year when uncontrollable forest fires devastated several communities in the province.The IBC notes that there are currently over 300 active […]
A new report published by the Institute for Catastrophic Loss Reduction shows Ontario residents remain unprepared for an emergency on the scale of last summer’s blackout, or worse.The report, written by Dr. Brenda Murphy of Wilfrid Laurier University, and funded by ICLR as well as the University of Western Ontario, finds that while many Ontario […]
By Canadian Underwriter | July 7, 2004
A recently released study published by the Institute for Catastrophic Loss Reduction (ICLR) has devised new earthquake zones on which insurers can base coverage rating. The hazard zones, the result of analysis by ICLR’s executive director Paul Kovacs and research manager Robert Sweeting and based on research by EQECAT over the course of 2003, are […]
U.S. life and health insurers posted a 310% jump in net income for 2003, earning US$30 billion versus US$7.3 billion in 2002, according to data from Weiss Ratings Inc. Rebounding equity markets were the major force, with capital losses dropping to US$4.6 billion from US$15.5 billion year-over-year. Capital and surplus rose almost 13% in 2003, […]
Not unexpectedly, growth of the Bermuda market slowed in the first half of 2004, with insurance company incorporations dropping compared to the first six months of 2003, according to data from the Bermuda Monetary Authority (BMA) Insurance Division published by The Royal Gazette.The number of incorporations dropped to 34 in the first half of 2004 […]
Fairfax’s Odyssey Re Holdings has paid US$43 million to buy all of the stock in Overseas Partners Ltd.(OPL)’s U.S. reinsurance operation, Opus Re.OPL went into run-off in February 2002, in a bid to protect shareholder value the majority of its shareholders are employees of United Parcel Service and the operation began in 1983 as a […]
By Canadian Underwriter | July 6, 2004
Risk
While Europe, like most insurance markets, has seen a growth in profitability recently, the challenge remains to sustain this profitability and grow capital, according to Standard & Poor’s “report card” on European insurers.”The sector remains focused on profitability at the expense of volume, but the mantra has now shifted subtly toward profitable growth,” says Hans […]
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