Claims
With claims continuing to come in from May storms in Ohio, the state’s Insurance Institute (OII) says thus far insurers have reported losses of US$167 million.About 60% of the 44,000 claims filed so far are for homeowners’ losses from the storms, which hit various regions in the last two weeks of May. Among the predominant […]
By Canadian Underwriter | July 6, 2004
1 min read
Risk
Swiss Re has been granted a branch license from the Ministry of Finance in Taiwan, making it the first international reinsurer to set up a branch on the island. The branch will be located in Taipei, and provide both p&c and life & health reinsurance. The U.S. “market barometer” produced by MarketScout.com suggests rate increases […]
Industry
A survey of Canadian and U.S. insurance executives shows confidence in the industry is at its highest level in that last three years. The annual “Insurance Industry Outlook” survey by National Marketing Services shows confidence in the primary sector at 7.2 (out of 10), and also at a two-year high for reinsurers.Most indicators of confidence […]
By Canadian Underwriter | July 5, 2004
2 min read
Western Financial Group has picked up two new Alberta brokerages, bringing the total number of offices in the WFG Agency Network to 55.Page Insurance Ltd. of Drumheller, Alberta and Bru Agencies Ltd in Hanna, join WFG, with Ray Page and Ron Poole continuing to lead the Page office, and Roger Bru staying on at Bru […]
On June 29 Aon Re Canada held a staff reception to recognize the retirement of Chris Robey after 36 years of service at Aon Re and its predecessor companies. Robey was instrumental in the growth of the company, says John Kartechner, senior vice president for Aon Re Canada. During his career, Robey held various senior […]
The U.K. Financial Services Authority (FSA) has published its rules for the capital requirements on non-life insurers and reinsurers, as well as with-profits funds for life insurers. The rules, first proposed last July, apply risk-based criteria to solvency requirements. Part of the impetus comes from the high-profile failure of London market underwriters, and the regulators […]
President George W. Bush has signed into law the reauthorization of the U.S. National Flood Insurance Program (NFIP). The program will now run through 2008, with insurers saying they can now ensure flood coverage is available and affordable by spreading the risk across the country. About 95% of flood insurance is written through the NFIP. […]
By Canadian Underwriter | July 4, 2004
Hub International Ltd. says it has acquired a New York brokerage specializing in pest control and lawn care programs for other agents, brokers and retail clients, including member of the U.S. Professional Lawn Care Association.White Plains-based B & DA Weisburger Inc. is a family-owned brokerage which sees annual revenue of about US$3 million and has […]
Ontario’s insurance regulator will have its hands full again in 2004 with changes to the auto insurance system, as illustrated by its “statement of priorities”.Auto insurance changes and regulatory harmonization feature heavily in the document, which outlines the 2004-2005 mandate for the Financial Services Commission of Ontario (FSCO). Although FSCO was hard at work implementing […]
Commenting on the decision of the U.S. Federal Reserve Board to raise interest rates, Swiss Re says The Bank of Canada will soon follow suit, but at a much slower pace.The Fed raised the target federal funds rate by 25 basis points to 1.25%, in response to a strengthening U.S. economy and rising inflation, notes […]
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