Industry
Actuarial reports leaked to Canadian Press suggest the New Brunswick government will announce tomorrow that public auto is off the table.The actuarial studies, which were reported widely Monday in Atlantic Canada’s newspapers, suggest that a public system would actually cost drivers more, about $36 per policy, than the current private system rates. A spokesperson for […]
By Canadian Underwriter | June 28, 2004
2 min read
Improved performance of equity markets has boosted the total admitted assets of the U.S. p&c industry, according to a new report by A.M. Best.2003 saw p&c assets grow by almost 13%, double in increase seen in 2002. Total admitted assets at yearend 2003 stood at US$1.17 trillion. However, low interest rates caused a 0.5% decline […]
1 min read
Claims
Fairfax’s Crum & Forster Holdings has named Nikolas Antonopoulos as chair of the board of its insurance operating subsidiaries. He was also recently named CEO of these operations, succeeding Bruce Esselborn, who has retired. Taking over Antonopoulos’ former role as president is Joseph Braunstein. Prem Watsa remains chair of Crum & Forster Holdings. The National […]
Compared to their peers, p&c insurers are not doing enough to reduce expenses, suggests a new report from Conning. While banks have managed at 20% expense reduction over the past 20 years, p&c insurers have seen expenses remain relatively stagnant. At the same time, banks have been able to achieve return on assets of 60%, […]
By Canadian Underwriter | June 27, 2004
2003 yearend results for European insurers show total premium income up 0.9% and investment income rising 6.9%, according to results from the Comite Europeen des Assurances (CEA).In its “European Insurance in Figures”, the CEA notes total number of companies in the European market dropped by 0.8% in 2003, to 5,162, while the number of employees […]
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Property & casualty insurers have seen a combination of underwriting discipline and capital management lead to lower earnings volatility in 2003, according to an annual study by international broker Aon Corp.The study measures earnings volatility over one, two, three and five-year periods ending December 31, 2003, and includes more than 60 publicly traded insurers and […]
Insurance Corp. of B.C. has paid out $4.4 million in tax grants to communities, which the Crown corporation does in lieu of paying real property and business taxes. Thirty communities received grants of between $10,000 to $1 million. Those communities contain ICBC claim centers, administrative offices, and storage and salvage yards, and ICBC says the […]
SIAA Canada has signed its newest master broker, Brokers Helping Brokers Alliance, and its founders, Rhodes & Williams Ltd. of Ottawa also join the SIAA network. BHB Alliance will cover eastern Ontario, and will help small to mid-size brokers obtain market access and support, says BHB president Cory Young. “Anything that we can do to […]
By Canadian Underwriter | June 24, 2004
Financial results for the non-life insurance industry improved significantly in 2003, according to a new sigma report from Swiss Re. In “World Insurance in 2003”, Swiss Re notes that the road to recovery should continue in 2004, assuming average claims levels.Premium income growth in the non-life market slowed in 2003 to 6%, although this represents […]
Risk
The new Alberta auto insurance scheme will see good drivers subsidizing bad, says Pembridge Insurance Co. president Bob Tisdale. While the plan will see rates drop by 5% for good drivers, bad drivers receive the greatest benefits, he contends, with rates dropping by more than 50%.This is because high-risk drivers, including those with accident records, […]
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