Industry
A synopsis of recent rating actions by A.M. Best shows Canadian p&c insurers bucking the trend to produce more upgrades than downgrades. Nine insurers saw their ratings rise, while four were downgraded. The rater also added four new ratings to its stable, with all of the ratings based on public data.Among the companies meeting with […]
By Canadian Underwriter | June 24, 2004
1 min read
Insurers are putting the reduction of fraud and claims costs as their top priority for 2004, according to a survey by the U.S. Insurance Services Office (ISO).A full 78% of insurers ranked claims as their key focus for this year, with 42% saying they want to reduce claims costs. Improving claims handling efficiency was a […]
By Canadian Underwriter | June 23, 2004
Claims
Manitoba Public Insurance (MPI) has honored seven grade seven and eight students for projects on auto theft including stories, a video, a poster and a comic strip. “The typical auto thief will steal his or her first car at 13,” not Barry Ward, executive director of the National Committee to Reduce Auto Theft. “Young people […]
2 min read
Reinsurance broker Guy Carpenter & Co. says the Lloyd’s market should see continued improvement in 2004 on the back of market reforms and underwriting discipline.In its second annual review of Lloyd’s, the impressive results of 2003 are recounted, including BP 1.9 billion in profits last year. At the same time, reserves were strengthened by BP […]
On the back of a rare underwriting gain in the first quarter of 2004, U.S. insurers are celebrating net income for the period of US$13.5 billion, according to data from A.M. Best.This compares with net income of US$6.8 billion posted in the first quarter of 2003, when the industry had an underwriting loss of US$1.5 […]
Risk
Statistics Canada’s Consumer Price Index (CPI) says homeowners’ insurance rates were up 12.5% in May compared to a year ago, partly as a result of renewals in Ontario. At the same time, homeowners’ replacement costs soared 6.5% on higher housing prices in Ontario, B.C. and Quebec. Not surprisingly, the story in May was rising gas […]
By Canadian Underwriter | June 22, 2004
Rising interest rates dampening investment results should prolong the hard insurance market through the end of 2005, Swiss Re experts said at the reinsurer’s “Mid-Year Economic and Insurance Industry Teleconference”. “We expect the next year to be good for corporate profits, good for job growth, but a challenging year for investors,” says Swiss Re chief […]
Auto
Alberta’s auto reform plans have received the final stamp of approval from the provincial Cabinet, setting the launch date for October 1.A committee of legislators is being put together to ensure a smooth transition to the new system, which includes a premium grid. The government has promised rates will drop 5% for 95% of drivers, […]
Hailstorms which swept through the Denver area in early June should cost insurers more than US$145 million, predicts the Rocky Mountain Insurance Information Association (RMIIA).The storms struck June 8-9, bringing hail and severe weather to the state, including a tornado touching down in Sterling, Colorado. RMIIA says 48,000 claims for damage to vehicles and house […]
Early results for 2004 show European reinsurers sticking to their guns on price, with premium income dropping but profits rising. In a new report from Benfield Group, the first-quarter results of Converium, SCOR, Munich Re and Hannover Re (the only European reinsurers who report quarterly), show an average 17% drop in premium income, indicating the […]
By Canadian Underwriter | June 21, 2004
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