Claims
Royal Bank is reporting lower returns from its insurance division in the second quarter ending April 30, 2004, down to 27% from 28.6% a year earlier. However, net income from RBC Insurance was up 16% to $65 million from $56 million, largely on the back of reinsurance and Canadian insurance operations. Net earned premiums dropped […]
By Canadian Underwriter | June 2, 2004
1 min read
Industry
Bucking the trend of recent years, U.S. homeowners’ insurance rates are expected to rise by just 2.8% in 2004, according to the Insurance Information Institute (III). This represents the smallest increase in five years, the III notes, with 2003 seeing a 7.4% hike in rates. In fact, this year average rates should be US$608, up […]
2 min read
One year into the new federal solvency test the minimum capital test (MCT) the industry overall maintains a capital level well above that required by regulators, according to the Insurance Bureau of Canada (IBC).IBC says the industry’s test score is 215%, well over the regulatory target of 150%. This means capital available exceeds capital required […]
In his most recent Atlantic hurricane prediction for the 2004 season, Prof. William Gray of Colorado State University says there is a 71% probability of a major hurricane making landfall somewhere on the U.S. coastline this year.Gray builds on earlier reports forecasting an above-average Atlantic hurricane season, now predicting 8 hurricanes, 14 named storms, 60 […]
In its most recent quarterly “Perspective” report, the Insurance Bureau of Canada notes auto insurance premiums have dropped significantly in all private market provinces from their 2003 peaks, with the exception of Newfoundland.Topping the list is PEI, where premiums are down 20.6% since last August, followed by Nova Scotia, where rates dropped an average 18% […]
By Canadian Underwriter | June 1, 2004
Federally-regulated insurers posted net income of $589.6 million in the first quarter of 2004, according to data from the Office of the Superintendent of Financial Institutions (OSFI).This result tops the $137.0 million in income insurers reported in the first quarter last year, and comes on the back of both investment and underwriting gains.Net written premiums […]
Risk
Global reinsurers are making bold statements about their desire to stick to strict underwriting principles, but the industry’s resolve will be tested in 2005, says Standard & Poor’s in its most recent “global reinsurance report card”.The rating agency notes that while reinsurers say they will limit exposure in lines where pricing has peaked property/catastrophe, aviation […]
Rating errors could cost U.S. auto insurers as much as US$13 billion annually, says a report from QPC. In fact, in an audit of 12 million policies from 10 insurers over the past two years, QPC estimates the rating error at about 9.8% of premium on private passenger rates. Of, this 1.6% comes from errors […]
Many firms toss around the term "value added services". But, what does this really mean for the progressive broker?
By Rick Bauman | May 31, 2004
5 min read
Insurance companies have taken a piecemeal approach to automating their underwriting and distribution processes - with predictable results. The "first generation" of Internet capabilities has had more misses than hits, offering limited inquiry and transactional functions to brokers and agents. The goal of "straight-through processing" remains elusive. But some insurers are headed in the right direction.
By Glen Piller | May 31, 2004
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