Auto
After months of wrangling, a final package of auto reforms has been released in Alberta, with a promised rate savings of 20% overall. The reforms are to be implemented by September this year, with the province’s “Standing Policy Committee on Economic Developments and Finance” (SPC) recommending a committee be struck to ensure a smooth transition. […]
May 31, 2004
2 min read
Claims
U.S. reinsurers produced a combined ratio of 94.0% for the first quarter of this year compared with the 96.4% ratio posted for the same period in 2003, according to data collected by the Reinsurance Association of America (RAA). The improved performance was achieved through stronger underwriting, which saw the sector’s loss ratio fall to 67.6% […]
1 min read
Industry
A major new windstorm research project has been initiated after gaining financial backing from the insurance industry. The industry’s disaster prevention organization, the Institute for Catastrophic Loss Reduction (ICLR) has approved the University of Western Ontario’s (UWO) proposal to build a facility to test the effects of wind and moisture on a full-sized building structure. […]
Insurance holding company Fairfax Financial Holdings (TSX: FFH) reported reduced net earnings of US$39.5 million for the first quarter of 2004, down from the US$169.0 million posted for the same period the year prior. This saw earnings drop to US$2.63 a share from US$6.97 a share shown for the comparative period a year ago. Fairfax […]
Risk
Along the election of Nancy Chambers of Waterloo Region Municipalities Insurance Pool as president of RIMS, fellow Canadian Joseph Restoule, senior risk consultant for NOVA Chemicals Corp. was named vice president, chief risk officer and secretary of the RIMS executive council. Canadians joining Chambers on the board of directors are: Joseph Hardy (Hudson’s Bay Co.); […]
3 min read
More than 125 industry veterans were present for the 45th Annual Reception of the Quarter Century Club, held May 6th at the Hilton International Toronto. Emcee John Cherrie, welcomed this “International Order of Old Farts”, and thanked sponsors Cunningham Lindsey, Winmar and McLarens Canada. The reception featured a “roast” of legendary Douglas Cutbush, who started […]
Recent years has seen the Canadian property and casualty insurance industry become increasingly volatile with the availability and pricing of coverage having fluctuated to the extent that insurers have come under intense public scrutiny and criticism, observes Lord Levene, chairman of Lloyd’s of London. Lord Levene recently addressed members of the Empire Club in Toronto […]
Kingsway Financial Services Inc. (TSX: KFS) boosted net income by 26% to $30.8 million for the first quarter of this year compared with the $24.4 million reported for the same period a year ago. As a result, earnings on a per share basis rose by 12% to 55 a share from the 49 a share […]
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). The bureau says the industry’s test score is 215%, showing a favorable gain over the regulatory target of 150%. […]
Citing auto insurance reforms recently tabled by the Newfoundland government, The Dominion of Canada is the first insurer to signal it will leave the province. In a statement, CEO George Cooke says, “we are deeply offended by the punitive insurance legislation tabled last week by the government of Newfoundland and Labrador. I have written to […]
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