Industry
The Co-operators Group announced at is recent AGM that it has paid $4.7 million total in dividends of shares and cash to its member owners 28 Canadian co-operatives and other organizations as well as $10.7 million in dividends to participating life policyholders.The company produced strong results last year, with its life operations producing net income […]
By Canadian Underwriter | April 18, 2004
1 min read
The release of U.S. 2003 yearend results which show strong improvement in net income, underwriting results and surplus growth are evidence that hard market conditions are manifesting in insurer balance sheets. But softening forces are already being seen in the market, says John Kollar, vice president for consulting and research at the Insurance Services Office […]
By Canadian Underwriter | April 15, 2004
2 min read
The Financial Services Commission of Ontario (FSCO) today confirmed insurers have filed the required 10% lower auto insurance rates mandated by the provincial Liberal government.During the first quarter of 2004, the average rate drop was 10.15%, weighted by insurer marektshare. This compares with average increases of 7.32%, 8.48% and 8.22% in the first three quarters […]
Risk
The negative outlook cast by rating agency Standard & Poor’s on the global reinsurance sector remains despite expectations of a profitable 2003.S&P has had a negative outlook on the industry for seven years and continues to foresee more downgrades than upgrades in the near future. “The reinsurance industry is expected to report an overall technical […]
U.S. property and casualty insurers showed a strong comeback in 2003, posting a return on equity (ROE) of 9.4%, according to new date from the Insurance Services Office (ISO) and Property Casualty Insurance Association of America (PCI). However, this was shy of the pace set by Canadian insurers at 11.4%.U.S. insurers have struggled the past […]
By Canadian Underwriter | April 14, 2004
3 min read
Travel insurance is not on the minds of Canadians when they travel within their own company, says a new study by RBC Insurance and Ipsos-Reid.In fact, 65% of those surveyed which includes Canadians who have traveled out of their home province some time in the last three years do not purchase travel insurance for these […]
Claims
A new study of emerging risks shows life & health insurers dealing with the threat of man-made catastrophes along with their property & casualty counterparts. The study, by international insurance research organization LOMA, concludes that insurers have a role to play in ensuring emerging risks are mitigated, including promoting government intervention.Specifically, the report looks at […]
Financial services giant Fairfax Financial Holdings (TSX, NYSE: FFH) says it will file a preliminary short form based shelf prospectus in Canada, and a shelf registration statement in the U.S.The filings will allow the company to offer debt, equity and securities in the two countries over a 25-month period for total value of US$750 million. […]
By Canadian Underwriter | April 13, 2004
The Bermuda insurance market grew by 17 new members in the first quarter of 2004, according to data from the Bermuda Monetary Authority’s Insurance Division. This is on par with first quarter 2003, although well off the “boom year” pace set in 2002.Of the 17 new licensees, 10 were captives, and in total the island […]
Reacting to the release of New Brunswick’s Select Committee Report on Public Automobile Insurance, the province’s brokers say they want to keep competition for their consumers.The Insurance Brokers Association of New Brunswick (IBANB) is critical of the committee’s report, saying it is “short on detail with too much guesswork and not enough actuarial data to […]
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