Industry
After three years of sharp price increases, auto insurance rates in the U.S. are expected to rise just 3.5% in 2004, says the Insurance Information Institute (III).However, certain states may not see this leveling trend, such as Florida, Massachusetts and New York, where rising auto theft and fraud continue to put pressure on costs. Overall, […]
By Canadian Underwriter | March 31, 2004
1 min read
Insurance brokers are pleased with two federal budget announcements which they say will promote continuing education and help small businesses. The Insurance Brokers Association of Canada (IBAC), reacting to the budget handed down by Prime Minister Paul Martin and announced by Finance Minister Ralph Goodale on March 23, says it had lobbied for the “education […]
U.S. property and casualty insurers will post a combined ratio of 98.0% for 2003, 6.9% better than 2002, says Fitch Ratings. Return on equity was up to 11.6% last year from 6.5% the year prior.The rating agency looked at 55 companies, with the overwhelming majority posting ratios below 100%. Premiums were up to US$217 billion, […]
By Canadian Underwriter | March 30, 2004
2 min read
Commercial
Following shareholder support, and settlement of a shareholder lawsuit, the Travelers-St. Paul merger is set to take place April 1, the companies announce.Shareholders had approved the merger two weeks ago, with regulators following suit. The new company, St. Paul Travelers, will trade on the New York Stock Exchange as STA.The merger, which will create the […]
Signs of recovery are evident, but problems linger for European non-life insurers and reinsurers, says Fitch Ratings.The rating agency is continuing its stable outlook for non-life insurers in most European countries, noting operating results should continue to improve over the next 12 to 24 months. Disciplined underwriting and a focus on technical profits are helping […]
By Canadian Underwriter | March 29, 2004
Claims
A group of U.S. businesses are joining together under the mantle of the Chamber of Commerce to fight against global forum shopping.The practice, whereby plaintiffs seek to find any possible link to allow a case to be tried in a “plaintiff friendly” jurisdiction, is leading to foreign cases being tried in U.S. courts, says the […]
Home
The world’s second-largest reinsurer, Swiss Re, posted net income of CHF 1.7 billion (Cdn $1.77 billion) for 2003, with the property and casualty segment reporting a solid combined ratio of 98.4%, almost 6% less than 2002.Premium income was up 16% in the p&c group, to CHF 17.4 billion (Cdn $18.1 billion) from CHF 15.1 billion […]
By Canadian Underwriter | March 26, 2004
Risk
A new study by Standard & Poor’s Risk Solutions suggests credit risk management is drawing the attention of banks worldwide.Following up on a 2001 survey, the survey focused on senior executives from more than 30 banks of various size and location with average assets of US$100 billion.Results show that progress has been made on the […]
Auto
The long-awaited report on public auto insurance in New Brunswick will be released on April 2, says Elizabeth Weir, NDP member and chair of the “select committee on public automobile insurance”.Weir says the delay in producing the report comes as a result of the complexity of the issue. “The mandate of the committee is very […]
By Canadian Underwriter | March 25, 2004
In response to urging from the Facility Association (FA), the Nova Scotia government has decided the industry’s pool for high-risk drivers will change its risk classification system at the same time the rest of the industry is required to do so.FA was originally required to change its classification system in effect to eliminate classification based […]
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