Industry
Despite reports from rating agencies suggesting reserve deficiencies remain a major concern for U.S. p&c insurers, Conning Research & Consulting says the situation is actually improving.Although reserve deficiencies persist, significant reserve additions made by companies in 2002 have turned the tide, according to Conning’s report, “Property-Casualty Loss Reserves: Strengthening Numbers”.”In many ways 2002 appeared to […]
By Canadian Underwriter | December 19, 2003
1 min read
Statistics Canada data on auto insurance premiums is not only misleading, it caused the Bank of Canada to incorrectly hike interest rates, suggests a new study by right-wing think tank The Fraser Institute.The study says that StatsCan has been incorrectly measuring auto insurance inflation for the last seven years, overstating provincial auto insurance increases and […]
By Canadian Underwriter | December 18, 2003
2 min read
Home
A scamming cyclist tops the list of insurance frauds for 2003, according to the annual survey by the Insurance Bureau of Canada (IBC). While the list makes light of ridiculous insurance frauds committed each year, fraud is no laughing matter, costing insurers $1.3 billion last year alone. This works out to about 15% of every […]
The Bermuda market experienced blue skies in the first nine months of 2003, according to data from rating agency A.M. Best. The top 15 Bermuda-based reinsurers and insurers posted a combined ratio of 87.5% year-to-date at the end of the third quarter, for underwriting income of US$3.0 billion.Overall, the 15 companies posted net premiums of […]
Claims
A new Swiss Re sigma study shows 2003 should be a relatively modest year for cat losses, with insurers paying out about US$17 billion (Cdn$22.5 billion) globally.The preliminary estimates put total financial losses from cats at US$65 billion (Cdn$86 billion), with about 20,000 lives lost.There were five cats costing insurers more than US$1 billion last […]
By Canadian Underwriter | December 17, 2003
Wall Street analysts are predicting a solid 2004 for the U.S. insurance industry, according to the annual “earlybird forecast issued by the Insurance Information Institute (III).Analyst tell the III that a combined of premium growth and investment market recovery could produce a “Goldilocks” market in 2004, when the perfect storm of the past couple years […]
Decelerating premium increases and adverse loss-reserve development chipped away at the strong premium growth and improved underwriting results of U.S. insurers in the first nine months of 2003, says rating agency A.M. Best. Each of reinsurance, commercial primary and personal lines primary achieved premium growth which reduced underwriting losses to US$5.2 billion for the first […]
By Canadian Underwriter | December 16, 2003
Risk
Notwithstanding asbestos and environmental liabilities, the U.S. commercial insurance market is facing a reserve shortfall of about US$60 billion, says rating agency Standard & Poor’s. This is despite reserve additions of US$22 billion in 2002 towards prior year losses.”As its pricing prowess ebbs, the U.S. commercial insurance industry is left with a gaping hole in […]
Rating agency Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB+” from “A+”. The ratings have been taken off watch, but have been assigned a negative outlook.”The ratings on AZ Canada [Allianz and Trafalgar collectively] were lowered due […]
By Canadian Underwriter | December 15, 2003
The Canadian property and casualty insurance industry saw its net profit for the third quarter of this year fall by 20% to $517 million compared with the previous quarter’s $644 million. The biggest single cost impact incurred by insurers during the latest quarterly reporting period resulted from claims arising from the B.C. fires (now regarded […]
By Canadian Underwriter | December 14, 2003
3 min read
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