Claims
Tort costs in the U.S. hit the roof in 2002, climbing a record US$27.4 billion to US$233 billion, reports Tillinghast-Towers Perrin. This amounts to US$809 per person, an US$87 increase over 2001. Compared with 1950, tort costs have grown US$797 per person.The culprit: asbestos lawsuits. The single largest factor in the increase is the reassessment […]
By Canadian Underwriter | December 12, 2003
2 min read
French reinsurer says it is back on the security lists of the world’s biggest reinsurance brokers. Following announcement of SCOR’s EUR 349 million loss for the first nine months of the year, the company faced ratings downgrades and a negative outlook from rating agencies which led many brokers to question their position relative to the […]
1 min read
Industry
In its annual “Insurance Review” held both in London and New York, Swiss Re said that if insurers can maintain underwriting discipline, results through 2004 should highlight recovery.In Europe, strong pricing in 2003 was hampered by several factors, notes Thomas Hess, chief economist for Swiss Re. “To a large extent, the price increases achieved this […]
Western Financial Group Inc. (TSX: WES) plans to raise approximately $10 million through a private placement, which the company says the proceeds will be used to fund its ongoing acquisition program, as well as for “general corporate purposes”. Subject to regulatory approval, the placement closes on December 18 this year.Western expects to issue just over […]
By Canadian Underwriter | December 11, 2003
Auto
The Co-operators General Insurance Co. has begun refunding approximately 23,000 policyholders in Nova Scotia in accordance with recent auto insurance legislation passed by the provincial government under Bill-1. The legislation involves a “rate rollback” of 20% of premiums to the beginning of November this year, and a rate freeze which will remain in place until […]
Risk
In making its 2004 predictions for the insurance industry, Tillinghast-Towers Perrin says consolidation will be key trend in the coming year, with major players dominating the market.Taking off from the recent merger of St. Paul and Travelers, the firm predicts these major players will be surrounded by smaller niche players. “In both personal and commercial […]
A recent legal judgement against Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has hit the company’s balancesheet hard for the half-year ending September 30, 2003.The company suffered a pre-tax loss of $218,724 for the most recent six months, versus a gain of $335,728 for the six months ending September 30, 2002. Net loss for […]
By Canadian Underwriter | December 10, 2003
Speaking at the provincial review into B.C.’s “firestorm 2003″, the forest fires that caused extensive damage to several areas of the province this summer, the Institute for Catastrophic Loss Reduction (ICLR) highlighted why forest fire risk is growing and how it can be managed.”B.C. is growing increasingly vulnerable to wildfire damage,” says Paul Kovacs, executive […]
Manitoba Public Insurance (MPI) has broken its six-year rate freeze, and will up basic auto insurance rates by 3.7% for 2004. The province’s Public Utilities Board (PUB) ordered the increase, which will add about $30 to the average family passenger vehicle premium. New rates kick in as policies renew after March 1, 2004.Rising claims costs […]
By Canadian Underwriter | December 9, 2003
Rating agencies are taking a mixed view of the recent capital raising move by French reinsurer SCOR, despite it exceeding the original EUR 600 million mark.SCOR has announced a fully underwritten rights issue of EUR 750 million, higher than its original plan to raise EUR 600 million.Rating agency Standard & Poor’s has raised the reinsurer’s […]
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