Risk
As parent company Royal & SunAlliance Group announced its overall losses had narrowed to 146 million pounds from 156 million pounds for the first nine months of 2003, the Canadian operation says its own financial results are improving. Despite losses due to the B.C. forest fires and Hurricane Juan, RSA Canada improved its combined ratio […]
November 30, 2003
1 min read
The oil and gas industry was already facing steep insurance rate hikes and capacity concerns before the terrorist attacks of 9/11. More than two years after that event, it is still reeling from coverage restrictions, record-level deductibles and a massive spike in prices. However, the bigger players appear to have learnt their lesson of the insurance market's pricing vagaries, and they have identified and created alternative risk transfer mechanisms.
By Craig Harris | November 30, 2003
8 min read
The recently held Insurance Brokers Association of Ontario (IBAO) annual convention hosted a panel of primary insurer CEOs who were put before the firing line of the 500-plus audience of mostly independent brokers who felt that the "hard market" has brought on an unnecessarily "hard attitude" by insurers in their relationship with the brokerage community. While defending the "strength" of company relations with brokers, the CEOs admit that some actions taken by insurers during the latest hard market in terms of cutting broker contracts and forcing "standard risks" into the non-standard market may have been overly severe - the cost being a loss of faith in insurance companies from brokers to consumers.
By Vikki Spencer and Sean van Zyl | November 30, 2003
6 min read
The global property and casualty insurance industry at both the primary and reinsurance levels faces significant challenges in the year ahead despite the overall increase in profitability brought on by the hard market, comments Dennis Mahoney, chairman of Aon Re Global. His message was delivered to a predominantly reinsurance audience at the recently held Aon […]
2 min read
Industry
New legislation introduced by the Ontario Liberal government to freeze auto insurance rates offers both “good news” and “bad news” for insurers, says the Insurance Bureau of Canada (IBC). While the IBC opposed the idea of formalizing the rate freeze, which became effective from October 23, the legislation takes into consideration that the solvency of […]
The St. Paul Companies Inc. and Travelers Property Casualty Corp. recently announced a merger of the two companies to form a US$20 billion global operation based on net written premiums. The deal, which involves a trading of stock between the two companies, is subject to regulatory approval with the expectation that it will be finalized […]
The concern over brokers facing limited market availability was among the issues faced this past year by the Registered Insurance Brokers of Ontario (RIBO). At its recent AGM, the organization’s outgoing president Art Langley notes, “2003 has been a difficult year for both consumers and brokers. Changes within our industry have put a lot of […]
Claims
Montreal-based Optimum General continued to climb back into the black in the third quarter ended September this year, posting a net profit of $411,000, equal to 4 a share for the period compared with a net loss of $743,000, or 7 a share shown for the third quarter of 2002. For the first nine months […]
Third quarter net taxed earnings of Fairfax Financial Holdings Ltd. (TSX: FFH) dropped into the red this year with a loss of $20 million, which amounts to $1.67 a share. This compares with a net taxed profit of $281.4 million ($19.31 a share) posted for the third quarter of last year. This year’s third quarter […]
3 min read
Home
The recent debate regarding automobile insurance rates in Nova Scotia has overshadowed the significant and positive impact that the industry has had in dealing with the huge volume of Hurricane Juan related claims. We recently wrote to the Nova Scotia Premier, Dr. John Hamm, pointing out the flexibility and commitment that the industry has demonstrated […]
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