Risk
In the words of the International Insurance Society's (IIS) president Patrick Kenny, "there's a new chapter being written in the history of the insurance industry". The post-9/11 era has created a volatile risk environment on several levels, from the political, social to economical - all of which have bearing on how insurers perceive and deal with the risks of today and tomorrow. Not surprisingly, the 600 attendees and speakers from around the world that partook in this year's IIS seminar, which was recently held in New York City, identified "recovery from adverse market conditions" as being the top priority facing the insurance industry in the year ahead.
By Sean van Zyl, Editor | July 31, 2003
5 min read
On the eve of Ontario's launch of new regulations to reform the auto insurance system, leaders of the property and casualty insurance industry met to discuss the challenges and possible solutions to the dilemmas facing them. While auto dominated much of the debate, there was a clear understanding that the industry's woes are manifold. Across all lines of business, from the reinsurance sector to the primary market, companies and indeed their clients are paying the price for too many years of soft pricing and poor industry performance.
By Vikki Spencer | July 31, 2003
6 min read
Although pricing of catastrophe covers began rising in the wake of the 9/11 terrorist attack, it is important to note that these rate increases only brought premium levels to a point last seen almost a decade ago. Should the Canadian insurance industry see a normal "cat burden" for 2003, then the combination of primary and reinsurance rate increases should be enough to allow reinsurers to see improved combined ratios at yearend. But, whether the market's result will be good enough remains to be seen. Swiss Re's annual cat study highlights the major factors likely to come into play in evaluating and pricing exposures.
By Catherine Fagan, assistant vice president atSwiss Reinsurance Co. Canada | July 31, 2003
7 min read
Following recent political events surrounding auto insurance in New Brunswick is a bit like getting hooked on one of the more inane soap-operas on television: each line delivered by a character is a clich, and the only reason to keep watching is to see just how stupid the story can get. In fact, seeing the […]
4 min read
Industry
Kingsway Financial Services Inc. (TSX: KFS) has launched a lawsuit against the former directors, auditors and actuaries of a recent U.S. acquisition, American Country Holdings Inc. Kingsway alleges that the directors, along with Pricewaterhouse Coopers LLP and Miller, Herbers, Lehman & Associates Inc., understated the reserves of American Country’s subsidiary American Country Insurance Co. which […]
July 31, 2003
1 min read
Hub International Ltd. (TSX: HBG) has signed a proposal to acquire the brokerage assets of Chicago-based Near North National Group. Near North has been in talks to sell off its assets following indictment on federal fraud charges against the company and its former CEO Michael Segal. News of the intended acquisition saw Hub’s share price […]
Auto
A new regulatory framework for electronic vehicle immobilization from Transport Canada is drawing criticism from insurers. The Insurance Bureau of Canada (IBC) says the program is flawed and will be a step back in the fight against vehicle theft. The regulation would require all new passenger cars and light duty trucks built after September 2005 […]
DRI International now offers certification as a business continuity planner (CBCP) through its website, www.drii.org. The not-for-profit training enterprise offers the online courses globally. *************** Collision repair chain CARSTAR Automotive Canada has been named one of Canada’s top 100 fastest growing companies by Profit Magazine. Between 1997 and 2002, the company achieved 190% revenue growth […]
2 min read
Home
In what is reported to be the worst forest fire to hit B.C. in the past 50 years, a widespread blaze has caused the evacuation of several towns and even invaded into neighboring Alberta. Although damage is expected to run into millions of dollars, the raging flames have restricted operation of emergency crews and denied […]
Although Toronto-based Goran Capital Inc. (TSE: GNCN) managed to cut its net loss in almost half for the first quarter of this year, the company’s bleeding continues. The insurer’s net loss for the latest quarter amounted to $3.6 million compared with the $6.0 million loss reported for the same period last year. This equates to […]
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