Risk
Insurance and reinsurance companies are trying to get on the same page when it comes to exclusions, particularly for fire following nuclear incidents. According to sources, it’s a work in progress. Primary insurers are caught between a classic rock and a hard place when it comes to reinsurance treaty wordings, exclusions and provincial legislative requirements. […]
By Craig Harris | March 31, 2003
6 min read
In 1999, the Office of the Superintendent of Financial Institutions (OSFI) – Canada’s federal regulator of financial institutions – released its “Supervisory Framework” outlining an innovative approach to supervision. The framework is risk-based and enhances OSFI’s ability to intervene on a timely basis where it considers an institution’s practices to be imprudent or unsafe. The […]
March 31, 2003
5 min read
Industry
Kingsway Financial Services (TSX: KFS) increased net earnings by 77% to $79.5 million for the 2002 financial year compared with the $44.9 million reported for the year prior. This translates to earnings of $1.61 a share for 2002 against the $1.19 a share shown for the previous year. The company’s net income for the fourth […]
1 min read
With property and casualty insurers having begun solvency reporting to the Office of the Superintendent of Financial Services (OSFI) under the new minimum capital test (MCT) since the beginning of this year, the federal regulator used the recently held Insurance Bureau of Canada’s (IBC) annual Financial Affairs Symposium to outline the new rules and the […]
2 min read
Broker consolidator Hub International Ltd. (TSX: HBG) increased net earnings by 194% to US$29.4 million for the year ending December 2002. Fully diluted earnings rose by 112% to US$1.05 a share from US$0.50 a share the year before. The company’s revenue for 2002 came in at US$220 million compared with the US$154 million reported for […]
With the Canadian property and casualty insurance industry bringing in return on equity (ROE) of 1.6% for 2002, last year takes the title as worst year on record – despite price increases that saw an improvement in underwriting performance. Financial data collected by the Insurance Bureau of Canada (IBC), recently revealed by the bureau’s chief […]
The federal regulator has posted 2002 insurer financial data filings early this year, and has added new information into the mix. 2002 results are currently found on the Office of the Superintendent of Financial Institutions (OSFI) website at www.osfi-bsif.gc.ca. This year, quarterly information for insurers is supplied on assets, liabilities, statement of income, minimum asset […]
By Canadian Underwriter | March 31, 2003
Despite an attempt by German regulators to halt the sale of Gerling’s troubled reinsurance operations to a run-off consortium, the insurer has won a court ruling allowing the sale to proceed.Administrative Court in Frankfurt, Germany, ruled that the regulator’s objection to the sale of Gerling Reinsurance Group to Globale Management a consortium headed by Dr. […]
A bill to change New Brunswick’s auto insurance system has been tabled by Justice Minister Brad Green, offering more than 18 reforms to the current system. One move bound to be poorly received by insurers is removal of the province’s file-and-use rating system, to be replaced by regulation of increases above 3% by a new […]
Auto
A new study to be unveiled next week shows that more than one in four consumers is willing to buy insurance online. The study, by Toronto-based UBER Analyze delves into consumer’s online appetites.The survey will provide, for the first time, rankings of the top 50 Canadian p&c websites. With 28% of consumers willing to buy […]
By Canadian Underwriter | March 28, 2003
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