Industry
A study released by rating agency A.M. Best on Ontario auto insurance suggests that the market’s loss ratio had risen by 10 percentage points to a high of 91.4% by the end of 2001. Auto insurers operating in Ontario brought in an average 9.5% increase in rates last year based on direct premiums written. The […]
By Canadian Underwriter | October 20, 2002
1 min read
The withdrawal of Loyalist Insurance Company from the Ontario auto market has prompted A.M. Best to lower the company’s public data rating to B- from B.The rating agency notes that last year Ontario auto accounted for 60% of Loyalist’s direct written premiums and points to the company’s eroded capital position as a result of operating […]
By Canadian Underwriter | October 18, 2002
Home
The U.S. Insurance Services Office (ISO) is estimating insured damage from Hurricane Lili at US$335 million. The hurricane hit Louisiana and parts of Mississippi in early October.Lili had swept the coast of Mexico as a category 4 hurricane, but was downgraded to category 2 when it lost power over the Gulf of Mexico. When it […]
Claims
The Associated Press is reporting that a compromise bill has been reached today to provide a government-backed terrorism insurance solution in the U.S.The story quotes Senator Christopher Dodd as saying that there is an agreement but that agreement will need to be passed through the legislature. “I think that’s going to happen,” Dodd tells AP.Details […]
By Canadian Underwriter | October 17, 2002
Although the financial outlook for U.S. property and casualty insurers is improving largely on the back of significant rate increases introduced during 2002 industry earnings will remain under pressure through 2003 and into 2004, says a recently released forecast study by Conning Research and Consulting Inc.The study notes that, "premium growth is significant, but income […]
By Canadian Underwriter | October 16, 2002
Worldwide insurance regulators have put together an outline on reinsurance rules through the International Association of Insurance Supervisors (IAIS). At its annual meeting in Chile, the IAIS adopted “Principles on the Minimum Requirements for the Supervision of Reinsurers”. The paper outlines elements of a supervisory framework common to both primary and reinsurers.”Today, reinsurers are supervised […]
Broker consolidator Hub International had added yet another brokerage to its stable, this time in Alabama. Hub’s Michigan-based brokerage Burnham Insurance Group has purchased Warner Associates Inc. of Montgomery, Alabama. Terms of the cash deal were not disclosed.Warner, a 20-year-old business, specializes in direct marketing life and health insurance to retail customers of financial institutions […]
By Canadian Underwriter | October 15, 2002
Cologne, Germany-based insurance group Gerling Konzern says its reinsurance operation Gerling Globale Ruck (GGR) may cease writing new business as from the end the coming week unless an investor can be found to support the troubled operation. Gerling recently announced that discussions with French insurance group Scor to acquire certain holdings of GGR had fallen […]
By Canadian Underwriter | October 11, 2002
Auto
Manitoba’s public auto insurer is reporting rising net income for the second quarter ending August 31, 2002. Net income was up to $26.1 million from $8.5 million during the same period last year for Manitoba Public Insurance (MPI).Revenues are up and claims costs down, resulting in the improved results. However, claims costs were only down […]
By Canadian Underwriter | October 10, 2002
Risk
The European Commission has decided to withdraw support for government-backed airline coverage at the end of this month. At a meeting of the EC’s Transport Council this week it was announced the European Union would no longer offer blanket approval for state’s to backstop third-party war risk liability coverage for commercial airlines as of October […]
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