Risk
U.K. non-life insurers posted modest underwriting gains in 2003, according to statistics from A.M. Best.Returns filed with the rater indicate an industry combined ratio of 94%, down from 98% for 2002. A.M. Best says, however, that results have probably peaked, with company returns showing on a gross basis that the only major class showing an […]
By Canadian Underwriter | July 29, 2004
1 min read
The event cancellation insurance market which took a roller-coaster ride after 9/11 is leveling off, according to a new report from international broker Willis.The study says premiums and terms in the event cancellation market are stabilizing despite ongoing turmoil in the Middle East and the continued instances of global terrorism events. Event cancellation insurance spiked […]
By Canadian Underwriter | July 26, 2004
2 min read
The onset of the soft market will challenge reinsurers to maintain the stability shown in strong results over the past two years, according to a new report by A.M. Best.2003 was a strong year for reinsurers in the U.S., Europe and particularly Bermuda, with the top 15 Bermuda reinsurers posting a combined ratio of 89.3% […]
By Canadian Underwriter | July 25, 2004
The massive turnaround effected by Canadian insurers, who turned the worst-ever performance of 2002 into the very profitable 2003, is examined in a new A.M. Best statistical study.With the industry posting a combined ratio of 98.4%, return on equity of 12.4% and an underwriting profit of $524 million, 2003 will be remembered as a year […]
U.K. risk managers are welcoming word from the Financial Services Authority (FSA) that they will not be considered “intermediaries” under the new U.K. regulations. The Association of Insurance & Risk Managers (AIRMIC) says a letter it received from the FSA means most risk managers will not have to apply for a license from the regulator […]
By Canadian Underwriter | July 20, 2004
In a comparative study of companies in the U.K., U.S., Germany, France and the Netherlands, British firms were more likely to have a specific risk specialist to handle corporate governance functions, while U.S. firms largely put primary responsibility for this function with the CFO.The study by CODA Financials Inc. finds 38% of U.K. companies have […]
By Canadian Underwriter | July 19, 2004
The soft market is well on its way, evidenced by findings in the second quarter 2004 Risk and Insurance Management Society (RIMS)/Advisen benchmark survey which show half of all commercial accounts seeing rate decreases on renewal.The survey of risk managers finds commercial premiums fell by an average 18% during the quarter, and even the previously […]
By Canadian Underwriter | July 15, 2004
Kingsway Financial Services has promoted Claude Smith to the role of vice president and chief information officer. Smith has been with the company four years, and most recently held the same titles with subsidiary Kingsway General Insurance. Kingsway Financial has also named Andrew Wright as assistant vice president, reinsurance and risk management. Wright is a […]
By Canadian Underwriter | July 14, 2004
B.C.’s public auto insurer has filed for no rate increase on its basic coverage package for 2005, citing improved investment results and lower claims.The Insurance Corp. of B.C. (ICBC) says it may also drop rates on its optional coverage, a market in which it competes with private insurers. While basic rates are filed with the […]
By Canadian Underwriter | July 13, 2004
In a new report on bond insurers, Fitch Ratings says the market is stable, owing to its predictable earnings stream and ultra-conservative risk profile, as well as its high levels of excess capital. Nonetheless, pressures exist to grow business and competition is heating up in the sector. There has also been a shift towards insuring […]
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