Risk
The negative outlook cast by rating agency Standard & Poor’s on the global reinsurance sector remains despite expectations of a profitable 2003.S&P has had a negative outlook on the industry for seven years and continues to foresee more downgrades than upgrades in the near future. “The reinsurance industry is expected to report an overall technical […]
By Canadian Underwriter | April 15, 2004
2 min read
U.S. property and casualty insurers showed a strong comeback in 2003, posting a return on equity (ROE) of 9.4%, according to new date from the Insurance Services Office (ISO) and Property Casualty Insurance Association of America (PCI). However, this was shy of the pace set by Canadian insurers at 11.4%.U.S. insurers have struggled the past […]
By Canadian Underwriter | April 14, 2004
3 min read
The Financial Services Commission of Ontario (FSCO) has released its annual statement of priorities for comment, highlighting continued movement to more risk-based regulation and national harmonization of rules.Among the plans put on the table for 2004 is to implement a risk-based market conduct review of property and casualty claims, specifically statutory accident benefit (SABS) and […]
By Canadian Underwriter | April 12, 2004
1 min read
The Lloyd’s market is projecting overall profit of US$3.2 billion for 2003, up 152% over 2002’s result of US$1.3 billion.The market will also reduce its combined ratio by eight points, to 90.7% last year against 98.6% the year prior. At the same time, the market’s “central fund” was boosted 66% in 2003 to US$1.3 billion.Strong […]
By Canadian Underwriter | April 8, 2004
Commercial and reinsurance brokers are facing an increasing demand for their services, in light of the growing complexity of risks, according to the latest Swiss Re sigma study.The study looks at development of the broker market over the past 20 years, and tackles consolidation, profitability and long-term prospects for brokers.Significantly, the role of the broker […]
By Canadian Underwriter | April 7, 2004
The month of March saw 2,000 moved out of the Facility Association, the industry’s pool for high-risk drivers, says the Insurance Bureau of Canada (IBC). The announcement comes on the heels of a the release of a committee report on the potential for public auto insurance in the province.IBC CEO Stan Griffin says the industry […]
With the release of a committee report on the potential for public auto insurance in New Brunswick, cost of establishing the system has been pegged at $82 million. The report, presented by NDP MLA Elizabeth Weir, the committee’s chair, is the result of seven months of hearings to come up with a possible public auto […]
By Canadian Underwriter | April 4, 2004
In an effort to harmonize insurance practices across the country, the Canadian Council of Insurance Regulators (CCIR) is looking for input on market conduct issues, including inducements, rebating and tied selling.In a consultation paper, the CCIR is asking for response to proposals arising from a consultation process begun in May, 2002. On the subject of […]
By Canadian Underwriter | April 1, 2004
When Norman Jardine published the first edition of Canadian Underwriter in 1934, “in the interests of fire and casualty insurance in Canada”, the world was a very different place. The population stood at about 10.5 million, the country was weathering the “Great Depression” with more than 1.5 million people on relief with an unemployment rate […]
By Vikki Spencer | March 31, 2004
10 min read
Canada's insurance "wholesale" market, which includes underwriting managers, managing general agencies (MGAs) and special risk facilities, has swollen to a considerable size after a turbulent three years. Some of the larger players are now on the same footing as standard carriers when it comes to premium volume. The main question emerging today is how much, and what kind of business will flow back to regular insurers as market conditions change?
By Craig Harris | March 31, 2004
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