Risk
Rating agency Fitch says the wildfires that continue to rage in areas of California could amount to the worst insured loss ever from wildfires. This means the damage would have to top US$1.7 billion (US$2.2 billion in 2003 dollars), the insured loss from the 1991 wildfires in the Oakland Hills area of California.While it is […]
By Canadian Underwriter | October 31, 2003
1 min read
The Canadian Trucking Alliance is speaking out against successive rate increases over the past several years, which it says show no signs of abating.”We are in our third year of escalating insurance costs and it is hard to see much light at the end of the tunnel,” says David Bradley, CEO of the CTA. The […]
By Canadian Underwriter | October 30, 2003
Reforms to limit compensation for minor injuries are paying off in New Brunswick, says Co-operators General Insurance Co., one of the province’s largest insurers.The company made the statement in a release to announce that 9,00 cheques are being sent to its policyholders reflecting reimbursement for an overall rate decrease of 20.6% effective July 1 of […]
By Canadian Underwriter | October 29, 2003
The industry’s pool for high-risk drivers is assessing insurers more than $125 million for losses in four provinces. The Facility Association, which insures drivers who have been turned down in the voluntary market due to bad driving records, is asking insurers in Ontario, Nova Scotia, Newfoundland and New Brunswick to anti up $126.6 million for […]
By Canadian Underwriter | October 28, 2003
Underperformance in the property & casualty line that is hampering reinsurer ratings, along with pressure on risk-adjusted capital, says rating agency A.M. Best. And the outlook for 2003 yearend is for little improvement, the firm adds.Given the current low interest rate situation, reinsurers have to rely on underwriting profit, which has been modest at best […]
By Canadian Underwriter | October 24, 2003
2 min read
Specialty risk insurer Kingsway Financial Services Inc. (TSX: KFS) saw net income for the third quarter of this year drop by 28% to $15.6 million compared with the $21.7 million reported for the same period in 2002. This equates to earnings on a fully diluted basis of 28c a share for the latest quarterly reporting […]
By Canadian Underwriter | October 21, 2003
3 min read
Rating agency A.M. Best has reduced the financial strength rating of the Swiss Re group to "A+ (Superior)" from "A++ (Superior)" on grounds that the reinsurer’s forward earnings potential based on first half results for 2003 will unlikely support its existing risk-based capital level. The rating agency notes that, while Swiss Re’s combined ratio for […]
By Canadian Underwriter | October 20, 2003
Rating agency A.M. Best has downgraded the status of Ontario-based Coachman Insurance Co., and placed a negative outlook on other subsidiaries of Saskatchewan General Insurance (SGI).Overall, the rate has affirmed the A- (excellent) financial strength rating of SGI Canada with a stable outlook. But while subsidiaries SGI Canada Insurance Services Ltd. (SCISL) and The Insurance […]
By Canadian Underwriter | October 3, 2003
While the total value of the Canadian property and casualty insurance marketplace jumped by almost a third last year, the increased revenue benefits did not filter down to higher net earnings for the independent brokerage community, brokers say. In fact, independent brokers point out that they are not making money on personal lines business at all due to the rise in their operating costs brought on by the "hard market". And, although market conditions are shaping up for improvement next year, brokers fear that a slow return of underwriting capacity combined with the overhead cost incurred from the past two years of lean running could spark a new wave of consolidation within their ranks. At the very least, the independent brokerage community will be facing a year of "belt tightening", they say.
By Sean van Zyl, Editor | September 30, 2003
11 min read
With all the headaches experienced in the Canadian property and casualty insurance industry right now, not the least of which are struggling results from a volatile auto insurance product, it begs the question: "Why would any insurer want to do business here?" The Canadian industry brings many challenges - stressed financial results, strict capital requirements and a higher tax burden - sources say. These "three strikes" could add up to an "out" for global parents choosing whether or not to put precious capital into this market, they warn.
By Vikki Spencer | September 30, 2003
10 min read
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