Features
Slow Premium Growth Predicted for 2005: III
February 1, 2005 by Canadian UnderwriterU.S. analysts are predicting property & casualty insurers will post a combined ratio of 98.9% in 2005, despite a slow down in premium growth, according to results of the Insurance Information Institute’s (III) annual “Groundhog Forecast”. Analysts from various investment…
Allianz Global Risks Receives Provincial Licenses
February 1, 2005 by Canadian UnderwriterAllianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall. AGR Canada had been part of Allianz Insurance Co. of Canada, prior to ING Canada’s acquisition of Allianz Insurance and Trafalgar Insurance…
Newfoundland Study Finds Savings With “Cap”
February 1, 2005 by Canadian UnderwriterNewfoundland’s Public Utilities Board (PUB) will hold public hearings throughout the last half of February and possibly into March on the issue of auto insurance. The hearings follow the completion of the PUB’s study of closed auto claims, published by…
Ontario Auto Rates Drop More Than 10% in 2004
February 1, 2005 by Canadian UnderwriterAccording to rate approvals from the Financial Services Commission of Ontario, the average auto insurance rate dropped 10.6% over the course of 2004. But insurers say consumers in Ontario will see even more savings in 2005. Rates fell 6.08% on…
“Significant Softening” Reported by Commercial Brokers
February 1, 2005 by Canadian UnderwriterU.S. commercial insurance accounts saw significant rate softening in the last months of 2004, according to the latest quarterly survey by the Council of Insurance Agents & Brokers (CIAB). In the fourth quarter, more than 80% of small and large…
Anthony Clark Restates First-Half 2004 Results
February 1, 2005 by Canadian UnderwriterFollowing reassessment of its purchase of Vista, Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has restated its half-year earnings for the period ending June 30, 2004. The company announced last November revised figures for the first quarter of 2004,…
Allianz and Trafalgar Ratings Cut
February 1, 2005 by Canadian UnderwriterStandard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB” from “BBB+”. The downgrade follows a review which began last October when it was…
U.S. Insurers’ 2004 Nine-Month Return Hits “Zenith”
January 1, 2005 by Canadian UnderwriterU.S. property and casualty insurers boosted net profitability for the first nine months of 2004 by 28.3% to US$26.7 billion compared with the US$20.8 billion reported for the same period a year ago, according to industry financial data released by…
Mega Brokerage Results From Merger
January 1, 2005 by Canadian UnderwriterThe merger of Toronto’s Jones DesLauriers & Firman (JDF) and Insurance Management Inc. (IMI) will create one of Canada’s largest privately-held insurance brokerages. The two brokerages announced recently that they will join forces to create a new incorporated company writing…
Swiss Re Pegs 2004’s Cats at US$42 Billion
January 1, 2005 by Canadian UnderwriterIn its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses (the study data was compiled prior to December’s Indian Ocean tsunami losses). More significantly, more than 21,000 lives were…
Future of U.S. Commercial and Personals Lines Varies
January 1, 2005 by Canadian UnderwriterThe future looks very different for U.S. personal lines insurance versus its commercial lines counterpart, according to the yearend review and outlook by Standard & Poor’s. The rating agency says that while the outlook for personal lines is stable, with…
P&C Insurers Continue to Face Reserve Deficiency
January 1, 2005 by Canadian UnderwriterFitch Ratings says despite major moves by p&c insurers to shore up reserves over the past few years, the industry remains severely under-reserved for prior-year losses. Fitch estimates US insurers ended 2003 under-reserved by US$43.5-$61.5 billion, or 12-17% of surplus.…