Canadian Underwriter

Topic
Insurance


News Insurance

S&P pegs US commercial reserve shortfall at US$60 billion

December 16, 2003 by Canadian Underwriter

Notwithstanding asbestos and environmental liabilities, the U.S. commercial insurance market is facing a reserve shortfall of about US$60 billion, says rating agency Standard & Poor’s. This is despite reserve additions of US$22 billion in 2002 towards prior year losses.“As its

News Insurance

Allianz Canada rating lowered with negative outlook

December 15, 2003 by Canadian Underwriter

Rating agency Standard & 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 “A+”. The ratings have been taken off watch, but have been

News Insurance

Canadian insurers’ 3-Q results dampened by cat hits

December 15, 2003 by Canadian Underwriter

The Canadian property and casualty insurance industry saw its net profit for the third quarter of this year fall by 20% to $517 million compared with the previous quarter’s $644 million. The biggest single cost impact incurred by insurers during

News Insurance

US tort costs skyrocket to US$233 billion in 2002

December 12, 2003 by Canadian Underwriter

Tort costs in the U.S. hit the roof in 2002, climbing a record US$27.4 billion to US$233 billion, reports Tillinghast-Towers Perrin. This amounts to US$809 per person, an US$87 increase over 2001. Compared with 1950, tort costs have grown US$797

News Insurance

SCOR back in brokers’ good books

December 12, 2003 by Canadian Underwriter

French reinsurer says it is back on the security lists of the world’s biggest reinsurance brokers. Following announcement of SCOR’s EUR 349 million loss for the first nine months of the year, the company faced ratings downgrades and a negative

News Insurance

Swiss Re “cautiously optimistic” about European, US non-life recovery

December 12, 2003 by Canadian Underwriter

In its annual “Insurance Review” held both in London and New York, Swiss Re said that if insurers can maintain underwriting discipline, results through 2004 should highlight recovery.In Europe, strong pricing in 2003 was hampered by several factors, notes Thomas

News Insurance

Western Financial to raise $10 million through placement

December 11, 2003 by Canadian Underwriter

Western Financial Group Inc. (TSX: WES) plans to raise approximately $10 million through a private placement, which the company says the proceeds will be used to fund its ongoing acquisition program, as well as for “general corporate purposes”. Subject to

News Insurance

Co-operators begins issuing N.S. cheque refunds

December 11, 2003 by Canadian Underwriter

The Co-operators General Insurance Co. has begun refunding approximately 23,000 policyholders in Nova Scotia in accordance with recent auto insurance legislation passed by the provincial government under Bill-1. The legislation involves a “rate rollback” of 20% of premiums to the

News Insurance

Consolidation push will be on in 2004: Towers

December 11, 2003 by Canadian Underwriter

In making its 2004 predictions for the insurance industry, Tillinghast-Towers Perrin says consolidation will be key trend in the coming year, with major players dominating the market.Taking off from the recent merger of St. Paul and Travelers, the firm predicts

News Insurance

Legal judgement hits Anthony Clark balancesheet

December 10, 2003 by Canadian Underwriter

A recent legal judgement against Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has hit the company’s balancesheet hard for the half-year ending September 30, 2003.The company suffered a pre-tax loss of $218,724 for the most recent six months, versus

News Climate ChangeInsurance

ICLR tells B.C. inquiry forest fire risk can be mitigated

December 10, 2003 by Canadian Underwriter

Speaking at the provincial review into B.C.’s “firestorm 2003”, the forest fires that caused extensive damage to several areas of the province this summer, the Institute for Catastrophic Loss Reduction (ICLR) highlighted why forest fire risk is growing and how

News InsuranceMergers and Aqcuisitions

MPI rates to rise 3.7% in 2004

December 9, 2003 by Canadian Underwriter

Manitoba Public Insurance (MPI) has broken its six-year rate freeze, and will up basic auto insurance rates by 3.7% for 2004. The province’s Public Utilities Board (PUB) ordered the increase, which will add about $30 to the average family passenger