Topic
Insurance
UK floods impact higher than expected
February 6, 2008 by Canadian UnderwriterAviva plc has reported total sales growth of 25% in 2007 to 38.6 billion (approximately Cdn$56.7 billion). Damage losses arising from the floods in the United Kingdom during June and July were originally estimated to be 340 million (approximately Cdn$500…
Soft market could be around until 2010
February 6, 2008 by Canadian UnderwriterNorth American and Bermuda reinsurers have authorized substantially more capital for the insurance market in 2008 than in 2007, meaning the current soft market could continue well into 2010, Guy Carpenter & Company LLC predicts.Kevin Stokes, the global leader of…
Partner Re’s profit down slightly in 2007
February 5, 2008 by Canadian UnderwriterPartnerRe Ltd. has reported a net income of US$180.6 million for 2007 Q4, down from US$242.7 million in 2006 Q4.Over the entire year of 2007, the company reported a profit of US $717.8 million, which is down slightly from the…
Hannover Re “satisfied” with ’08 P&C renewals
February 5, 2008 by Canadian UnderwriterHannover Re is predicting its 2007 gross premium in property and casualty reinsurance to be on par with the previous year, at 3.54 billion (approximately Cdn$5.22 billion).Of the total premium volume written in the 2007 underwriting year in non-life reinsurance…
What’s New: In Brief (February 05, 2008)
February 5, 2008 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) is hosting the 4th International Symposium on Flood Defence (ISFD4) on May 6-8 in Toronto at the Westin Harbour Castle.The theme is the management of flood risk, reliability and vulnerability. As recent flood…
SGI introduces vehicle history search
February 5, 2008 by Canadian UnderwriterCustomers can now use SGI’s Saskatchewan Damage Claims History Search to check a vehicle’s damage claims history going back to Jan. 1, 1998. The free online search will also provide a vehicle’s most recent Saskatchewan registration expiry date. Plus it…
Fitch says U.S. P&C industry should be aiming for 95% COR in 2008
February 4, 2008 by Canadian UnderwriterFitch Ratings says the U.S. property and casualty insurance industry will need to produce a combined ratio of about 95.5% in 2008 in order to meet the goal of an 11% return on surplus.Fitch made this observation in a report…
What’s New: In Brief (February 04, 2008)
February 4, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) is now offering a New Vehicle Replacement Plus program, which allows a vehicle to be written off if the damage exceeds 50% of its market value.Program members suffering a write-off would receive a…
Crawford & Company reports net income of US$3.3 million
February 4, 2008 by Canadian UnderwriterCrawford & Company reported a 2007 Q4 net income of US$3.3 million, compared to a net loss of US$1.3 million for the same period in 2006. Net income for 2007 totalled US$16.1 million, compared to US$15 million for 2006. U.S.…
Greater horsepower leads to higher claims costs
February 4, 2008 by Canadian UnderwriterEven slight increases in horsepower by automakers results in increased insurance claims costs, according to a study by the Highway Loss Data Institute.The addition of just one horsepower per 100 pounds of vehicle weight resulted in an estimated 5% increase…
What’s New: In Brief (February 01, 2008)
February 1, 2008 by Canadian UnderwriterGenworth Financial Canada has named a Grade 6 student from Edmonton the winner of its national writing contest, “Habitat for Humanity Meaning of Home.”Marissa Nahirney was selected as the top contestant from more than 1,900 entries a Genworth release says.A…
Ledger’s death brings focus to coverages for key players in film productions
February 1, 2008 by Canadian UnderwriterThe sudden death of Brokeback Mountain movie star Heath Ledger occurred while he was in the midst of filming a new movie, focussing attention on a little-discussed aspect of the insurance industry coverage for the incapacity of an actor or…