Features
Optimum General sees 1-Q earnings boon (June 01, 2005)
June 1, 2005 by Canadian UnderwriterQuebec-based Optimum General Inc. (TSX: OGI.SV.A) lifted net income for the first quarter of this year by more than four times to $1.1 million compared with $259,000 reported for the same period in 2004. This equates to earnings for the…
New Path to Health
June 1, 2005 by Canadian UnderwriterThe road forward is a bumpy one for auto insurance companies in light of recent politically-inspired rants regarding regulation reforms, which are set to challenge insurers during a softening cycle that has been further compromised by bouts of bad press brought on by poorly defined financial result releases and questionable contingent commissions, to name but a few of the industries hurdles.
Canadian Insurance Congress 2005: A Rocky Course
June 1, 2005 Sean van Zyl, EditorAfter the volatile financial performance of the property and casualty insurance industry over the past five years, coupled with the public attacks of politicians and regulatory agencies last year, insurers are facing “rocky times” as they scramble to regain consumer confidence and maintain underwriting discipline, say speakers at this year’s Canadian Insurance Congress, which was recently held in Banff, Alberta. The top concern of the insurance industry is the potential of new draconian regulations being brought into place in light of the controversy sparked by the numerous and ongoing regulatory investigations into intermediary remuneration arrangements and the use of finite reinsurance contracts – the outcome of which could be a significantly different operating landscape.
RIMS 2005 Conference: Revolution or Rebellion?
June 1, 2005 Vikki SpencerLittle did the drafters of the U.S. Declaration of Independence know how intensely to heart their call to free speech and revolutionary thinking would be taken by risk managers who recently met in Philadelphia for the annual Risk & Insurance Management Society (RIMS) conference. The city – which saw the foundation of liberty – was the site of frank dialogue between risk managers, brokers and insurers concerning the alarming regulatory issues now facing the property and casualty insurance industry.
Rethinking Rate Regulation
June 1, 2005 Jane Voll, chief economist at the Insurance Bureau of CanadaThe past three years has seen an unprecedented level of intervention by provincial governments in the setting of auto insurance prices. Over this period, an estimated $1.3 billion in auto insurance premiums has come under direct price controls in the form of mandatory rebates, rollbacks and price freezes. This number will move even higher when further mandatory price dictates come into effect this month in the province’s of Alberta and Newfoundland.
Odyssey Re 1-Q earnings plummet (June 01, 2005)
June 1, 2005 by Canadian UnderwriterThe Fairfax group’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) saw net income for the first quarter of this year fall by 38.5% to US$36.2 million compared with the US$59 million reported for the same period in 2004. This…
R&S Canada 1-Q’s underwriting jumps on personal lines (June 01, 2005)
June 1, 2005 by Canadian UnderwriterRoyal & SunAlliance Canada produced an underwriting profit of $14 million for the first quarter of this year, signaling a significant turnaround in overall profitability from 2004’s first quarter underwriting gain of $1 million. The insurer saw its underwriting on…
MSA/Baron 2004 report confirms “down cycle”
June 1, 2005 by Canadian UnderwriterDespite the higher profitability achieved by Canadian property and casualty insurers for 2004, the industry is unlikely to maintain this earnings momentum through this year and into 2006, according to the recently released fourth quarter 2004 “MSA/Baron Outlook Report”. The…
On the Move (June 01, 2005)
June 1, 2005 by Canadian UnderwriterThe Property and Casualty Insurance Compensation Corporation (PACICC) recently elected Kevin McNeil as chair of the board of directors. McNeil is president and CEO of the Gore Mutual Insurance Company and a board member of Gore Mutual Insurance Company, Gore…
Technology: Riding The Claims Curve
June 1, 2005 Craig HarrisOnce spinning their wheels with standalone technology products, many insurance companies are now actively pursuing integrated, end-to-end solutions that allow for full management of the claim lifecycle. Modern technology, coupled with a tight focus on business processes and employee training, is giving insurers a chance to accelerate the speed of claims handling and ramp up service standards. The question today, however, is who is staying ahead of the claims curve?
Views (June 01, 2005)
June 1, 2005 by Canadian UnderwriterMore than 100 industry veterans were present for the 46th Annual Reception of the Quarter Century Club, held May 3, 2005 at the Hilton International, Toronto. Emcee John Cherrie welcomed members as he presided over the “roast” of the popular…
Kingsway achieves record 1-Q underwriting profit (June 01, 2005)
June 1, 2005 by Canadian UnderwriterK ingsway Financial Services Inc. (TSX: KFS) brought home an annualized return on equity (ROE) of 22.6% for the first quarter of 2005, showing a 5.7 percentage point gain on its 16.9% return achieved for the same period last year.…