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Moves & Views (March 01, 2004)

March 1, 2004 by Canadian Underwriter

The Toronto Metro Convention Centre was home to the Insurance Institute of Ontario (IIO) Convocation and Awards Dinner. Amongst the honorees were (clockwise from top) Sunit Datta, Rajdeep Chopra and Richard Y.K. Liu, all of whom were presented with multiple

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Co-Operators Pulls in Strong 2003 Return

March 1, 2004 by Canadian Underwriter

2003 saw a giant leap in net income for Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A). The company generated net profit of $44.0 million for the 2003 financial year versus a loss of $1.1 million reported the year prior.

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On Firm Ground..?

March 1, 2004 Sean van Zyl, Managing Editor

Have insurers finally found their “financial feet”? Initial industry financial data revealed by the Insurance Bureau of Canada (IBC) at Swiss Reinsurance Co. Canada’s recently held “Statistical Breakfast” seminar suggests at dramatic improvement in underwriting across most lines of business

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Hazel Hit Toronto Hard

March 1, 2004 by Canadian Underwriter

Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.

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Insurers’ ROE Bounces Back to 10% for 2003

March 1, 2004 by Canadian Underwriter

Property and casualty insurers finished the 2003 financial year with a return on equity (ROE) of 10.7%, according to initial data released by the Insurance Bureau of Canada (IBC). The latest full-year return reflects a nine percentage point improvement in

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Kingsway ROE Drops Slightly on Reserve Strengthening

March 1, 2004 by Canadian Underwriter

Specialty insurer Kingsway Financial Services (TXS: KFS) saw its return on equity drop slightly for the 2003 financial year, although the company still boasted a double-digit return. For the 12 months ending December 2003, Kingsway’s ROE clocked in at 12.9%,

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Lawyers Call for Re-Think on Mediation Process

March 1, 2004 by Canadian Underwriter

A new approach to mediation, specifically on the role of legal counsel in the process, may be in order attendees heard at the recently held Ontario Insurance Adjusters Association (OIAA) “Claims 2004” conference. In a presentation made by law firm

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Insurers Urged to Sharpen Claim Defense Tools

March 1, 2004 by Canadian Underwriter

Insurers and their commercial clients are paying out too much on claims that could be defended, speakers warned at a recent seminar hosted by Crawford Adjusters Canada Ltd. “I’m darned tired of seeing these companies and insurers kicked around by

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Fairfax Reports Record Profit for 2003

March 1, 2004 by Canadian Underwriter

Toronto-based insurance giant Fairfax Financial Holdings Ltd. (TSX: FFH) says it posted its largest ever annual profit for the 2003 financial year, earning US$271.1 million, or US$18.55 a share, compared with the US$263.0 million profit (equal to US$18.20 a share)

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Canadian Western Bank Buys HSBC Insurance Operations

March 1, 2004 by Canadian Underwriter

The insurance operations of HSBC Bank Canada, known as Canadian Direct Insurance Inc., have been acquired by Canadian Western Bank. The deal involves a cash payment of $25.4 million, reflecting a 25% premium over book value of the HSBC insurance

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The High Price of Credit Scoring

February 1, 2004 Vikki Spencer

What does a person’s credit history have to do with the odds they are going to have an auto accident or a house fire? Insurers say plenty. Credit scoring, or the use of an individual’s credit history in the rating process, has been used in the U.S. but not without causing political turmoil. Canadian insurers, on the other hand, have been staying under the political radar, using credit scoring on a limited basis for fear of inciting further government intrusion into the underwriting process.

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Taking CAT Risks to the Next Advancement

February 1, 2004 Dennis Kuzak

The longstanding business of insurance – whereby risk of loss is transferred for a price per a set contract – has withstood wars, disasters, politics and time. Yet, the business of risk transfer has not remained “timeless” in that market forces have adapted with the changing needs of a developing and ever advancing society. The growing popularity of “cat bonds” as a form of investment as well as that of risk hedging against large unexpected losses therefore should come as no surprise to insurers.