What’s New: In Brief (February 10, 2009)

*** CORRECTION This item contains corrected dollar amounts for an item that was originally posted on Feb. 9. Also, group results (with the exception of RBC) reflected a 12-month period, not a 10-month period, as previously reported.

According to The Scor Report 2008, seven Canadian primary property and casualty insurers showed signs of increasing net premium written, increasing net after-tax income and decreasing investment income between Jan. 1, 2008 and Oct. 31, 2008.
In its report, Scor examined the results of the following Canadian companies:
•    Allianz Global Risks US Insurance Company;
•    Arch Insurance Company;
•    BCAA Insurance Corporation;
•    Industrielle Alliance;
•    P.E.I. Mutual Insurance;
•    RBC General Insurance; and
•    RBC Insurance Company.
The above group of insurers had a combined net premium written of $831 million in 2008, compared to $817 million during the same period of 2007. (RBC Insurance Company results were for a 10-month  period.)
Overall, the insurers’ loss ratio collectively increased from 58.11% in 2007 to 60% in 2008.
Collective investment income dropped over the 10-month period, from $50 million in 2007 to $35 million in 2008.
Overall, after-tax income rose from $71 million in the same period of 2007 from $77 million in 2008.

Scotiabank has launched a new Canadian insurance brand: ScotiaLIfe Financial.
The new banner will offer comprehensive creditor, travel and life and health insurance, according to Scotiabank.
The company will continue to work to develop insurance solutions, a company statement says.
“Scotiabank has made insurance a strategic priority,” Mark Cummings, senior vice president and head, Insurance Canada, Scotiabank, said in the release. “What you are seeing with today’s launch and what you will more of in the future is the investment the bank is making to build on our already solid insurance business.”