Keyword
Ratings/Research
“Corporate cholesterol” costing insurers billions
May 24, 2004 by Canadian UnderwriterInefficient business processes are costing insurers as much as US$10 per policy in waste, says a new report by Exigen Group. In the U.S., so-called “corporate cholesterol” amounts to more than US$2 billion, with insurers spending up to 30% more…
EPL verdicts on the rise
May 24, 2004 by Canadian UnderwriterJury awards in employment practices liability (EPL) cases in the U.S. rose 18% last year, according to new research by Pennsylvania-based Jury Verdict Research. The study notes the median EPL award rose to US$250,000, including cases for discrimination and wrongful…
New research highlights the danger of gas hydrates
May 24, 2004 by Canadian UnderwriterInsurers need to be aware of a potential new geohazard which could increase the likelihood of extreme weather events, according to research by the Benfield Hazard Research Center (BHRC). Gas hydrates, ice-like deposits of water and gas, are being influenced…
Odyssey Re rating set for upgrade; Fairmont Specialty receives initial review
May 20, 2004 by Canadian UnderwriterTwo Fairfax operations are under the eye of rating agencies, with one set for possible upgrade.Odyssey Re’s operations may see its financial strength rating upgraded by Moody’s Investors Service on the back of strong first quarter results. Moody’s says it…
European reinsurer results dragged down by investment weakness in 2004: Benfield
May 20, 2004 by Canadian UnderwriterDespite strong premium growth, many European reinsurers saw their results dragged by a lackluster investment environment, says a report by reinsurance broker Benfield Group.In the yearend review, “Impairment Drag”, Benfield notes, “The favorable trends in pricing and terms noted through…
IIBAA CEO Panel II: Industry needs to make auto reform work
May 19, 2004 by Canadian UnderwriterThe coming final plans for Alberta auto reform must be embraced by the industry and made to work, CEO speakers told the Independent Insurance Brokers Association of Alberta (IIBAA) conference.The new regulations, if handled properly by the industry, are a…
ING ratings affirmed on combined investment and underwriting strength
May 18, 2004 by Canadian UnderwriterThe “A+” (excellent) financial strength rating of ING Canada Group has been affirmed by A.M. Best, on the back of strong underwriting and investment performance.ING Canada includes Belair Insurance Co., ING Insurance Co., ING Novex and Nordic Insurance Co. The…
Alberta now promising 5% rate reduction
May 18, 2004 by Canadian UnderwriterThe Alberta government is now promising drivers a minimum 5% rate reduction as a result of auto reforms being put in place. Earlier indications were that the average rollback would be 10%.The Alberta government release also indicates the 5% reduction…
British brokers say soft market is coming
May 17, 2004 by Canadian UnderwriterMore than half of brokers surveyed in a recent poll say the market is showing signs of softening, and an even greater number say growth in the coming year will come from increased marketshare rather than rates. The survey, published…
What’s new: In brief (May 16, 2004)
May 16, 2004 by Canadian UnderwriterInsurance Technology Advisors Ltd. (ITA) has been retained by two Canadian technology firms to conduct market research on p&c insurers Companies participating in the research will also receive an executive report on overall IT trends for the industry. The study…
Royal & SunAlliance Canadian results improving
May 13, 2004 by Canadian UnderwriterWith the release of U.K.-based Royal & SunAlliance’s first quarter 2004 results, the company is reporting improvement in its Canadian operations.Remedial action at the Canadian operation has led to a seven-point improvement in the combined ratio since first quarter 2003,…
What’s new: In brief (May 12, 2004)
May 12, 2004 by Canadian UnderwriterAXA Canada Inc’s subsidiaries have seen their financial strength ratings affirmed by A.M. Best. AXA Assurances and AXA Assurances Agricoles are affirmed at “A+” (excellent) with a stable outlook. AXA Pacific is affirmed at “A” (excellent with a stable outlook.…