U.K.-based reinsurance broker Benfield Group is predicting reinsurers will maintain price discipline through 2004, with some leveling off of rates but slim chance of a dramatic softening.Speaking of the 2003-2004 renewal season, the broker notes that reinsurers did continue the…
Commercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd.Risk managers report not only are…
Fairfax’s Fairmont Specialty Group Inc. which includes the remaining business of former subsidiaries TIG Insurance Group and Ranger Insurance Group says U.S. regulators have given a "thumbs up" to the company’s structure and capitalization.The announcement prompted rating agency A.M. Best…
About 90% of the auto insurance companies in Alberta had filed for rate rebates or credits as of January 14, although customers may wait months to actually receive their rebate.The rollbacks are part of a provincial government plan to reform…
New car owners know far more about the vehicle they are purchasing than they do about the insurance they buy to cover it, says a study by U.S. insurer Progressive.The survey of new car buyers should that while 98% could…
International broker Willis says Canadian organizations should expect no respite from directors’ and officers’ rate hikes, and a critical capacity shortage in professional liability heading into 2004.“The intensity in rate increases has shifted from property to the casualty lines,” writes…
Statistics Canada data on auto insurance premiums is not only misleading, it caused the Bank of Canada to incorrectly hike interest rates, suggests a new study by right-wing think tank The Fraser Institute.The study says that StatsCan has been incorrectly…
Wall Street analysts are predicting a solid 2004 for the U.S. insurance industry, according to the annual “earlybird forecast issued by the Insurance Information Institute (III).Analyst tell the III that a combined of premium growth and investment market recovery could…
Notwithstanding asbestos and environmental liabilities, the U.S. commercial insurance market is facing a reserve shortfall of about US$60 billion, says rating agency Standard & Poor’s. This is despite reserve additions of US$22 billion in 2002 towards prior year losses.“As its…
Rating agency Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB+” from “A+”. The ratings have been taken off watch, but have been…
French reinsurer says it is back on the security lists of the world’s biggest reinsurance brokers. Following announcement of SCOR’s EUR 349 million loss for the first nine months of the year, the company faced ratings downgrades and a negative…
In its annual “Insurance Review” held both in London and New York, Swiss Re said that if insurers can maintain underwriting discipline, results through 2004 should highlight recovery.In Europe, strong pricing in 2003 was hampered by several factors, notes Thomas…