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Ratings/Research
SCOR fights back against rating agency
November 24, 2003 by Canadian UnderwriterFrench reinsurer SCOR Group is “formally contesting” the downgrade it suffered at the hands of rating agency Fitch. SCOR says the downgrade to BB+ from BBB- is “unfounded, ill-timed and causes serious damage to the company”.In a statement, the reinsurer…
High claims satisfaction rates come despite auto rate concerns
November 18, 2003 by Canadian UnderwriterResponding to the high overall score by the Ontario auto insurance industry on the recent “claims satisfaction survey”, the Insurance Bureau of Canada (IBC) says the results highlight the need the make the private insurance system work.“Despite a lot of…
Moody’s ups California wildfire estimate to US$2.5 billion
November 13, 2003 by Canadian UnderwriterRating agency Moody’s predicts insured losses stemming from the wildfires that raged through Southern California this fall will be in the US$2.5 billion-US$3.5 billion range.Nonetheless, Moody’s does not expect the fires to materially impact the ratings or the overall outlook…
Public auto rates higher, says Fraser Institute report
November 11, 2003 by Canadian UnderwriterA conservative think tank’s new study suggest rates in public auto insurance provinces will soon be higher than those in private market provinces. The Fraser Institute report notes that with current rate freezes and rollbacks in place, rates will actually…
Downgrades more frequent than upgrades again this year
November 10, 2003 by Canadian UnderwriterFor the third year in a row, downgrades have outpaced upgrades from rating agency A.M. Best, with adverse reserve development and liability exposures among the culprits.The rating agency says that asbestos and environmental liability exposures, medical cost inflation, weather catastrophes,…
ISO warns against “hyper competition” as U.S. pricing peaks
November 6, 2003 by Canadian UnderwriterRate increases in the U.S. commercial property and casualty insurance marketplace appear to have peaked in July of this year with average cover renewal pricing of about 13%, according to market analysis conducted by the Insurance Services Office (ISO). Subsequently,…
III pegs California wildfire loss at US$2 billion
November 6, 2003 by Canadian UnderwriterWhile much of the wildfires raging through California are now under control, the US Insurance Information Institute (III) says damage could easily top US$2 billion, making these the worst fires in California history.As of Monday, 5,980 claims had been filed…
Ontario auto rates jump 8.2% in third quarter
November 6, 2003 by Canadian UnderwriterAuto insurance rate increases averaging 8.22% were granted in the third quarter of 2003, says the Financial Services Commission of Ontario (FSCO), the government body which regulates pricing.The increases happened prior to the provincial Liberals’ election win, and to the…
RIMS survey points to price easing of U.S. commercial covers
November 5, 2003 by Canadian UnderwriterThe latest “benchmark survey” released by the Risk and Insurance Management Society (RIMS) suggests that the pace of price increases in the U.S. commercial insurance marketplace slowed dramatically in the third quarter of this year. “After the staggering increases [in…
Reinsurance Strategies 2003: Signs of Recovery
November 1, 2003 Vikki SpencerFor an industry that was on the brink of disaster less than a year ago, reinsurers can take pride in the financial turnaround seen thus far for 2003. But, CEOs offering their insights to CU’s annual yearend treaty outlook are…
Canadian Risk Managers: Change in the Air
November 1, 2003 Vikki SpencerThree years ago, risk managers were focused on how to promote their profession. Now, for better or worse, risk management is center stage. But, what will risk managers do with their newfound fame? At this year’s RIMS Canada conference, risk managers “took the bull by the horns” and talked about how to make the most out of the intense pressure they are currently under, to finally advance the cause of enterprise risk management in their organizations.
Letters to the Editor (November 01, 2003)
November 1, 2003 by Canadian UnderwriterDear Editor, I have just finished reading/scanning another edition of CU received at our office and left for those of us brokers interested enough to pick it up and read. (I could go on at length about how uninterested and…