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“Corporate cholesterol” costing insurers billions

May 24, 2004 by Canadian Underwriter

Inefficient 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…

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Lloyd’s results highlight strong rebound

May 24, 2004 by Canadian Underwriter

Official results for 2003 from Lloyd’s for 2003 highlight the London market’s strong rebound since 9/11, and give evidence to overall industry trends of strong underwriting performance dragged by lingering liability issues from prior years.Lloyd’s is reporting net pre-tax profit…

News Climate ChangeInsurance

New research highlights the danger of gas hydrates

May 24, 2004 by Canadian Underwriter

Insurers 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…

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EPL verdicts on the rise

May 24, 2004 by Canadian Underwriter

Jury 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…

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Odyssey Re rating set for upgrade; Fairmont Specialty receives initial review

May 20, 2004 by Canadian Underwriter

Two 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…

News Climate ChangeInsurance

Above-average Atlantic hurricane season predicted

May 20, 2004 by Canadian Underwriter

On the eve of the start of the Atlantic hurricane season, which begins June 1, The National Oceanic and Atmospheric Administration (NOAA) confirms expectations of an above-average Atlantic hurricane season this year.The outlook is for 12-15 tropical storms, with six…

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European reinsurer results dragged down by investment weakness in 2004: Benfield

May 20, 2004 by Canadian Underwriter

Despite 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…

News Climate ChangeInsurance

What’s new: In brief (May 20, 2004)

May 20, 2004 by Canadian Underwriter

French reinsurer SCOR reported overall net income of EUR31.8 million for the first quarter of 2004, with its non-life sector posting a combined ratio of 98.8%. This compares with 121.3% for the segment a year ago. However, operating income in…

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IIBAA CEO Panel II: Industry needs to make auto reform work

May 19, 2004 by Canadian Underwriter

The 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…

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IIBAA CEO Panel I: No more quarterly results

May 19, 2004 by Canadian Underwriter

It has been confirmed that the Insurance Bureau of Canada (IBC) will no longer publicly release its quarterly financial data on insurers to anyone other than members. At the Independent Insurance Brokers of Alberta (IIBAA) conference, ING Canada CEO Claude…

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Anthony Clark prepares for share buy-back

May 19, 2004 by Canadian Underwriter

Alberta-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) says it has received approval to buy-back up to 397,758, or 5%, of its issued and outstanding common shares. The shares, which can be bought between May 20, 2004 and May…

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Ontario Police Raid Busts Multi-Million Dollar Chop-Shop

May 19, 2004 by Canadian Underwriter

Individuals arrested Sunday in Flamborough, Ontario, in a police raid of what is being reported as possibly one of the largest chop-shop operations in Ontario history, are said to have close ties to a Cambridge used auto parts shop accused…