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Global insurers continue “road to recovery” in 2004: Swiss Re

June 24, 2004 by Canadian Underwriter

Financial results for the non-life insurance industry improved significantly in 2003, according to a new sigma report from Swiss Re. In “World Insurance in 2003”, Swiss Re notes that the road to recovery should continue in 2004, assuming average claims…

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Pembridge CEO slams Alberta auto plan

June 24, 2004 by Canadian Underwriter

The new Alberta auto insurance scheme will see good drivers subsidizing bad, says Pembridge Insurance Co. president Bob Tisdale. While the plan will see rates drop by 5% for good drivers, bad drivers receive the greatest benefits, he contends, with…

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Claims cost reduction top goal for 2004

June 23, 2004 by Canadian Underwriter

Insurers are putting the reduction of fraud and claims costs as their top priority for 2004, according to a survey by the U.S. Insurance Services Office (ISO).A full 78% of insurers ranked claims as their key focus for this year,…

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What’s new: In brief (June 23, 2004)

June 23, 2004 by Canadian Underwriter

Manitoba Public Insurance (MPI) has honored seven grade seven and eight students for projects on auto theft including stories, a video, a poster and a comic strip. “The typical auto thief will steal his or her first car at 13,”…

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Guy Carpenter bullish on Lloyd’s in 2004

June 23, 2004 by Canadian Underwriter

Reinsurance broker Guy Carpenter & Co. says the Lloyd’s market should see continued improvement in 2004 on the back of market reforms and underwriting discipline.In its second annual review of Lloyd’s, the impressive results of 2003 are recounted, including BP…

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U.S. insurers post US$13.5 billion first-quarter income: A.M. Best

June 23, 2004 by Canadian Underwriter

On the back of a rare underwriting gain in the first quarter of 2004, U.S. insurers are celebrating net income for the period of US$13.5 billion, according to data from A.M. Best.This compares with net income of US$6.8 billion posted…

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What’s new: In brief (June 22, 2004)

June 22, 2004 by Canadian Underwriter

Statistics Canada’s Consumer Price Index (CPI) says homeowners’ insurance rates were up 12.5% in May compared to a year ago, partly as a result of renewals in Ontario. At the same time, homeowners’ replacement costs soared 6.5% on higher housing…

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Colorado storms expected to leave US$145 price tag

June 22, 2004 by Canadian Underwriter

Hailstorms which swept through the Denver area in early June should cost insurers more than US$145 million, predicts the Rocky Mountain Insurance Information Association (RMIIA).The storms struck June 8-9, bringing hail and severe weather to the state, including a tornado…

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Rising interest rates should prolong hard market: Swiss Re

June 22, 2004 by Canadian Underwriter

Rising interest rates dampening investment results should prolong the hard insurance market through the end of 2005, Swiss Re experts said at the reinsurer’s “Mid-Year Economic and Insurance Industry Teleconference”. “We expect the next year to be good for corporate…

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Alberta auto reforms get seal of approval

June 22, 2004 by Canadian Underwriter

Alberta’s auto reform plans have received the final stamp of approval from the provincial Cabinet, setting the launch date for October 1.A committee of legislators is being put together to ensure a smooth transition to the new system, which includes…

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European reinsurers sticking to guns thus far in 2004

June 21, 2004 by Canadian Underwriter

Early results for 2004 show European reinsurers sticking to their guns on price, with premium income dropping but profits rising. In a new report from Benfield Group, the first-quarter results of Converium, SCOR, Munich Re and Hannover Re (the only…

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Risk managers need elevated role to implement ERM

June 21, 2004 by Canadian Underwriter

Risk managers need to be positioned high enough in their organizations to effect enterprise-wide risk management (ERM) throughout the organizational structure, says a new position paper by the International Federation of Risk and Insurance Management Associations (IFRIMA).IFRIMA president Sue Meltzer,…