News
Stability in reinsurance sector challenged by soft market: A.M. Best
July 25, 2004 by Canadian UnderwriterThe onset of the soft market will challenge reinsurers to maintain the stability shown in strong results over the past two years, according to a new report by A.M. Best.2003 was a strong year for reinsurers in the U.S., Europe…
2003 a far cry from 2002 for Canadian insurers: A.M. Best
July 25, 2004 by Canadian UnderwriterThe massive turnaround effected by Canadian insurers, who turned the worst-ever performance of 2002 into the very profitable 2003, is examined in a new A.M. Best statistical study.With the industry posting a combined ratio of 98.4%, return on equity of…
U.S. Senate considers TRIA extension
July 22, 2004 by Canadian UnderwriterThe U.S. Senate will consider a bipartisan bill to extend the Terrorism Risk Insurance Act (TRIA) until the end of 2007, much to the delight of insurers. The Property Casualty Insurers Association of America (PCI) says it is pleased to…
CIAB 2-Q commercial market survey reflects price weakness
July 22, 2004 by Canadian UnderwriterU.S. commercial property and casualty insurance rates continued to decline in the second quarter of this year across the various business size segments of the marketplace, according to the latest quarterly broker member survey conducted by the Council of Insurance…
ICBC and Speedy Glass settle legal action
July 21, 2004 by Canadian UnderwriterA legal action brought by the Insurance Corp. of British Columbia (ICBC) against Speedy Glass for having allegedly violated market practices under the crown insurer’s "Glass Express" repair program has been settled.ICBC charged that a number of Speedy Glass outlets…
B.C. earthquakes a “wake up call”
July 21, 2004 by Canadian UnderwriterEarthquakes which shook British Columbia this week point to the need for homeowners to ensure they have adequate coverage in place to deal with the earthquake risk, and to the need for disaster preparation to be in place in homes.The…
What’s new: In brief (July 20, 2004)
July 20, 2004 by Canadian UnderwriterU.K. risk managers are welcoming word from the Financial Services Authority (FSA) that they will not be considered “intermediaries” under the new U.K. regulations. The Association of Insurance & Risk Managers (AIRMIC) says a letter it received from the FSA…
Edmonton storm losses top $87 million
July 20, 2004 by Canadian UnderwriterInsured losses from the hail and rainstorm which caused widespread flooding in the Edmonton area have already caused insurers to post at least $87 million in reserves, and the total is sure to rise, says Louise Bremness, manager of regional…
Reinsurance recoverable expectations more than US$14 billion off the mark
July 20, 2004 by Canadian UnderwriterThe gap between reinsurance recoverable expectations of cedants and reinsurers is widening, and is now estimated between US$14-$24 billion, according to a study by Conning Research and Consulting Inc. The estimate is based on expectations reported by cedants which are…
What’s new: In brief (July 19, 2004)
July 19, 2004 by Canadian UnderwriterSwiss reinsurer Converium AG and its subsidiaries have seen their counterparty credit and financial strength ratings lowered by Standard & Poor’s to “A-” from “A”. The downgrade is a result of Converium’s announcement that it would take an earnings hit…
U.S. commercial lines outlook stable: Fitch
July 19, 2004 by Canadian UnderwriterThe outlook for the U.S. commercial lines sector has been revised from negative to stable by rating agency Fitch. Fitch had placed a negative rating on the sector since September 2000.Fitch says there will be fewer rating changes in the…
MPI first quarter result down, but “average”
July 19, 2004 by Canadian UnderwriterFirst quarter income reported by Manitoba Public Insurance (MPI) the province’s government auto insurer dropped significantly but is in line with historic norms.Net income for the first quarter ending May 31, 2004 was just $8.7 million, down from $29.3 million…