News
Liberals launch public auto insurance petition in Alberta
July 8, 2004 by Canadian UnderwriterIn response to the Alberta government’s auto insurance reform package which was announced last month, the opposition Liberal Party has set in motion a public petition to gather support for the introduction of a public auto system. The province’s premier…
What’s new: In brief (July 07, 2004)
July 7, 2004 by Canadian UnderwriterU.S. life and health insurers posted a 310% jump in net income for 2003, earning US$30 billion versus US$7.3 billion in 2002, according to data from Weiss Ratings Inc. Rebounding equity markets were the major force, with capital losses dropping…
Ontario residents unprepared for another blackout: report
July 7, 2004 by Canadian UnderwriterA new report published by the Institute for Catastrophic Loss Reduction shows Ontario residents remain unprepared for an emergency on the scale of last summer’s blackout, or worse.The report, written by Dr. Brenda Murphy of Wilfrid Laurier University, and funded…
Bermuda market growth slows
July 7, 2004 by Canadian UnderwriterNot unexpectedly, growth of the Bermuda market slowed in the first half of 2004, with insurance company incorporations dropping compared to the first six months of 2003, according to data from the Bermuda Monetary Authority (BMA) Insurance Division published by…
New Canadian earthquake zones devised: ICLR
July 7, 2004 by Canadian UnderwriterA recently released study published by the Institute for Catastrophic Loss Reduction (ICLR) has devised new earthquake zones on which insurers can base coverage rating. The hazard zones, the result of analysis by ICLR’s executive director Paul Kovacs and research…
Odyssey Re pays US$43 million for Opus Re
July 6, 2004 by Canadian UnderwriterFairfax’s Odyssey Re Holdings has paid US$43 million to buy all of the stock in Overseas Partners Ltd.(OPL)’s U.S. reinsurance operation, Opus Re.OPL went into run-off in February 2002, in a bid to protect shareholder value the majority of its…
Ohio storms generate US$170 million in claims
July 6, 2004 by Canadian UnderwriterWith claims continuing to come in from May storms in Ohio, the state’s Insurance Institute (OII) says thus far insurers have reported losses of US$167 million.About 60% of the 44,000 claims filed so far are for homeowners’ losses from the…
European insurers need to grow capital: S&P
July 6, 2004 by Canadian UnderwriterWhile Europe, like most insurance markets, has seen a growth in profitability recently, the challenge remains to sustain this profitability and grow capital, according to Standard & Poor’s “report card” on European insurers.“The sector remains focused on profitability at the…
What’s new: In brief (July 06, 2004)
July 6, 2004 by Canadian UnderwriterSwiss Re has been granted a branch license from the Ministry of Finance in Taiwan, making it the first international reinsurer to set up a branch on the island. The branch will be located in Taipei, and provide both p&c…
Confidence of insurance execs high: survey
July 5, 2004 by Canadian UnderwriterA survey of Canadian and U.S. insurance executives shows confidence in the industry is at its highest level in that last three years. The annual “Insurance Industry Outlook” survey by National Marketing Services shows confidence in the primary sector at…
Western Financial buys two Alberta brokerages
July 5, 2004 by Canadian UnderwriterWestern Financial Group has picked up two new Alberta brokerages, bringing the total number of offices in the WFG Agency Network to 55.Page Insurance Ltd. of Drumheller, Alberta and Bru Agencies Ltd in Hanna, join WFG, with Ray Page and…
What’s new: In brief (July 05, 2004)
July 5, 2004 by Canadian UnderwriterThe U.K. Financial Services Authority (FSA) has published its rules for the capital requirements on non-life insurers and reinsurers, as well as with-profits funds for life insurers. The rules, first proposed last July, apply risk-based criteria to solvency requirements. Part…