News
What’s new: In brief (June 27, 2004)
June 27, 2004 by Canadian UnderwriterInsurance Corp. of B.C. has paid out $4.4 million in tax grants to communities, which the Crown corporation does in lieu of paying real property and business taxes. Thirty communities received grants of between $10,000 to $1 million. Those communities…
Upgrades outpace downgrades for Canadian insurers
June 24, 2004 by Canadian UnderwriterA synopsis of recent rating actions by A.M. Best shows Canadian p&c insurers bucking the trend to produce more upgrades than downgrades. Nine insurers saw their ratings rise, while four were downgraded. The rater also added four new ratings to…
What’s new: In brief (June 24, 2004)
June 24, 2004 by Canadian UnderwriterSIAA Canada has signed its newest master broker, Brokers Helping Brokers Alliance, and its founders, Rhodes & Williams Ltd. of Ottawa also join the SIAA network. BHB Alliance will cover eastern Ontario, and will help small to mid-size brokers obtain…
Global insurers continue “road to recovery” in 2004: Swiss Re
June 24, 2004 by Canadian UnderwriterFinancial 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…
Pembridge CEO slams Alberta auto plan
June 24, 2004 by Canadian UnderwriterThe 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…
Claims cost reduction top goal for 2004
June 23, 2004 by Canadian UnderwriterInsurers 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,…
What’s new: In brief (June 23, 2004)
June 23, 2004 by Canadian UnderwriterManitoba 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,”…
Guy Carpenter bullish on Lloyd’s in 2004
June 23, 2004 by Canadian UnderwriterReinsurance 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…
U.S. insurers post US$13.5 billion first-quarter income: A.M. Best
June 23, 2004 by Canadian UnderwriterOn 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…
What’s new: In brief (June 22, 2004)
June 22, 2004 by Canadian UnderwriterStatistics 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…
Colorado storms expected to leave US$145 price tag
June 22, 2004 by Canadian UnderwriterHailstorms 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…
Rising interest rates should prolong hard market: Swiss Re
June 22, 2004 by Canadian UnderwriterRising 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…