News
Global reinsurance industry remains under dark cloud: S&P
April 15, 2004 by Canadian UnderwriterThe negative outlook cast by rating agency Standard & Poor’s on the global reinsurance sector remains despite expectations of a profitable 2003.S&P has had a negative outlook on the industry for seven years and continues to foresee more downgrades than…
U.S. insurers post 9.4% ROE for 2003
April 14, 2004 by Canadian UnderwriterU.S. property and casualty insurers showed a strong comeback in 2003, posting a return on equity (ROE) of 9.4%, according to new date from the Insurance Services Office (ISO) and Property Casualty Insurance Association of America (PCI). However, this was…
Risk reduction only response to terrorism threat: LOMA study
April 14, 2004 by Canadian UnderwriterA new study of emerging risks shows life & health insurers dealing with the threat of man-made catastrophes along with their property & casualty counterparts. The study, by international insurance research organization LOMA, concludes that insurers have a role to…
Domestic travelers not buying insurance: RBC study
April 14, 2004 by Canadian UnderwriterTravel insurance is not on the minds of Canadians when they travel within their own company, says a new study by RBC Insurance and Ipsos-Reid.In fact, 65% of those surveyed which includes Canadians who have traveled out of their home…
Fairfax files shelf prospectus in Canada, U.S.
April 13, 2004 by Canadian UnderwriterFinancial services giant Fairfax Financial Holdings (TSX, NYSE: FFH) says it will file a preliminary short form based shelf prospectus in Canada, and a shelf registration statement in the U.S.The filings will allow the company to offer debt, equity and…
Bermuda market sees 17 new members in first quarter
April 13, 2004 by Canadian UnderwriterThe Bermuda insurance market grew by 17 new members in the first quarter of 2004, according to data from the Bermuda Monetary Authority’s Insurance Division. This is on par with first quarter 2003, although well off the “boom year” pace…
N.B. brokers want competitive market
April 13, 2004 by Canadian UnderwriterReacting to the release of New Brunswick’s Select Committee Report on Public Automobile Insurance, the province’s brokers say they want to keep competition for their consumers.The Insurance Brokers Association of New Brunswick (IBANB) is critical of the committee’s report, saying…
FSCO releases priorities for comment
April 12, 2004 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has released its annual statement of priorities for comment, highlighting continued movement to more risk-based regulation and national harmonization of rules.Among the plans put on the table for 2004 is to implement a…
U.S insurer net income tops US$30 billion: A.M. Best
April 12, 2004 by Canadian UnderwriterU.S. insurers will post net income of US$30.8 billion for 2003, says A.M. Best, and customers can expect to feel rate relief in the coming year.Last year, net income rose more than 235% to top US$30 billion, following the US$9.2…
Many Americans support tort reform
April 12, 2004 by Canadian UnderwriterA variety of tort reform measures are receiving public support in the U.S., says a new study by the Insurance Research Council (IRC).Specifically, Americans favor limited attorney compensation, sanctions for frivolous suits, and consolidation of multi-state class actions in federal…
Crown Attorneys decry reduced focus on property crime
April 11, 2004 by Canadian UnderwriterOntario’s prosecutors are unhappy with news of a provincial plan to shift resources away from fighting property crime in an attempt to focus on gun and gang-related crime.The Ontario Crown Attorneys’ Association (OCAA) was responding to an interview on TVO…
U.S. regulators want to see stability before TRIA disappears
April 11, 2004 by Canadian UnderwriterThe U.S. National Association of Insurance Commissioners (NAIC) fears that as the end of the Terrorism Risk Insurance Act (TRIA) nears, the market may face severe instability.In a letter to House Financial Services Committee chair Michael Oxley and Senate Banking…