Segment
Claims
Price increases not enough to salvage 2002 insurer results
March 11, 2003 by Canadian UnderwriterInsurers reflected on 2001 as “the worst year ever” and had hopes of a turnaround in 2002, but it was not to be. With the Canadian p&c industry bringing in return on equity (ROE) of 1.6%, 2002 now takes the…
ICBC posts $45 million income for 2002
March 5, 2003 by Canadian UnderwriterB.C.’s public insurer is singing a different tune for 2002, having posted net income of $45 million compared to a net loss of $251 million in 2001.The money, which amounts to less than 2% of annual premiums, will go into…
Loss widens for Optimum General in 2002
March 4, 2003 by Canadian UnderwriterMontreal-based Optimum General Inc. (TSX: OGI.A) is likely relieved to see 2002 gone, as the company reported a net loss of $7.4 million, or $0.68 per share, for the year ending December 31. This compares to a loss of $2.7…
Co-operators ends 2002 in the red
February 28, 2003 by Canadian UnderwriterAuto claims continued to plague Co-operators General Insurance Company (TSX: CCS.PR.A) as it wound up 2002 with a fourth quarter loss of $2.5 million. This compares with a loss of $2.6 million for the last quarter of 2001.Year-on-year, gross written…
Cats give U.S. insurers gentle landing for 2002 (February 17, 2003)
February 17, 2003 by Canadian UnderwriterCatastrophe-related insured property damages in the U.S. totaled US$5.8 billion for 2002, equal to about half the average annual loss over the last ten years, according to estimates released by the Insurance Services Office Inc. (ISO).Last year saw 25 cat…
U.S. litigation reform discussions heat up
February 13, 2003 by Canadian UnderwriterLitigation is taking center stage south of the border with ongoing discussions on tort reform, medical malpractice liability and even the never-ending asbestos issue.This week, a joint Senate committee is hearing testimony on a proposal to tackle the spiraling cost…
Americans find insurance fraud palatable
February 12, 2003 by Canadian UnderwriterAbout one-quarter of Americans say insurance fraud is acceptable, according to a new survey from Accenture. In a random sample of 1,000 adults, the study found that nearly 25% think its alright to overstate the value of a insurance claim,…
Insurers step up to deal with New Brunswick storms
February 5, 2003 by Canadian UnderwriterFollowing harsh winter storms which struck New Brunswick and other Atlantic provinces earlier this week.According to the Insurance Bureau of Canada (IBC), as of Tuesday morning, 25,000 households in New Brunswick were still without power as a result of the…
Asbestos could lead to more downgrades, says S&P
January 30, 2003 by Canadian UnderwriterThe recent series of announcements regarding U.S. insurers’ reserve moves over asbestos could signal further downgrades in early 2003, says Standard & Poor’s Ratings Services. In recent weeks, Travelers Property Casualty Corp. and ACE Ltd. have announced sizeable increases to…
FSCO gives insurers respite on discounting
January 29, 2003 by Canadian UnderwriterOntario’s insurance regulator is giving p&c insurers a year’s time to get their books in order for the new claims discounting practice. In a bulletin this week, the Financial Services Commission of Ontario (FSCO) says that the reporting of claims…
Surety insurers in crisis, says S&P
January 27, 2003 by Canadian UnderwriterA new report from Standard & Poor’s suggests that the settlement of a recent Enron lawsuit against surety insurers in the U.S. highlights problems within that line of business. Specifically, S&P says the settlement shows how “ill-prepared” some insurers are…
MPI sees difficult Q3, but strong nine-month results
January 16, 2003 by Canadian UnderwriterGovernment-run Manitoba Public Insurance (MPI) is reporting solid results for the third quarter 2002, but is casting doubts about the future.While net income was up for the nine-month period ending November 30, 2002, to $23 million from just over $11…