Segment
Claims
U.S. insurers incur first-ever annual net loss on the back of cat costs and plummeting investment returns
April 15, 2002 by Canadian UnderwriterU.S. property and casualty insurers produced a negative return on equity of 2.7% for the 2001 financial year compared with a 6.5% ROE reported for the previous year. This poor financial performance resulted from skyrocketing catastrophic claims, including losses arising…
Economical net income drops, but CEO sees signs of recovery
March 28, 2002 by Canadian UnderwriterWaterloo-based The Economical Insurance Group saw its net income drop sharply in 2001, but managed to escape the year with a profit, and a growth in written premiums.Net income was $3.6 million last year, down from $19.6 million in 2000.…
IBC continues push for Newfoundland auto reform
March 21, 2002 by Canadian UnderwriterDespite a change in public attitudes towards tort reform in Newfoundland, the Insurance Bureau of Canada is continuing to push for changes to the auto insurance system there. In an address to the St. John’s Rotary Club, IBC regional vice…
Canadian insurers end 2001 on dismal financial note
March 13, 2002 by Canadian UnderwriterCanadian property and casualty insurers ended the 2001 financial year with a meager 3% return on equity, with the final quarter industry results showing little improvement over the earlier part of the year with a 0.5% ROE, according to just…
Newfoundland auto changes not likely to include tort reform
March 11, 2002 by Canadian UnderwriterThere is little chance that Newfoundland will follow through on its proposal to limit tort claims as a means to reducing the cost of auto insurance in that province, after a recent study revealed opposition to the plan. Tort reform…
Optimum falls into net loss despite underwriting action (March 05, 2002)
March 5, 2002 by Canadian UnderwriterMontreal-based insurer Optimum General Inc. (TSE: OGI.A) which through five subsidiaries operates across Canada and parts of the U.S. posted a net loss of $2.7 million for the 2001 financial year ended December compared with earnings of $168,000 reported for…
Co-operators struggles in 2001
February 28, 2002 by Canadian UnderwriterDirect writer Co-operators General Insurance (TSE: CCS.PR.A) finished last year with a loss, both in fourth quarter and yearend results. Overall, the company suffered an after tax loss of $10.8 million, or $0.97 per share, compared with income of $31.7…
IBC calls for change in Nova Scotia
February 28, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is taking the next step in its bid for auto insurance reform in Atlantic Canada. The industry’s representative body is trying to persuade the Nova Scotia government to institute changes that would reduce the…
Lindsey Morden shows modest recovery for 2001
February 25, 2002 by Canadian UnderwriterAdjusting firm Lindsey Morden Group Inc. posted a net loss of $5.8 million for the 2001 financial year to end December compared with the $23 million loss reported the previous year. The company was able to lift to revenue by…
Kingsway continues to soar
February 21, 2002 by Canadian UnderwriterSpecialty insurer Kingsway Financial Services (TSE, NYSE: KFS) capped off a successful 2001 with record earnings and revenue in the fourth quarter, ending December 31. The company has been on a winning streak, in the face of disastrous results in…
ICBC reports $251 million loss in 2001
February 20, 2002 by Canadian UnderwriterBritish Columbia’s public insurer is reporting a loss of $251 million last year, but is predicting a close to break-even 2002. This compares with a net income of $139 million in 2000 for the Insurance Corporation of B.C. (ICBC).In fact,…
Lloyd’s makes cash call to cover claims
February 6, 2002 by Canadian UnderwriterLloyd’s of London is set to make a second cash call on its members in order to deal with claims from 1998 to 2001, including its US$2.8 billion exposure to the September 11 terrorist attacks.The calls will bring in about…