Segment
P&C Companies
“Kick-Starting” Competition in B.C.
June 1, 2003 Sean van Zyl, EditorThis year’s annual general meeting and conference of the Insurance Brokers Association of British Columbia (IBABC), which was recently held in Victoria, focused on implementation of increased competition in the province’s optional auto insurance marketplace. Also included in the association’s top priorities in the year ahead is facilitating increased underwriting capacity in commercial lines, where the province’s brokers have most experienced the effect of the “hard market” cycle.
Catastrophe Modeling: Shifting Perceptions
June 1, 2003 Eric Gobble and Don Windeler at RMSAs Canada’s insurers seek to quantify their catastrophe exposure, earthquake models offer an insight into how technology can further underwriting. Even events south of the border illustrate the wealth of new information at insurers’ fingertips to better comprehend large losses that can have a significant impact on reinsurance and reserves.
Bedeviled Cycle…
June 1, 2003 Sean van Zyl, EditorWhile industry watchers eagerly await the release of insurers’ preliminary financial data for the first quarter of this year, the “bad taste” of last year’s dismal numbers continue to linger – with approximately 80% of insurance companies having now submitted…
Atlantic Canada storms cost insurers $14.3 million
May 28, 2003 by Canadian UnderwriterSevere rain storms which hit Atlantic Canada in the beginning of April this year will likely cost insurers about $14.3 million as a result of auto, home and other property covers, says the Insurance Bureau of Canada (IBC).Nova Scotia bore…
D&O results not expected to improve in 2003: A.M. Best
May 22, 2003 by Canadian UnderwriterInsurers writing directors’ & officers’ (D&O) coverage will not expect substantially improved underwriting results in that line, predicts a new report by A.M. Best. In “The Directors & Officers Market: A Crisis in Remediation”, the rating agency notes that deterioration…
Independent Nova Scotia report supports insurers’ auto pricing
May 15, 2003 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has hailed the release of an investigative report conducted by Nova Scotia’s Utility and Review Board (UARB) into auto insurance pricing within the province, with the findings supporting the insurance industry’s rate increases based…
Custom Software Solutions gets $1.2 million boost
May 13, 2003 by Canadian UnderwriterTechnology vendor Custom Software Solutions Inc. (CSSI) is benefiting from a $1.175 million boost from a non-profit Internet development fund.CANARIE, an organization supported by member companies, project partners and the Government of Canada to offer funding for development of “next-generation…
Nova Scotia rate freeze draws industry ire
May 6, 2003 by Canadian UnderwriterA bill to freeze auto insurance rates for six months, introduced into the Nova Scotia legislature, is drawing the wrath of the insurance industry’s lobby group.The Insurance Bureau of Canada (IBC) says the move will only “delay the implementation of…
Hub earnings up 80% in Q1 2003
May 2, 2003 by Canadian UnderwriterBroker network Hub International Limited (NYSE, TSX: HBG) reports growth in both revenue and earnings, on the back of growth in Canada and rising contingent commissions, for the first quarter ending March 31, 2003.For the quarter, revenue was up 39%…
IBC renews push for New Brunswick auto reform in face of election battle
May 1, 2003 by Canadian UnderwriterThe insurance industry’s lobby group renewed its call for action on proposed legislation to change New Brunswick’s auto insurance system. The Insurance Bureau of Canada (IBC) is specifically fighting for the passage of tort reform to limit awards for non-economic…
Auto Insurance, The Industry’s Orphan Annie
May 1, 2003 Sean van Zyl, EditorWith auto insurance accounting for nearly half of all premiums written in Canada, this once “darling” of the industry has now become the “wayward child” disowned by insurers as underwriting losses stemming primarily from soft-tissue bodily injury claims and tort costs continue to spiral out of control countrywide. Notably, insurers were forced to adjust their reserves by nearly two-thirds of a billion dollars last year as a result of an adverse development on auto business. Although several of the provinces are currently addressing legislative product reform initiatives in a bid to curtail auto losses and the barrage of premium hikes implemented by the insurance industry last year, insurers remain cautious in their market dealings, with many companies having “capped” writing of new business. The result has been a dearth of underwriting capacity, with Ontario and the Atlantic Canada region being particularly hard hit. As insurers continue to “shun auto” in wait of political reform, many in the industry wonder whether the product will ever regain attraction.
Anthony Clark charged with securities fraud
April 25, 2003 by Canadian UnderwriterBroker consolidator Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) has been charged with illegally inflating its share price by the Alberta Securities Commission (ASC).The announcement comes the same day the Calgary-based brokerage announced a share buy-back approved…