Segment
P&C Companies
S&P predicts Florida homeowners’ rates to rise 10%
February 2, 2005 by Canadian UnderwriterAs the day draws near for Florida’s insurers to request a rate increase following last year’s record hurricanes, Standard & Poor’s expects an average 10% increase may be in the offing.S&P’s Robert McNatt says insurers are in far better shape…
Slow premium growth but underwriting profit still predicted for 2005: III
February 2, 2005 by Canadian UnderwriterU.S. analysts are predicting property & casualty insurers will post a combined ratio of 98.9% in 2005, despite a slow down in premium growth, according to results of the Insurance Information Institute’s annual “Groundhog forecast”.Analysts from various investment and research…
What’s new: In brief (February 02, 2005)
February 2, 2005 by Canadian UnderwriterLloyd’s of London has estimated its losses from the South Asian tsunami at GBP100 million, net of reinsurance. “A significant proportion of these losses will be within businesses’ planning assumptions for expected catastrophe loss costs,” notes a Lloyd’s statement. While…
Anticipation key to success in 2005: A.M. Best
February 1, 2005 by Canadian UnderwriterThe p&c insurance industry must be on its toes in the coming year, prepared for a threat from any corner as it comes off of one of its biggest roller-coaster rides in 2004. This, according to the annual review/preview by…
IBC “heads north” to promote safety message
February 1, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is heading to North Bay to spend the month promoting “Injury Prevention Month”. “This campaign is designed to communicate important safety messages to people of all ages and to bring practical support for all…
Voluntary mediation becoming popular option to courts: CICMA/CIAA Conference
February 1, 2005 by Canadian UnderwriterVoluntary mediation is becoming an attractive alternative to trial in many insurance-related cases, a panel of lawyers told the Joint Conference sponsored by the Canadian Insurance Claims Managers Association (CICMA) and Canadian Independent Adjusters Association (CIAA), Tuesday in Toronto.The legal…
What’s new: In brief (February 01, 2005)
February 1, 2005 by Canadian UnderwriterStandard & Poor’s has assigned the following ratings to Fairfax Financial Holdings’ US$750 universal shelf, registered with Canadian and U.S. regulators: “BB” senior debt; “BB-” subordinated debt; and “B+” preferred stock. S&P does not expect significant amounts of incremental debt…
FSCO updates guidance on territorial rating
January 31, 2005 by Canadian UnderwriterOntario’s insurance regulator has posted a bulletin outlining rules for territorial rating for auto insurance.The Financial Services Commission of Ontario (FSCO) bulletin supercedes rules put in place in 2000, with the regulator noting, “there were concerns that there was a…
Tsunami insured losses estimated at US$4 billion
January 31, 2005 by Canadian UnderwriterInsured losses from the December 26, 2004 Asian tsunami have been estimated at less than US$4 billion by U.S. risk modeling firm Risk Management Solutions (RMS).The majority of claims will be for property damage, including homes, vehicles, boats and ships,…
MMC settles with Spitzer for US$850 million
January 31, 2005 by Canadian UnderwriterMarsh & McLennan Cos. Inc. has settled the civil charges filed by New York Attorney General Eliot Spitzer for US$850 million. The charges were filed in October, 2004, alleging misconduct at MMC’s insurance brokerage unit, Marsh Inc., in the U.S.…
What’s new: In brief (January 31, 2005)
January 31, 2005 by Canadian UnderwriterSt. Paul Travelers has added US$868 million to its prior year loss reserves. The newly combined companies completed an internal review which resulted in a reserve charge of US$922 million for adverse development on prior year asbestos losses, and US$84…
Canadian market set for interesting year in 2005: Cook
January 30, 2005 by Canadian Underwriter2005 is shaping up to be an interesting year for Canada’s property & casualty insurance industry, says Omega Insurance Holdings CEO Philip Cook. Cook looked into his crystal ball to outline “33 trends” the industry may see this year, speaking…