Segment
P&C Companies
What’s new: In brief (December 16, 2004)
December 16, 2004 by Canadian UnderwriterThe Canadian Federation of Independent Business (CFIB) says its members remain concerned over the issue of insurance pricing. In its quarterly survey of 100,000 small business owners, the CFIB finds 72% saying insurance prices have had a negative impact on…
Swiss Re estimates 2004 cat losses at US$42 billion
December 16, 2004 by Canadian UnderwriterIn its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses. More significantly, more than 21,000 lives were lost to catastrophes both man-made and natural this year, the report notes.Overall…
Broker revenues dropping even before Spitzer probe: study
December 15, 2004 by Canadian UnderwriterA new study reveals “organic” revenues were dropping for the world’s largest brokers even before the impact of the U.S. compensation probe was felt.The study, by Pennsylvania-based WFG Capital Advisors LP, finds that the eight largest brokerages saw organic revenue…
Terrorism insurance take-up rates hold steady: Marsh
December 15, 2004 by Canadian UnderwriterIn its “Marketwatch” review of property terrorism insurance amongst commercial buyers, broker Marsh finds rates holding steady in the third quarter of 2004.The survey of 754 companies finds take-up rates holding in the mid-40% range the rate was 44% in…
What’s new: In brief (December 15, 2004)
December 15, 2004 by Canadian UnderwriterB.C. Finance Minister Gary Collins is stepping down to take a job in the private sector. Collins, who has held the role since 2001 when the Liberals took office with a landslide election win, says he wants to devote more…
What’s new: In brief (December 14, 2004)
December 14, 2004 by Canadian UnderwriterStandard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the…
Underwriting discipline remains: Swiss Re
December 14, 2004 by Canadian UnderwriterDespite dire predictions of a return to soft market pricing, experts at Swiss Re’s annual “Economic Insurance Industry Review and Outlook” in New York say companies are maintaining discipline.“Underwriting remains disciplined,” says Patrick Mailloux, head of Swiss Re’s U.S. direct,…
Prior accident year losses continue to hamper U.S. reinsurers: A.M. Best
December 14, 2004 by Canadian UnderwriterDespite strong sector results in 2003, 2004 is showing the lingering pain of adverse development on prior year claims for U.S. reinsurers, according to a new statistical study by A.M. Best. 2002 was a record year for reserve charges amongst…
What’s new: In brief (December 13, 2004)
December 13, 2004 by Canadian UnderwriterChubb Insurance Co. of Canada has appointed Paul Morrissette as manager of its personal insurance, Canadian zone. He has 15 years of insurance industry experience, all with Chubb, most recently as vice president of Chubb Personal Insurance in New Jersey.…
S&P ups reinsurance outlook to stable
December 13, 2004 by Canadian UnderwriterU.S. reinsurers have seen their previously negative outlook lifted to stable by rating agency Standard & Poor’s.S&P says the upgrade is justified despite declining premiums in the primary market, as earlier rate increases earn through in 2005.“Despite moderate premium rate…
Mold cited as top environmental issue by builders
December 13, 2004 by Canadian UnderwriterA new survey of builders and real estate lenders finds the majority citing mold as the top environmental concern facing the real estate industry.The survey, conducted by Hartford, Connecticut-based Environmental Assessment Group, finds more than 75% of respondents were aware…
IBC “top ten” insurance crimes list no laughing matter
December 13, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is using its annual “top ten” insurance crimes list as a chance to educate rather than amuse this year. In particular, the IBC is focusing on the crime of auto theft and its potentially…