Segment
P&C Companies
What’s new: In brief (December 01, 2004)
December 1, 2004 by Canadian UnderwriterThe Property & Casualty Insurance Compensation Corp. (PACICC) has joined together with other financial services insolvency groups to launch a new website for consumers. The site, www.financeprotection.ca, includes information on PACICC, as well as compensation plans for savings, investments and…
Insurance profits continue, but pace slackens in 2005: Swiss Re
December 1, 2004 by Canadian UnderwriterIn its annual review of insurance and reinsurance markets, Swiss Re predicts that the industry will continue to post profits in 2005, but the pace of growth will drop off as the market softens.In fact, profitability should continue into 2006,…
Industry putting $2 million towards winning public confidence
December 1, 2004 by Canadian UnderwriterCanadian p&c insurers have earmarked $2 million to invest in strategies to win back public confidence following recent years of consumer backlash against the industry, says the outgoing chair of the Insurance Bureau of Canada (IBC).State Farm Insurance Cos. senior…
What’s new: In brief (November 30, 2004)
November 30, 2004 by Canadian UnderwriterJardine Lloyd Thompson CEO Steve McGill has announced his resignation, concurrent with the brokerage reporting earnings significantly below forecast. Financial results indicate the company’s earnings will almost 19% short of analysts’ targets. The reason, the company notes in a statement,…
IBC urges driver mitigation efforts in response to headrest study
November 30, 2004 by Canadian UnderwriterResponding to the release of a multi-national study of vehicle headrest designs, the Insurance Bureau of Canada (IBC) says consumers must also play a role in their own safety.The study, which included tests by the U.S. Insurance Institute for Highway…
U.S. reinsurers see net income drop on premium declines
November 30, 2004 by Canadian UnderwriterU.S. reinsurers watch their net income fall in the first nine months of 2004 on the back of higher losses and decline in premiums, according to data released by the Reinsurance Association of America (RAA).For the first nine months of…
Japanese non-life insurers’ balance sheets strong despite typhoons: S&P
November 30, 2004 by Canadian UnderwriterDespite one of the worst typhoon seasons in memory in 2004, Japanese non-life insurers maintain strong balance sheets and hold an overall stable outlook, according to a new report by Standard & Poor’s.In addition to the spate of typhoons weathered…
Optimism of Canadian insurers stronger than U.S. counterparts: KPMG
November 29, 2004 by Canadian UnderwriterA survey of Canadian life and non-life insurers shows a high level of confidence about their ability to beat expectations in the next year, says consulting firm KPMG.KPMG surveyed industry attendees at its 13th Annual Insurance Issues Conference in Toronto…
Anthony Clark restatement lowers 2003 earnings by 11%
November 29, 2004 by Canadian UnderwriterThe restatement of 2003 yearend earnings by Calgary-based brokerage Anthony Clark International Brokers (TSX: ACL), has resulted in an 11% drop in earnings.The company previously reported a net loss of $933,000, but has now increased this loss to $1.05 million.…
S&P takes dim view of European insurers fortunes for 2005
November 29, 2004 by Canadian UnderwriterDespite improvement in the results posted by European insurers and reinsurers since 2002, next year promises to be a challenging one for the market, says rating agency Standard & Poor’s.In its report on the European market, S&P says European insurers…
Storms hit European reinsurers’ earnings, but not balancesheets: Benfield
November 29, 2004 by Canadian UnderwriterThe U.S. hurricanes and Japanese typhoons of the third quarter did deal a blow to the earnings of top European insurers, but balance sheets remained strong, according to the latest quarterly report by broker Benfield Group.In “Riders on the Storm”,…
Insurers lift net earnings more than double for 3-Q
November 28, 2004 by Canadian UnderwriterCanadian insurers produced an after-tax profit of $1.8 billion for the third quarter of this year, more than double the $890 million that companies reported for the same period in 2003, according to industry financial data collected by the Office…