Segment
Reinsurance
European reinsurers show restraint in 2004
April 26, 2005 by Canadian UnderwriterIn the face of the worst year on record for natural catastrophes, European reinsurers showed the necessary restraint in top-line growth to produce bottom-line results, according to the latest quarterly report by broker Benfield Group.In “Rewards of Restraint”, Benfield says…
Loss costs likely to outpace premium growth in 2005: A.M. Best
April 25, 2005 by Canadian UnderwriterDespite the strong results posted by the U.S. p&c insurance industry in 2004, this year will likely see loss costs significantly outpace premium growth, according to a special report by A.M. Best.The rating agency says the US$6.3 billion underwriting profit…
What’s new: In brief (April 21, 2005)
April 21, 2005 by Canadian UnderwriterFitch Ratings has revised the outlook on Gen Re parent Berkshire Hathaway to negative, but says General Re’s own rating is stable. The “AAA” rating on Berkshire Hathaway is in doubt based on what the rater calls “key person risk”…
Terrorism risk on the rise: Aon
April 20, 2005 by Canadian UnderwriterTerrorism risk is on the rise around the world, with increased exposure seen in many countries, according to the “2005 Terrorism Risk Map” released by Aon.In total, 31 countries have received higher terrorism threat rankings than last year, with 48%…
Lloyd’s underwriters see pricing as top client concern
April 20, 2005 by Canadian UnderwriterUnderwriters at Lloyd’s say pricing is the top buyer concern, not the current investigations into broker contingent commissions and other industry practices.In a survey taken by Lloyd’s of its member underwriters, 84% see pricing as the main issue on clients’…
Insurers say private market not ready to assume terrorism risk
April 17, 2005 by Canadian UnderwriterU.S. insurers had their day before a Senate committee investigating the status of the Terrorism Risk Insurance Act (TRIA), urging lawmakers to extend the program beyond its December 31 sunset. Insurers insist the government backstop for terrorism risks must be…
Analyst predicts “dramatic decline” in p&c earnings power
April 14, 2005 by Canadian Underwriter“Property and casualty insurers will see dramatic declines in core earnings power beginning as early as this summer and extending into 2006,” predicts a new study by insurance industry investment banking firm Cochran, Caronia Securities LLC.The study forecasts a shortening…
What’s new: In brief (April 14, 2005)
April 14, 2005 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) is increasing the income benefits to those most seriously injured in auto accidents prior to August 2002. The minimum income benefit will be based on the industrial average wage, current at just over $430 per week,…
What’s new: In brief (April 10, 2005)
April 10, 2005 by Canadian UnderwriterFinite reinsurer Inter-Ocean has gone into voluntary run-off. Inter-Ocean, based in Bermuda and Ireland, is owned by 11 international insurance and reinsurance companies. The company itself retains no net underwriting risk, but received a fee or margin on each contract…
What’s new: In brief (April 07, 2005)
April 7, 2005 by Canadian UnderwriterA.M. Best has taken a positive view of GE Insurance Solutions capital restoration plan, affirming the company’s financial strength rating at “A”, and affirming the “a” issuer credit rating of Employers Reinsurance Corp. and GE Re. The rater did lower…
S&P maintains stable outlook on reinsurance sector
April 6, 2005 by Canadian UnderwriterStandard & Poor’s is maintaining its stable outlook on the global reinsurance sector, but explains that some downgrades may be in the offing this year, while upgrades will be rare.S&P says reinsurers performed well in 2004 generally, despite catastrophe losses…
Lloyd’s profits for 2004 hit GBP1.36 billion
April 6, 2005 by Canadian UnderwriterLloyd’s of London says pre-tax profits for the 2004 year of account will be GBP1.36 billion, despite net claims of GBP1.2 billion from the U.S. hurricanes. 2004 does represent a decline from 2003, when the London market recorded GBP1.89 billion…