Following the great “premium chase” of recent years, Canada’s property and casualty insurers have finally woken up to a reality: “we have sinned”. This was the underlying conclusion reached and admitted to by presidents of some of the lead ranking…
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. CARSTAR Industry Conference. Calgary,…
Last year may have been a period in “hell” for global reinsurers. after seven consecutive years of declining rate adjustments spurred by weak market conditions, reinsurers were struck a double whammy of soaring catastrophic losses and a sudden reduction in retrocession capacity. action had to be taken, and was taken with treaty renewal rates rising around the globe. However, if last year was “hell”, then this year the industry must face “purgatory”, where the sins of the past will be tested against the resolve of reinsurers to implement the necessary premium rate adjustments desperately needed to regain profitability.
A recently released Swiss Re Sigma report titled “Capital Market Innovation in the Insurance Industry” suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into…
With the recent introduction of new insurance-related stocks on the American market, and the movement of Canadian stock companies onto exchanges south of the border, it would seem insurers are playing in the equities market spotlight. Speculation that the downfall of the technology sector could spur a return to more tried and true performers is coupled with recognition that hardening rates will bring a return to confidence in the insurance sector. But who among the Canadian players will come out on top? CU asks analysts and public company management what the key to stock market success will be.
A Canadian class action lawsuit has been filed against auto manufacturer Ford and tire manufacturer Firestone for use of defective and unsafe products on Ford Explorer models. The action was initiated by Michelle Rambharos of Brampton following a vehicle accident…
Dear Editor, Many years ago I wrote a letter to the editor asking “where is the voice of surety in Canada, I cannot hear it?”. Not too long thereafter The Surety Association of Canada was formed primarily by the bonding…
Winnipeg mutual insurer Wawanesa’s financial strength rating of A+ (superior) has been affirmed by rating agency A.M. Best. The rating also applies to U.S. subsidiary Wawanesa General.The rating reflects Wawanesa’s strong capitalization and operating performances, as well as its long-standing…
Rating agency A.M. Best has issued a financial strength rating of "A" (excellent) for CGU Insurance Co. of Canada and a rating of "A-" (excellent) to group subsidiaries Scottish & York Insurance Co., and Traders General Insurance Co. The rating…
U.S. based insurer Allstate has announced plans to sell its European auto insurance business to London’s Direct Line, a subsidiary of The Royal Bank of Scotland. The decision to unload the German and Italian direct auto business follows Allstate’s departure…
Speaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the "unwavering commitment" of the province’s new premier Gordon Campbell to increase…
A recently released Swiss Re Sigma report titled "Capital Market Innovation in the Insurance Industry" suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into…