Canadian auto results picking up steam: A.M. Best
September 16, 2004 by Canadian UnderwriterAlthough it remains an unprofitable business, auto insurance results did improve in 2003, according to a soon-to-be-released report from A.M. Best.In its statistical review of auto insurance, the rating agency finds premiums rose and losses declined in 2003, particularly for…
Bermuda, London and U.S. markets showing interest in Canada: Seminar
September 16, 2004 by Canadian UnderwriterCommercial insurance buyers stand to benefit from increased interest from various countries in the Canadian market, speakers noted at the Ontario Risk & Insurance Management Society (ORIMS) “State of the Market” panel discussion Thursday.Even in the difficult executive risk line,…
Moody’s revises global reinsurance outlook to stable
September 14, 2004 by Canadian UnderwriterRating agency Moody’s says it has revised the outlook on the global reinsurance market to stable from negative on the back of favorable underwriting and more stable investment results.While rating agencies have been liberally handing out ratings downgrades over the…
Old and new Bermuda players riding wave of success
September 13, 2004 by Canadian UnderwriterBermuda is becoming a “market of choice” for both reinsurance and primary cover as its capacity continues to grow in the wake of September 11, notes a new report by A.M. Best.In “Bermuda Building Capacity”, the rating agency notes that…
Global reinsurers continue on stable footing: A.M. Best
September 12, 2004 by Canadian UnderwriterA mixture of positive and negative effects is leaving the global reinsurance market in a relatively stable ratings position, according to a new report by A.M. Best.The rating agency says while reserve issues continue to plague the industry, current underwriting…
What’s new: In brief (September 09, 2004)
September 9, 2004 by Canadian UnderwriterRating software vendor Compu-Quote is releasing its Alberta update for its AutoRater to respond to new legislation coming into effect October 1. Senior vice president James Nickelo says the new “premium grid” being implemented in the province may actually bring…
Hurricanes may force reinsurers to readdress frequency issue
September 7, 2004 by Canadian UnderwriterWhile the relative severity of losses from the recent hurricanes Frances and Charley is well below that of Hurricane Andrew, their coming in the same season may cause reinsurers to give more credence to frequency in predictive models, notes a…
Converium to restructure North American operations
September 1, 2004 by Canadian UnderwriterAs part of its plan to tackle reserving challenges, Swiss reinsurer Converium AG says it will run-off one of its North American companies, shifting some business to its other brand here. The company says Converium Reinsurance (North America) Inc. will…
Lloyd’s: Canada Looking Good Again
September 1, 2004 Nicholas SmithThe transition from the previous “soft” to “hard” market impacted global property and casualty insurers significantly – with not all the players having survived the hardship of the pricing cycle. Many global insurers reduced capacity and ceased writing business in some countries and regions, with Canada having attracted a cautious outlook based on the perceived burdensome regulatory environment of doing business in the country. But, with the pricing corrections brought about by the hard market, Canada once again is drawing favorable attention.
Risk Managers – Desperately Seeking Stability
September 1, 2004 Vikki SpencerThe insurance market set risk managers on a roller coaster ride since the beginning of the millennium. A long and deep soft market was cut dramatically short by the events of 9/11, sending insurance prices skyward and leaving commercial buyers reeling. Not even three years later, successive quarterly surveys show clear signs of market softening, causing risk managers to wonder if the cyclical ride of the insurance market will ever end.
Moments in Time (September 01, 2004)
September 1, 2004 by Canadian UnderwriterEach month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
IBC focuses on frequency
August 31, 2004 by Canadian UnderwriterIn its quarterly report on property & casualty insurance, the Insurance Bureau of Canada (IBC) looked at the extent to which auto claims frequency has declined, compared to a steep increase in severity, over the past decade.Frequency, or the number…