Insurers ponder damage from U.S. tornadoes
May 8, 2003 by Canadian UnderwriterWhile it is too early to put a figure on damage caused by tornadoes that continue to rip through the U.S. midwest, insurers are bound to face a stiff price tag. The tornadoes have killed at least 40 people, and…
The Future of U.S. Property and Casualty Insurance Industry: Six Feet Under?
May 1, 2003 Sean van Zyl, EditorThe popular Charles Dickens quotation, “it was the best of times, it was the worst of times,” would seem to aptly apply when analyzing the financial performance of the North American property and casualty insurance industry over recent years. In fact, the quotation could well be the industry’s tombstone inscription based on analyst, broker, risk management and senior industry management perspectives presented at the National Insurance Leadership Symposium, which was recently held in San Francisco. Looking ahead, analysts and company CEOs predict increased financial volatility as capital continues to hemorrhage from the industry at both the primary and reinsurance levels as a result of ongoing underwriting losses, adverse reserving adjustments and the plummeting value of investment holdings. Does the traditional p&c insurance industry have a future?
U.S. Insurers Pull Slowly From the Red for 2002
May 1, 2003 by Canadian UnderwriterU.S. property and casualty insurers disclosed net income of US$2.9 billion for the 2002 financial year compared with a net loss of US$7 billion reported the year before, according to data collected by the Insurance Services Office Inc. (ISO) and…
U.S. insurers pull slowly from the red for 2002
April 17, 2003 by Canadian UnderwriterU.S. property and casualty insurers disclosed net income of US$2.9 billion for the 2002 financial year compared with the net loss of US$7 billion reported the year before, according to data collected by the Insurance Services Office Inc. (ISO) and…
U.S. insurers take capital beating for 2002
April 16, 2003 by Canadian UnderwriterA report released by A.M. Best indicates that U.S. property and casualty insurers incurred an adverse loss-reserve development of about US$22 billion for 2002. The rating agency notes that the final quarter of the fiscal year usually reflects the greatest…
U.S. cat losses hit US$1.46 billion in first quarter
April 15, 2003 by Canadian UnderwriterBucking the trend of first quarter 2001 and 2002, the first three months of this year produced a relatively high US$1.46 billion in cat losses south of the border. However, the figure still represents a mid-range of losses compared to…
Nova Scotia flooding worst in decades
April 7, 2003 by Canadian UnderwriterRecent flooding across much of Nova Scotia has left many people homeless and damage to public infrastructure running into tens of millions of dollars, according to adjusters Crawford Adjusters Canada. No official estimate of insured losses resulting from the flooding…
Adverse Developments
April 1, 2003 Sean van Zyl, EditorLast year saw the highest number of U.S. property and casualty insurers go into liquidation or placed under regulatory supervision in the last three years, according to a report recently released by rating agency A.M. Best. Several rating agency and…
Natural catastrophe losses increasing dramatically: Munich Re
March 11, 2003 by Canadian UnderwriterA new study from Munich Re suggests that natural catastrophe losses are on the rise, despite less-than average event totals in the last three years.“One of the main reasons for the steep increase in natural catastrophe losses observed worldwide in…
Cats give U.S. insurers gentle landing for 2002 (March 01, 2003)
March 1, 2003 by Canadian UnderwriterCatastrophe-related insured property damages in the U.S. totaled US$5.8 billion for 2002, equal to about half the average annual loss over the last ten years, according to estimates released by the Insurance Services Office Inc. (ISO). Last year saw 25…
Risk Management: 2003 More Of The Same
March 1, 2003 Vikki SpencerThe past year has been marked by sharply rising insurance rates, tightening terms of cover and scarce capacity across the various lines of commercial business. At a recent meeting of the Ontario Chapter of the Risk and Insurance Management Society (ORIMS), the speakers painted a dire outlook of the insurance environment facing risk managers in 2003.
Cats give U.S. insurers gentle landing for 2002 (February 17, 2003)
February 17, 2003 by Canadian UnderwriterCatastrophe-related insured property damages in the U.S. totaled US$5.8 billion for 2002, equal to about half the average annual loss over the last ten years, according to estimates released by the Insurance Services Office Inc. (ISO).Last year saw 25 cat…