Canadian Underwriter


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Extreme Perils

June 1, 1999 Sean van Zyl, Editor

Natural disasters such as extreme weather, a volcanic eruption or an earthquake, are often quaintly referred to in the insurance world as “Acts of God”, adverse events which are seemingly unexplainable or beyond man’s control. Noticeably, the economic and insurance

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RIMS 99: HOLISTIC RISKON THE HORIZON

June 1, 1999 Lowell Conn

Dallas, Texas was the site of the Risk & Insurance Management Society’s recent 37th annual conference and exhibition where 4500 delegates met, networked, and examined a profession undergoing large-scale transformation.

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Cat hits on U.S.

April 1, 1999 by Canadian Underwriter

January 1999 was the third-costliest January for the U.S. in terms of catastrophe claims on record with insurers paying an estimated $1.75 billion in damages. The claims result from four events, according to Insurance Services Office, Inc.’s Property Claim Services

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Canadian insurance earnings plummet

April 1, 1999 by Canadian Underwriter

January ice storm losses, rate cutting and poor investment returns are the major culprits pointing to a 42% drop in property and casualty insurers’ earnings to $1.137 billion for 1998 compared with 1997’s earnings of $1.960 billion, says Paul Kovacs,

Growth in net written Premiums% increase in net written premiumsSources: A.M. Best. Projections by Guy Carpenter.
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U.S. Insurance Market Outlook

April 1, 1999 Sean Mooney, senior vice president at Guy Carpenter & Company In

Forecasting the U.S. insurance industry in recent years has been a rear view mirror exercise. The rate of growth in the industry has been in the same 2% to 3% range and profitability indicators have shown little change from year

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Revenue drop grounds St. Paul

April 1, 1999 by Canadian Underwriter

St. Paul Companies, an insurance and reinsurance group and the parent of St. Paul Canada — has released its yearend 1998 figures posting a dramatic decrease in earnings over 1997. Net income plummeted from 1997’s US$929 million to $89.3 million

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Transatlantic reports record 1998

April 1, 1999 by Canadian Underwriter

Global reinsurer Transatlantic Holdings Inc. has reported record net income earnings for 1998, up 33.4% from 1997’s US$185.5 million to 1998’s $247.5 million. Net income diluted on a common share basis rose $1.76 from 1997’s $5.34 to 1998’s $7.10. Record

GRIFFIN
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New Year’s weather hit

March 1, 1999 by Canadian Underwriter

The snowstorm which almost buried Toronto for the first two weeks of the new year is expected to cost insurers roughly $50 million, the Insurance Bureau of Canada (IBC) estimates. Around 115cm of snow fell on Toronto with heavy accumulations

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Risk Management: It’s a Buyer’s Market

March 1, 1999 Lowell Conn and Sean van Zyl

Despite deteriorating conditions in the property and casualty insurance market, insurers continue to slash already low premium rates. Market observers forecast this trend to continue for at least 24 months as insurers prioritize marketshare over revenue prosperity. Simply put, the

illustration: gerald heydens
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A RISKY BUSINESS

March 1, 1999 Axiom

As I approached the first aisles of the “Exhibitors’ Showcase” it occurred to me for perhaps the sixth or seventh time just how technologically advanced our business had become. The three-day-long brokers’ convention had started, and half of the convention

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Third quarter data shows cat costs

February 1, 1999 by Canadian Underwriter

The U.S. property and casualty insurance industry posted US$23.2 billion in net taxed income for the first nine months of 1998, showing a 15% drop from the $27.4 billion made over the same period in 1997. The decline is attributed

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U.S. cat losses continue

January 1, 1999 by Canadian Underwriter

Catastrophe losses continued to dampen U.S. property and casualty underwriters’ results for the third quarter of 1998, according to A.M. Best Company. The industry’s net income for the period fell 15% from the previous year’s level, due to higher underwriting