Canadian Underwriter


Robert Hartwig
Feature

U.S. Insurers’ Profits Soar for First 3-Qs 2003

January 1, 2004 by Canadian Underwriter

U.S. property and casualty insurers saw their net income jump an impressive320.6% to US$21.1 billion for the nine months ending September 30, 2003,versus the US$5 billion posted for the same period a year earlier. Equallywelcome was a return on equity

Feature

Zapped! Claims Departments Feel the Heat

January 1, 2004 Vikki Spencer

The property and casualty insurance industry has woken to find itself in the “hot seat” of a tumultuous public storm – consumers, the media and provincial governments have set their sights on insurers as an opportunistic menace. The result has seen ongoing, radical provincial auto insurance legislation amendments, blossoming tort losses, and new cost pressures at every level of insurance companies. And, in taking the pulse of claims managers and independent adjusters, CU finds this negative public image and its effects are high on the minds of claims managers and adjusters as the industry moves into 2004.

Feature

Canadian Insurers’ 3-Q Results Dampened by Large Cat Hits

January 1, 2004 by Canadian Underwriter

The Canadian property and casualty insurance industry saw its net profit for the third quarter of this year fall by 20% to $517 million compared with the previous quarter’s $644 million. The biggest single cost impact incurred by insurers during

News Climate ChangeInsurance

2003 a “modest” year for cat losses: Swiss Re

December 17, 2003 by Canadian Underwriter

A new Swiss Re sigma study shows 2003 should be a relatively modest year for cat losses, with insurers paying out about US$17 billion (Cdn$22.5 billion) globally.The preliminary estimates put total financial losses from cats at US$65 billion (Cdn$86 billion),

News Insurance

S&P pegs US commercial reserve shortfall at US$60 billion

December 16, 2003 by Canadian Underwriter

Notwithstanding asbestos and environmental liabilities, the U.S. commercial insurance market is facing a reserve shortfall of about US$60 billion, says rating agency Standard & Poor’s. This is despite reserve additions of US$22 billion in 2002 towards prior year losses.“As its

News Insurance

Canadian insurers’ 3-Q results dampened by cat hits

December 15, 2003 by Canadian Underwriter

The Canadian property and casualty insurance industry saw its net profit for the third quarter of this year fall by 20% to $517 million compared with the previous quarter’s $644 million. The biggest single cost impact incurred by insurers during

News Climate ChangeInsurance

2003’s busy hurricane season could be repeated in 2004

December 8, 2003 by Canadian Underwriter

Eminent hurricane forecaster Prof. William Gray of Colorado State University says the above average hurricane season experienced in 2003 could well be repeated in 2004. “The recent upturn in Atlantic basin major hurricane activity which began in 1995 is expected

Peter Parkin
Feature Mergers and Aqcuisitions

Primary Insurer Strategies 2004: Towing The Bottom-Line

December 1, 2003 Sean van Zyl, Editor

“Cautious optimism” – would seem to generally sum up the points of view of primary insurer CEOs in looking ahead to 2004. While this year saw the first signs of a profit recovery within the Canadian property and casualty insurance industry – with the premium pool rising by almost a third to reach a staggering $30 billion – the past 12 months also dealt insurers several blows in the form of higher catastrophe losses, rising prior-year adverse reserve developments, a spilling of red ink from the Facility Association, and provincial political intervention on loss-making mandatory covers. The latter, which applies to mostly personal lines auto, remains the greatest concern of insurers as governments have been slow to react with necessary product loss reduction reforms whilst introducing politically-motivated rate freezes. With much riding on the future viability of the auto product, insurer CEOs partaking in CU’s annual “strategic outlook” are hesitant to declare the industry “out of the woods” in terms of achieving a healthy and stable marketplace.

Feature Mergers and Aqcuisitions

Turning Soft…

December 1, 2003 Sean van Zyl, Editor

Some in the property and casualty insurance industry believe that “price stabilization” could translate into “soft market” as insurers head into a new year. U.S. industry results at this year’s half mark already showed a dramatic reduction in the growth

Feature

RSA Canada Combined Ratio Drops

December 1, 2003 by Canadian Underwriter

As parent company Royal & SunAlliance Group announced its overall losses had narrowed to 146 million pounds from 156 million pounds for the first nine months of 2003, the Canadian operation says its own financial results are improving. Despite losses

Feature

Letters to the Editor (December 01, 2003)

December 1, 2003 by Canadian Underwriter

The recent debate regarding automobile insurance rates in Nova Scotia has overshadowed the significant and positive impact that the industry has had in dealing with the huge volume of Hurricane Juan related claims. We recently wrote to the Nova Scotia

News Insurance

RSA Canada combined ratio drops

November 24, 2003 by Canadian Underwriter

As parent company Royal & SunAlliance Group announced its overall losses had narrowed to 146 million pounds from 156 million pounds for the first nine months of 2003, the Canadian operation says its own results are improving.Despite losses due to