Distribution Trends: The Convergence Theory
October 1, 2001 Andrew RickardThe North American financial services landscape has changed dramatically in the last ten years. Recent legislation in both Canada and in the U.S. has helped to pave the way for industry convergence, with some believing that new, “one stop shop” financial supermarkets will emerge where the four pillars of the banking, insurance, securities and trust sectors once stood. Is it time for property and casualty brokers to think seriously about offering new products to their clients?
Insurers update numbers from terrorist attacks while liability debate looms
September 20, 2001 by Canadian UnderwriterMore than a week after the terrorist attacks on the World Trade Center and Pentagon, insurers and reinsurers are still trying to tally exposures. Munich Re, amongst the hardest hit, estimates losses could reach US$1.95 billion pretax, the largest single…
New WTC loss estimates filter through, claims being processed
September 19, 2001 by Canadian UnderwriterCitigroup has reported a loss estimate relating to the September 11 terrorist attacks of up to US$500 million after tax, equivalent to approximately 10c a share. Claims are expected from property, business interruption, workers’ compensation and life insurance. The company…
A.M. Best projects US$30 billion insured loss from WTC events
September 17, 2001 by Canadian UnderwriterFinancial rating agency A.M. Best Co. expects that insured losses arising from the World Trade Center (WTC) terrorist attacks will exceed US$30 billion. A.M. Best calculated the potential cost based on discussions with several of the major insurers and reinsurers…
Additional insurers/reinsurers present WTC loss estimates
September 14, 2001 by Canadian UnderwriterFurther insurance loss estimates arising from the September 11 terrorist attacks against the World Trade Center (WTC) and the Pentagon have been released by a number of leading insurers.PartnerRe Ltd. believes that the combined property, casualty and aviation exposure to…
E-L Financial 6-month earnings fall
September 1, 2001 by Canadian UnderwriterCanadian financial services holding company E-L Financial Corporation Ltd. (TSE: ELF) saw earnings for the first half of 2001 drop by 9% to $30.8 million compared with the $33.8 million reported for the same period the year prior. This equates…
Auto Insurers, Watch Out for That “Strike Suit”
August 1, 2001 William Blakeney, of Blakeney Henneberry BakshThe outcome of a class action lawsuit filed in Ontario against the Co-operators General Insurance Co. in an attempt to reclaim amounts the insurer allegedly gained from salvage following a total loss write-off of a vehicle and deductible charged to the insured, could herald a new attack of “strike suits” against auto insurers
RIBO calls for insurance recognition
August 1, 2001 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO) has called on the Ontario government’s Ministry of Finance for recognition of the unique differences that exist between property and casualty insurance products and their distribution modes compared with the life, deposit-taking and…
E-L Financial’s half-year earnings fall on lower insurance revenues
July 31, 2001 by Canadian UnderwriterCanadian financial services holding company E-L Financial Corporation Ltd. (TSE: ELF) saw earnings for the first half of 2001 drop by 9% to $30.8 million compared with the $33.8 million reported for the same period the year prior. This equates…
RIBO calls for separate recognition of insurance products
July 13, 2001 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO) has called on the Ontario government’s Ministry of Finance for recognition of the unique differences that exist between property and casualty insurance products and their distribution modes compared with the life, deposit-taking and…
Stock Insurers: Setting the Pace
July 1, 2001 Vikki SpencerWith 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.
Royal sells off life operations
June 19, 2001 by Canadian UnderwriterRoyal & SunAlliance has sold its Canadian life operations to Maritime Life Assurance Company, the Canadian arm of U.S. giant John Hancock Life. Maritime has agreed to purchase all outstanding shares of R&SA Life, with the cash purchase price estimated…