Canadian “cost of risk” rises 65 percent
January 1, 2001 by Canadian UnderwriterThe cost of risk in Canada rose by more than half this year to an average of $2.88 per $1,000 of revenue compared with 1999’s $1.74 per $1,000 revenue, according to the latest Risk & Insurance Management Society (RIMS) and…
Third-quarter results stall on claim losses
January 1, 2001 by Canadian UnderwriterThe Canadian property and casualty insurance industry’s net income for the first three quarters of 2000 rose by 9% to $261 million against the $239 million reported at the end of September 1999. This modest growth in earnings for the…
U.S. cat costs drop
January 1, 2001 by Canadian UnderwriterU.S. insurers experienced their lowest quarterly catastrophe related loss for the third quarter of this year since 1990, says the Insurance Services Office (ISO). The overall cat loss for the third quarter amounts to US$315 million based on three events…
Measuring Hazards: Developing Loss Prevention Statistics
January 1, 2001 by Canadian UnderwriterThere are few industries in the world that can flow though an individual’s arteries like the business of insurance. The philosophies have been passed down for hundreds of years from generation to generation. But, as the world of risk transforms,…
Reinsurance Strategies
December 1, 2000 Vikki SpencerInadequate rates, worldwide catastrophic losses and consolidation in the primary market created dismal results for reinsurers in the past few years. But could there be a light on the horizon? CU’s survey of Canadian reinsurance CEOs suggests change is in the wind, with rates set to rise this year and companies charting a course for profitability in the future.
REINSURANCE PERSPECTIVE — from the frontline
December 1, 2000 Vikki SpencerWith most reinsurers adamant that a tough stand will be taken in the upcoming annual treaty negotiations, CU went to the “frontline” to establish a broker perspective of the market mood. Tom Hopkinson, president of Guy Carpenter’s Canadian operations, expects the following:
Has the “Cycle” broken?
December 1, 2000 Steve Hammond, leader of commercial underwriting practices at RoThere is evidence to suggest that the traditional business planning cycle has been bent so far out of shape as to become irrelevant to property and casualty insurance. Faced with the “end of the cycle”, insurers need to find a new barometer.
Lindsey Morden launches rights offering
December 1, 2000 by Canadian UnderwriterIn an attempt to strengthen its capital, adjusters Lindsey Morden Group (TSE: LM) is making a rights offering to holders of outstanding subordinate voting shares. Lindsey Morden expects proceeds of approximately $20,350,000 to result from the offering, which would be…
Reinsurance outlook: Low Rates & High Losses
December 1, 2000 Glenn McGillivray, head of corporate communication at Swiss ReinA one-on-one interview with Franklin W. Nutter, President of the Reinsurance Association of America (RAA).
Natural Catastrophes: An Increasing Trend?
December 1, 2000 Donald Keefe, manager of engineering property and special risksLast year was one of the worst years in the 1990s for natural catastrophes worldwide. There were two major earthquakes in Turkey and one in Taiwan, Columbia, Mexico and Greece, making 1999 the year most severely affected by earthquakes since 1976. The earthquakes in Turkey and Taiwan claimed the lives of over 20,000 people and resulted in economic losses of approximately US$ 26 billion.
The “REAL DEAL”?
December 1, 2000 Sean van Zyl, EditorNot unlike the frustration and confusion expressed by the investment markets during the inconclusive and back-biting legal play that ended the race for of the U.S. presidential election, Canadian primary insurers have waited with baited breath from the middle of…
REFLECTIONS and CHANGE
December 1, 2000 Sean van Zyl, EditorThe Canadian Risk & Insurance Management Society’s (CRIMS) 25th annual conference – which was recently held in Edmonton, Alberta – centered on “Reflections” as an underlying theme for the event. The Alberta chapter of CRIMS, which organized this year’s event,…