RIMS 99: HOLISTIC RISKON THE HORIZON
June 1, 1999 Lowell ConnDallas, 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.
Oklahoma tornadoes further catastrophe losses
June 1, 1999 by Canadian UnderwriterArecent tornado that hit Oklahoma has become the worst insured catastrophe in the state’s history, according to preliminary information released by the Property Claim Services (PCS) unit of Insurance Services Office (ISO). The storm system caused $955 million in insured…
Extreme Perils
June 1, 1999 Sean van Zyl, EditorNatural 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…
Canadian insurance earnings plummet
April 1, 1999 by Canadian UnderwriterJanuary 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,…
Cat hits on U.S.
April 1, 1999 by Canadian UnderwriterJanuary 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…
U.S. Insurance Market Outlook
April 1, 1999 Sean Mooney, senior vice president at Guy Carpenter & Company InForecasting 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…
Revenue drop grounds St. Paul
April 1, 1999 by Canadian UnderwriterSt. 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…
Transatlantic reports record 1998
April 1, 1999 by Canadian UnderwriterGlobal 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…
New Year’s weather hit
March 1, 1999 by Canadian UnderwriterThe 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…
Batten down the hatches FOR 99
March 1, 1999 Lowell Conn and Sean Van ZylReduced profitability, rising underwriting losses, increased competition and higher technology costs are likely to form the stage for the North American property and casualty insurance industry in 1999, according to the vast majority of respondents in an Insurance Information Institute (III) survey conducted at the annually held Joint Industry Forum which recently took place in New York City.
Reliance launches earnings protection U.S.
March 1, 1999 by Canadian Underwriter-based Reliance National, a subsidiary of Reliance Group, has introduced Enterprise Earnings Protection Insurance (EEPI), the first insurance policy designed to protect publicly held companies against earnings disruption volatility and adverse results. EEPI covers a wide range of circumstances that…
Weathering the storm
March 1, 1999 Sean van Zyl, EditorThere are few leaders in the Canadian property and casualty insurance industry applying an optimistic view of business and earnings growth in 1999. In fact, premium growth across the lines is unlikely to exceed the country’s expansion of gross domestic…