Toyota Motor Co’s (TM.NYS) Prius petrol-electric hybrid sedan is facing investigation by the US regulatory authority, due to complaints of a sudden stalling of its engine. Preliminary evaluation of approximately 75,000 Prius models manufactured in 2004-2005 is being implemented by the National Highway Traffic Safety Administration. The investigations result from a to-date 33 complaints relating […]
By Canadian Underwriter | June 3, 2005
2 min read
The hard market that has dominating the US personal lines insurance sector is exhibiting a softening trend, a result of record catastrophe losses (about $27 billion) experienced in 2004. According to the report recently released by Standard & Poor’s Ratings Services “U.S. Personal Lines Insurer Mid-Year Outlook: Market Continues To Soften Despite Heavy 2004 Catastrophe […]
By Canadian Underwriter | June 2, 2005
2 min read
Aon (NYSE: AOC) recently announced the results of its 2004 Insurance Earnings Volatility Study, which reports that insurers and reinsurers exhibit the least volatile earnings. “Investors place a large amount of emphasis on earnings growth and earnings volatility when evaluating investment opportunities,” Michael Bungert, president of Aon Re Global, says. He elaborates that less volatile […]
By Canadian Underwriter | June 1, 2005
1 min read
Elevated labor and material costs resulting from last year’s hurricanes are likely to continue through the 2005 season, according to Risk Management Solutions (RMS). By tracking demand surge through analysis of its insurance claims data from the 2004 storms, RMS noted that as of May 2005 costs remained 20% to 40% above average. Results indicate […]
By Canadian Underwriter | June 1, 2005
1 min read
Who would have guessed 10 years ago that collision reporting centers (CRCs) – now totaling 15 across Ontario – would become the leaders in post collision customer care? When I recently met with Al Cafik, president of the Canadian Insurance Claims Managers Association (CICMA), and senior Toronto police officers, the goal was to identify an […]
May 31, 2005
3 min read
Quebec-based Optimum General Inc. (TSX: OGI.SV.A) lifted net income for the first quarter of this year by more than four times to $1.1 million compared with $259,000 reported for the same period in 2004. This equates to earnings for the latest reporting period of 9 a share versus the 2 a share made for the […]
May 31, 2005
1 min read
Royal & SunAlliance Canada produced an underwriting profit of $14 million for the first quarter of this year, signaling a significant turnaround in overall profitability from 2004’s first quarter underwriting gain of $1 million. The insurer saw its underwriting on personal lines recover from a $1 million loss a year ago to its current $10 […]
May 31, 2005
1 min read
First quarter results for Bermuda’s primary insurance and catastrophe reinsurance rates reflect a drastic softening within the sector, according to Benfield Group Ltd.’s recent Bermuda Quarterly report (BBQ). Trends toward increasing selectivity and targeted marketing defined the quarter.Bermuda’s leading reinsurers saw an overall growth of a mere 2% to $16.4 billion in Q1 2005. Benfield […]
By Canadian Underwriter | May 31, 2005
2 min read
The Insurance Corporation of British Columbia (ICBC) has recently been awarded approximately $2.93 million in damages as a result of 12 fraudulent insurance claims, which occurred in Lower Mainland in the late 1990s. Each of the 12 defendants has been ordered by a B.C. Supreme Court jury to pay a part of the total sum […]
By Canadian Underwriter | May 29, 2005
1 min read
AIR Worldwide Corporation (AIR) and Accurate Environmental Forecasting Inc. (AEF) are offering a new risk model that estimates hurricane losses based on climate forecasts. This new model uses AIR’s loss modeling technology and AEF’s ability to forecast climate’s impact on hurricane risk to identify locations where hurricane activity is most likely to deviate from the […]
By Canadian Underwriter | May 25, 2005
1 min read