The Insurance Corporation of B.C (ICBC) saw its net income almost triple in the first nine months ending September 30, 2004. The province’s public insurer saw net income rise to $317 million during the nine-month period, up from $112 million in 2003.Net earned premiums were up over the comparative period to $2.3 billion from $2.1 […]
By Canadian Underwriter | November 1, 2004
1 min read
While much has been written about the explosion of liability claims in the U.S., the trend has taken on global proportions, according to a new sigma study released by Swiss Re.In “The economic of liability losses”, the U.S. does come out ahead in terms of the economic impact of general liability claims. In 2002, the […]
By Canadian Underwriter | November 1, 2004
2 min read
Guelph-based Co-operators General Insurance Co. (TSX: CCS.PR.A) has posted higher earnings for the third quarter and nine months ending September 30, 2004 as a result of improved underwriting.The insurer netted income of $28.3 million ($1.34 per share) for the third quarter, more than double the income of $10.9 million ($0.48 per share) posted in the […]
By Canadian Underwriter | October 31, 2004
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The final tally for the four major Atlantic hurricanes which struck the U.S. coast this year will be in excess of US$20 billion, confirms the Property Claim Services (PCS) unit of the Insurance Services Office (ISO).Hurricane Jeanne, the last of the four, should cost insurers US$3.25 billion, and produce nearly 385,000 claims from homeowners and […]
By Canadian Underwriter | October 27, 2004
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Insurance Search Bureau of Canada (ISB) and CGI Group have signed an agreement for the reciprocal distribution of accident and occurrence police reports to create a North American-wide network for p&c insurers to retrieve these reports. The agreement allows insurers to access the reports as needed, with faster turnaround times, from virtually any police department […]
By Canadian Underwriter | October 25, 2004
1 min read
Standard & Poor’s has lowered the rating on Aon Corp. as a result of expected earnings impact from the broker’s decision to discontinue market service agreements (MSAs). Fitch has also placed Aon on a negative watch as a result of the move, with S&P putting fellow brokerage Willis on negative watch as well. The rating […]
By Canadian Underwriter | October 24, 2004
2 min read
In an analysis of the impact of the 2004 Atlantic hurricane season, broker Benfield Group says significant catastrophe losses this year should help enforce pricing discipline as the latest renewal period looms.Benfield notes that comments from reinsurer CEOs indicate an optimism about pricing discipline, specifically in the property catastrophe line, holding tight as a result […]
By Canadian Underwriter | October 21, 2004
2 min read
Insurers are expected to tap the Florida Hurricane Catastrophe Fund for US$3 billion to reinsure losses from three major hurricanes which hit the state in August and September (losses from Hurricane Frances will not apply as they are below US$4.5 billion). However, insurers are upset by the announcement that Florida Insurance Commissioner Tom Gallagher is […]
By Canadian Underwriter | October 20, 2004
1 min read
Overshadowed by the 2004 Atlantic hurricanes, hailstorms have exacted a hefty price from insurers in New Mexico. A recent spate of hailstorms pounding the Albuquerque area in early October are expected to cost insurers US$39.7 million, according to the Rocky Mountain Insurance Information Association (RMIIA).The storms, which came in the middle of the night on […]
By Canadian Underwriter | October 20, 2004
1 min read
In the U.S., the most stolen among new passenger vehicles are the 2002/3 Cadillac Escalade and the 2002/3 Nissan Maxima, according to the Highway Loss Data Institute (HDLI), an affiliate of the Insurance Institute for Highway Safety (IIHS).The IIHS says the Escalade, a luxury pick-up, and the Maxima, a mid-size sedan, have theft rates 7-8 […]
By Canadian Underwriter | October 20, 2004
1 min read