Last year, U.S. reinsurers’ profit grew by almost 500%, to US$3.08 billion from just US$628 million the year prior, reports the Reinsurance Association of America (RAA), which represents 29 domestic U.S. companies.Substantially improved underwriting results were the key, with the reinsurers posting a combined ratio of 101.2%, down from 121.3% in 2002. The loss ratio […]
By Canadian Underwriter | March 22, 2004
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The world’s largest insurer, Munich Re, is posting a loss of EUR434 million (Cdn$710.9 million), despite a strong underwriting performance.”With the net loss for 2003, we are drawing a line under three difficult years impacted above all by the bear market on the stock exchanges. As the underwriting result for the year under review showed, […]
By Canadian Underwriter | March 19, 2004
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While the Atlantic seaboard is preparing for an above-average hurricane season in 2004, a “close to average” typhoon season is forecast for the Far East and southeast Asia, says Tropical Storm Risk (TSR).TSR is a consortium of experts led by the Benfield Hazard Research Centre at London’s University College. The group is predicting this year’s […]
By Canadian Underwriter | March 16, 2004
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Mississippi has again taken on the dubious honor of being the worst state in which to defend a liability case, says the annual “State Liability Systems Ranking Study” released by the U.S. Chamber of Commerce “institute for legal reform”. West Virginia finished as the second-worst state, while Delaware ranked as the best in terms of […]
By Canadian Underwriter | March 12, 2004
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Pet insurer Pethealth Inc. (TSX VE: PTZ) is reporting a net loss for the year ending December 31, 2003 of $2.0 million, or $0.01 per share, although the company notes this is a considerable improvement over the net loss of $5.0 million, or $0.02 per share, reported for 2002.The loss came despite a 93% jump […]
By Canadian Underwriter | March 8, 2004
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2003 will go down as a costly year for catastrophes, most significantly in human terms, with 60,000 people losing their lives in 380 catastrophic events, according to Swiss Re’s annual sigma study of catastrophes. Most serious was the earthquake striking the Bam region of Iran, killing 41,000 people last December. In fact, 2003 will go […]
By Canadian Underwriter | March 4, 2004
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Montreal-based Optimum General Inc. (TSX: OGI.A) made its return to profitability official posting net income of $2 million, or $0.17 per share, for 2003. This is a rebound from the net loss of US$7.4 million, or $0.68 per share, recorded in 2002. Much of this growth came in the fourth quarter, with net income of […]
By Canadian Underwriter | March 3, 2004
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B.C.’s public insurer is reporting significant growth for 2003, with net income exploding by five-times to $225 million from $45 million in 2002.The Insurance Corp. of B.C.’s (ICBC) earned premiums grew to $2.86 billion in 2003, up from $2.63 billion the year prior, partly due to increased rates and also to a 1.6% increase in […]
By Canadian Underwriter | March 3, 2004
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Just as insurers work toward uniformity of data transmissions on the distribution end, they should also be asking risk modeling firms to work toward uniform data standards. So says EQECAT Inc. president Rick Clinton at the risk modeling company’s recent “Catastrophe Management Summit” in Florida.”It doesn’t make any sense for all of the modeling companies […]
By Canadian Underwriter | March 2, 2004
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In response to the “Filmon Report” on last summer’s B.C. forest fires, the Insurance Bureau of Canada is calling for a national natural disaster protection fund to be established.The report, tabled Friday in B.C.’s legislature, makes a variety of recommendations aimed at avoiding the kind of destruction and other issues that resulted from the firestorms […]
By Canadian Underwriter | March 1, 2004
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