Claims

P/C insurance pricing in the United States to hit bottom of the trough in 2009: Marsh

Property and casualty insurance pricing in the United States is expected to hit the bottom of the trough in the first two quarters of 2009, with flat pricing for renewals being the norm.”In the second quarter or second half of 2009, it is likely that single-digit percentage rate increases will be commonplace, with more placements […]

By Canadian Underwriter | February 18, 2009

1 min read

Fitch Ratings assigns negative outlook to Bermuda (re)insurance sector

Fitch Ratings has revised its outlook on the Bermuda reinsurance market from ‘Stable’ to ‘Negative.’“The revision in the rating outlook primarily reflected expectations of additional unrealized mark-to-market losses and impairment losses related to financial market conditions, reduced access to capital and corresponding reductions in financial flexibility, and the adverse effects on current earnings of soft […]

By Canadian Underwriter | February 13, 2009

2 min read

Canada lacking investment for its national fire prevention strategy

*** CLARIFICATION Canada’s national fire prevention strategy and FireSmart are two separate programs. This clarifies information that was originally posted on Feb. 12. Canada has a national strategy for fire prevention that “is among the most progressive in the world,” yet it lacks long-term investment, the Institute for Catastrophic Loss Reduction reports.The Canadian Wildland Fire […]

By Canadian Underwriter | February 13, 2009

2 min read

U.S. property and casualty industry’s net income falls by nearly 80% in 2008

Deteriorating underwriting and investment results drove the U.S. property and casualty industry’s net income down by nearly 80%, to US$14 billion, in 2008.Two consecutive years of underwriting profits are expected to give way to an underwriting loss of US$21.5 billion in 2008, A.M. Best notes in a special report entitled ‘U.S. P/C Industry’s Profits Plunge; […]

By Canadian Underwriter | February 9, 2009

2 min read