Claims
A new article by Standard & Poor’s addresses the issue of silica exposure and its potential impact on insurers. “The parallels to asbestos are of concern to us,” says S&P credit analyst John Iten. He expects silica litigation growth could mirror that of asbestos in terms of its far-reaching scope and tail, noting that the […]
By Canadian Underwriter | June 14, 2004
2 min read
While it may read as the ingredients for Armageddon, the Institute for Catastrophic Loss Reduction’s (ICLR) research agenda for the coming year encompasses a host of natural perils ranging from last year’s blackout to water and disasters to drought and winter windstorms.The agenda was set out at the ICLR’s agm in Toronto Friday by outgoing […]
By Canadian Underwriter | June 13, 2004
With the introduction of provincial privacy legislation in Alberta, adjusters in that province are reconciling these requirements with the federal privacy act.The Personal Information Protection Act (PIPA) has been deemed to be substantively similar to the federal Personal Information Protection and Electronic Documents Act (PIPEDA), thus clearing the way for the provincial legislation to supercede […]
Storms the first week of June in Texas are expected to cost insurers US$75-100 million, according to the Southwestern Insurance Information Service (SIIS).During the first two days of June, winds of 90 miles per hour ripped through the Texas, as well as parts of Louisiana, Arkansas and Oklahoma. More than 500,000 were left without power, […]
By Canadian Underwriter | June 8, 2004
1 min read
Despite much talk of the need to “tame the insurance cycle”, buyers should prepare themselves for continuing fluctuation in the price and availability of insurance, John T. Sinnot, senior advisor, Marsh & McLennan Cos. told delegates to the World Insurance Forum in Bermuda yesterday.”Past prediction declaring the cyclical nature of our business has gone away […]
In his most recent Atlantic hurricane prediction for the 2004 season, Prof. William Gray of Colorado State University says there is a 71% probability of a major hurricane making landfall somewhere on the U.S. coastline this year.Gray builds on earlier reports forecasting an above-average Atlantic hurricane season, now predicting 8 hurricanes, 14 named storms, 60 […]
By Canadian Underwriter | June 2, 2004
Royal Bank is reporting lower returns from its insurance division in the second quarter ending April 30, 2004, down to 27% from 28.6% a year earlier. However, net income from RBC Insurance was up 16% to $65 million from $56 million, largely on the back of reinsurance and Canadian insurance operations. Net earned premiums dropped […]
Rating errors could cost U.S. auto insurers as much as US$13 billion annually, says a report from QPC. In fact, in an audit of 12 million policies from 10 insurers over the past two years, QPC estimates the rating error at about 9.8% of premium on private passenger rates. Of, this 1.6% comes from errors […]
By Canadian Underwriter | June 1, 2004
U.S. reinsurers produced a combined ratio of 94.0% for the first quarter of this year compared with the 96.4% ratio posted for the same period in 2003, according to data collected by the Reinsurance Association of America (RAA). The improved performance was achieved through stronger underwriting, which saw the sector’s loss ratio fall to 67.6% […]
May 31, 2004
Canadian reinsurance companies lifted net taxed earnings for 2003 by more than 5.8 times to $310.8 million compared with the $52.9 million in after tax income reported the year prior. “The sharp rise in income was mostly attributable to a significant improvement in the incurred claims to premiums earned ratio [loss ratio],” says Cam Macdonald, […]
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