The Canadian operation of U.K.-based Royal & SunAlliance has produced strong results for the third quarter ending September 30, 2004, with combined ratio improving to 96.3% from 99.0% a year earlier.Overall, the Canadian operation produced an underwriting profit of $10 million, a complete reversal of the $10 million underwriting loss produced for the same period a year earlier. The claims ratio for the third quarter came in at 69.4%, compared to 74.1% a year earlier, and the third-quarter expense ratio rose slightly to 26.9% this year compared to 24.9% a year ago.The overall business result was $43 million, up from $21 million the year prior.Strong results were particularly evident in the commercial lines segment, where the combined ratio for third-quarter 2004 improved to 99.6% from 111.6% a year ago. And while the commercial lines segment broke even on underwriting, this remained a vast improvement on the $8 million underwriting loss in the third quarter last year.In personal lines, the third quarter 2004 combined ratio held steady at 95.6%, but the company was able to produce a $10 million underwriting profit compared to an underwriting loss of $2 million a year ago.
P&C industry urges changes to adjusters licensing
After four consecutive NatCat events in one month resulted in more than 228,000 claims, Canada’s property and casualty insurance industry is urging regulators to change how adjusters are licensed in the country. “The ability to rapidly deploy adjusters is an increasingly vital component of insurers’ claims response,” says an open letter sent by a P&C […]
By David Gambrill | September 10, 2024
3 min read