U.S. property & casualty insurers turned in a record performance in the first six months of 2004, with net income hitting US$23.5 billion, and policyholder surplus reaching $370.4 billion, according to data released by the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI). This year’s strong performance well outpaces the […]
October 31, 2004
2 min read
In the wake of the worst Atlantic hurricane season in recent memory, U.S. insurers have posted record third-quarter catastrophe losses of US$21.3 billion, according to data compiled by the Property Claim Services unit of the Insurance Services Office (ISO). 2001 had previously been the worst third quarter on record, with US$19.5 billion in property losses […]
October 31, 2004
1 min read
U.S. property & casualty insurers turned in a record performance in the first six months of 2004, with net income hitting US$23.5 billion, policyholder surplus reaching $370.4 billion, according to data released by the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI).This year’s strong performance well outpaces the first half […]
By Canadian Underwriter | October 18, 2004
2 min read
As the second phase of the World Trade Center insurance coverage trial begins this week, one lawyer says a key difference in this case will be the “intent” of insurers.Most of the carriers who insured the WTC when the towers collapsed on September 11, 2001 as a result of terrorism were successful during the first […]
By Canadian Underwriter | October 13, 2004
3 min read
"Quick wins" by insurance companies in critical information technology (IT) areas can dispel the frustration and fatigue surrounding runaway, failed projects. The scale of the project is just one of many factors separating outsourcing success from disaster.
September 30, 2004
5 min read
Although it remains an unprofitable business, auto insurance results did improve in 2003, according to a soon-to-be-released report from A.M. Best. In its statistical review of auto insurance, the rating agency finds premiums rose and losses declined in 2003, particularly for the top 25 writers in Canada. As a result of premium increases, auto insurers […]
September 30, 2004
1 min read
Has the insurance industry reached the elusive goal where brokers effortlessly manage clients' needs and connect with ease to insurance companies? The belief that we are getting there is being driven not just by the launch of the Centre for Study of Insurance Operations' (CSIO) Internet-based "portal", but also with significant developments made by the leading broker management systems (BMS).
September 30, 2004
6 min read
U.S. insurers are reacting with something less than enthusiasm to a Democratic proposal for an asbestos fund.Senate Minority Leader Tom Daschle of South Dakota put forward the proposal, which would establish a fund of US$140 billion for victims of asbestos-related diseases. Daschle had previously proposed a fund of US$145 billion.The amount is now the same […]
By Canadian Underwriter | September 20, 2004
1 min read
Although it remains an unprofitable business, auto insurance results did improve in 2003, according to a soon-to-be-released report from A.M. Best.In its statistical review of auto insurance, the rating agency finds premiums rose and losses declined in 2003, particularly for the top 25 writers in the country.As a result of premium increases, auto insurers (excluding […]
By Canadian Underwriter | September 16, 2004
1 min read
In its quarterly report on property & casualty insurance, the Insurance Bureau of Canada (IBC) looked at the extent to which auto claims frequency has declined, compared to a steep increase in severity, over the past decade.Frequency, or the number of claims filed per 100 vehicles insured, dropped by 30-50%, depending on geographic region, between […]
By Canadian Underwriter | August 31, 2004
1 min read