Industry
With the “finishing line” for 2004 well in sight, insurers are upbeat that the year will prove to be a “banner event” in terms of industry profitability. But, in looking ahead, there appears to be uncertainty in company ranks to whether the industry will be able to maintain strong earnings growth through 2005. More importantly, […]
November 30, 2004
4 min read
Earnings for broker consolidator Western Financial Group (TSX: WES) for the third quarter ending September 30, 2004 were up 53.4% to $795,000 ($0.03 per share) from $518,000 ($0.02 per share) a year earlier. Year-to-date net income is up a whopping 86.1% to $2.80 million ($0.11 per share) from $1.51 million ($0.07 per share) a year […]
1 min read
While the past year had seen the situation improve on many fronts for brokers, the events of the past two months in the U.S. are now taking their toll on Ontario’s brokers, noted Rod Finlayson, outgoing president of the Registered Insurance Brokers of Ontario (RIBO). At the annual general meeting of the self-regulatory body for […]
The quartet of U.S. hurricanes this fall, as well as bad weather here in Canada, have produced a net loss in the third quarter for financial giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH). The hurricanes, coupled with the Peterborough, Ontario floods and hailstorms in Western Canada, landed a US$127.7 million blow to third quarter […]
3 min read
The general insurance operations of E-L Financial Corp. Ltd. (TSX: ELF), including Dominion of Canada General, continued to produce strong results contributing to overall net income of $83.3 million ($20.73 per share) in the third quarter ending September 30, 2004, up from $42.3 million ($10.52 per share) during the same period a year prior. The […]
Almost a year into the insurance industry’s experience with new privacy legislation, many key issues remain unresolved, say panelists at the Insurance Bureau of Canada’s (IBC) Regulatory Affairs Symposium in November. For example, in the case of vehicle data systems, or “black boxes”, panelists could not come to agreement on whether such data could be […]
2 min read
Canadian federally regulated insurers produced a return on equity (ROE) of 13% for the third quarter of this year, primarily on the back of a healthy underwriting gain. The industry’s taxed profit for the latest reporting period clocked in at $1.83 billion, more than double the $890 million reported by insurers for the third quarter […]
Responding to the release of a multi-national study of vehicle headrest designs, the Insurance Bureau of Canada (IBC) says consumers must also play a role in their own safety.The study, which included tests by the U.S. Insurance Institute for Highway Safety (IIHS) and the Insurance Corp. of B.C. (ICBC), amongst others, found many manufacturers’ head […]
By Canadian Underwriter | November 30, 2004
U.S. reinsurers watch their net income fall in the first nine months of 2004 on the back of higher losses and decline in premiums, according to data released by the Reinsurance Association of America (RAA).For the first nine months of 2004, reporting reinsurers saw their net income drop to US$2.4 billion from US$3.3 billion for […]
A survey of Canadian life and non-life insurers shows a high level of confidence about their ability to beat expectations in the next year, says consulting firm KPMG.KPMG surveyed industry attendees at its 13th Annual Insurance Issues Conference in Toronto in mid-October. The results show that 68% of Canadian insurers predict they will outperform compared […]
By Canadian Underwriter | November 29, 2004
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