Industry
The global property & casualty insurance industry has a long way to go on the road to recovery despite price increases and a stronger overall combined ratio, says rating agency A.M. Best.In its annual “review/preview”, the agency speculates the industry should achieve a 101.1% combined ratio for 2003, but says there is still much to […]
By Canadian Underwriter | February 11, 2004
2 min read
Toronto-based insurance giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) says it posted its largest ever annual profit in 2003, earning US$271.1 million, compared to US$263.0 million in 2002. This translates to earnings per share of $18.55 for 2003, up from US$18.20 in 2002.Some of this growth came on the back of increased revenues, up […]
By Canadian Underwriter | February 10, 2004
2003 saw a giant leap in net income for Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A). The company produce income of $44.0 million last year, versus a net loss of $1.1 million the year prior. This translates to earnings per share of $1.78 in 2003, against a loss per share of $0.48 in 2002.The […]
1 min read
General insurance was responsible for the most inquiries to the new financial services ombuds service in is first full year of operation. According to the first annual report of the Centre for the Financial Services Ombudsnetwork (CSFON), 41% of its consumer inquiries were related to general insurance, and almost 60% of its complaints.The network includes […]
By Canadian Underwriter | February 6, 2004
While the modern version of piracy may be a far cry from Pirates of the Caribbean, the incidence of pirate attacks continues to grow, says the International Maritime Bureau (IMB). The division of the International Chamber of Commerce (ICC) says 445 piracy incidents were reported worldwide last year, up from 370 in 2002.The toll in […]
Insurers and brokers will soon have real-time access to driver records through a new program from the Insurance Bureau of Canada (IBC). The IBC, working with the Ontario Ministry of Transportation (MTO), is preparing to launch the program April 1.In the past, motor vehicle records (MVRs) were only available through an overnight batch download, causing […]
By Canadian Underwriter | February 5, 2004
Insurers and reinsurers are on the path to a major conflict over recoverables as reinsurers lag in the recognition of reserve problems, says a new report by Standard & Poor’s.The rating agency says “The warning signs are coming thick and fast, among them Liberty Mutual Insurance Co.’s bad-debt provision, in a recent assessment of asbestos […]
By Canadian Underwriter | February 4, 2004
Just as U.S. p&c insurers disclose fourth quarter reserve charges, Moody’s Investors Service says the industry remains woefully under-reserved.In a study of the top 50 p&c insurers and reinsurers, Moody’s noted that commercial liability lines continue to be significantly under-reserved this includes workers’ compensation, medical malpractice, commercial multi-peril and general liability, and excess of loss […]
By Canadian Underwriter | February 2, 2004
Hoping to stem the tide of auto insurance reform in Quebec, the Insurance Bureau of Canada (IBC) has launched a new website to discuss why the system should not be changed.The site, www.impactnofault.com, is intended to educate Quebec residents about what changing the current system a mix of government and private coverage could potentially mean, […]
For many years, brokers have sought technology that could seamlessly integrate sales-side systems with financial service carrier back-offices. This "holy grail" of broker technology is not merely a distant dream - it is available today.
January 31, 2004
4 min read
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