Industry
While 2002 was a relatively easy year for insurers in terms of cat losses, significant flooding in Europe points to potential concerns in the future, suggests a Swiss Re sigma report.In total, more than 300 man-made and natural catastrophes last year resulted in about US$40 billion in economic loss, about US$12 billion of which insurers […]
By Canadian Underwriter | January 2, 2003
2 min read
Water-related losses on homeowner property covers seem to be seeping increasingly into the red-ink. While insurers have been battling the onslaught of losses arising from auto business, water poses a new threat to personal property covers, one which insurers can ill afford to ignore. If you have been following the homeowner insurance news in the […]
December 31, 2002
5 min read
Both insurers and their collision repair partners are facing difficult times, with costs rising and marketshare scarce. Consolidation in either industry has not brought about the kind of cost efficiency dreamed of. Perhaps it is time to see “the big picture” and better understand the role these two industries play in a much larger global […]
Pending auto insurance product reform in Ontario presents new opportunities for insurers and their third-party vendors to collaborate in bringing the market back to a healthy state. However, change requires leadership, resolution and an enterprise-wide focus to be effective. We have reached a point in the evolution of the corporate world where astute governance, sound […]
4 min read
U.S. property and casualty insurers achieved a 4.4% return on equity for the first nine months of 2002 compared with the negative 1.2% return reported for the same period the year before. Insurers brought home a taxed profit of US$9.3 billion for the latest nine month reporting period against the net loss of US$2.6 billion […]
3 min read
The Financial Services Commission of Ontario (FSCO) has charged Michael Ricci, a paralegal, for making false and misleading statements. Ricci will appear in court on January 23, 2003. Ricci faces seven charges of making a false or misleading statement or representation to an insurer in order to obtain payment for goods or services provided to […]
1 min read
Broker network consolidator Vector Intermediaries Inc. (TSX: VTE) has sold its Ontario operations under Vector Insurance Network (Ontario) to the Huestis Group for $4.6 million. The deal was expected to close by the beginning of this year. Vector says the funds raised from the disposal will be used to reduce its long-term debt position. The […]
A survey conducted by the Insurance Information Institute (III) of 12 industry investment analysts suggests that growth in premium income within the U.S. property and casualty insurance industry will decrease in 2003. The analysts also forecast a drop in the combined ratio to an average of 103.3% for 2003 compared with 2002’s 106.3%. The III […]
In two separate agreements, Royal & SunAlliance Insurance Co. of Canada has handed over its Quebec personal lines and long-haul trucking books as the company turns its focus to commercial lines. CGU Insurance Co. of Canada will be offering renewals on Royal’s Quebec personal lines book as of April 2003. Although the book is profitable, […]
The Insurance Bureau of Canada (IBC) is expressing dismay over the package of reforms to Newfoundland’s auto system introduced in Bill 28 this week. In a release, the IBC says the reforms will not help control the costs of auto insurance claims and therefore premiums.”This bill will not improve the system in the manner consumers […]
By Canadian Underwriter | December 20, 2002
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