Risk

SGI produces $42 million profit for 2004

Saskatchewan’s public auto insurer has nearly doubled its profit in 2004, bringing in net income of $42 million, to record its most successful year ever.Saskatchewan Government Insurance (SGI) used a good portion of that money, $27 million, to pay a dividend to the province.Gross written premiums for 2004 rose to $300.8 million (2003: $272.4 million), […]

By Canadian Underwriter | April 13, 2005

1 min read

Risk

PACICC plans to increase insolvency preparedness

The Property and Casualty Insurance Compensation Corp. (PACICC) says member insurers have agreed to increase their maximum permissible assessment to the guaranty fund in order to better prepare for future insolvencies.At Wednesday’s annual general meeting, PACICC deputy chairman Kevin McNeil, CEO of Gore Mutual Insurance Co. told members that a survey revealed “strong and clear” […]

By Canadian Underwriter | April 13, 2005

2 min read

Risk

What’s new: In brief (April 12, 2005)

Chubb Insurance Co. has launched a new product aimed at the new risks being faced by Canadian businesses, from the Internet to U.S. exports. The “MasterKey” policy provides coverage for new exposures such as event cancellation, ocean cargo, kidnap & ransom, political risk, product recall and more, and optional covers such as D&O. It also […]

By Canadian Underwriter | April 12, 2005

2 min read

Risk

Facility Association sees significant improvement in 2004

Coming off a disastrous 2003, the Facility Association (FA) the industry’s risk sharing mechanism to cover high-risk drivers is reporting stronger results in 2004, with lower losses and reduced numbers of drivers in the system.At the FA’s annual general meeting in Toronto on Tuesday, chairman Andrew Cartmell told members two factors led to the improvement […]

By Canadian Underwriter | April 12, 2005

2 min read

European insurers outperform market in 2004: S&P

European insurers reported profit growth of more than 15% in 2004, outperforming the S&P Europe 350 Index, says rating agency Standard & Poor’s.S&P expected improved results for insurers in the region last year, on the back of strong non-life underwriting, reduced costs and lower credit losses and impairments on investments. However, the rater warns that […]

1 min read

FSCO publishes consumer guides on homeowners’ insurance

Ontario’s insurance regulator has published a series of guides on homeowners’ insurance, including one which talks specifically about insurer concerns regarding older homes.The Financial Services Commission of Ontario (FSCO) notes that buyers of older homes need to be aware of issues around galvanized steel pipes which corrode over time presenting a leakage risk, as well […]

1 min read

Fitch ponders the fate of Solvency II

Many large insurers have taken the steps to prepare for Solvency II, the European Union’s new insurer solvency requirements to be implemented in 2009, Fitch Ratings says in a new report.Many rated insurers already hold capital in excess of current Solvency I requirements, and the rater does not anticipate having to make many ratings adjustments […]

1 min read

S&P maintains stable outlook on reinsurance sector

Standard & Poor’s is maintaining its stable outlook on the global reinsurance sector, but explains that some downgrades may be in the offing this year, while upgrades will be rare.S&P says reinsurers performed well in 2004 generally, despite catastrophe losses related to U.S. hurricanes and Japanese typhoons, with pricing declines more moderate than expected and […]

2 min read

What’s new: In brief (April 06, 2005)

Despite news that several German industrial insurers facing fines by the country’s antitrust authority, Standard & Poor’s says no rating actions will be taken on companies named. S&P rates eight of the ten insurers who have been accused of acting against German antitrust laws, including Allianz, AXA and Gerling-Konzern. Most of the companies are appealing […]

1 min read

No hikes for Torontonians affected by transit strike: IBC

Residents of Toronto who may be forced to drive or car-pool temporarily as a result of the possible public transit strike will not have to buy additional insurance, the Insurance Bureau of Canada says.The Toronto Transit Commission strike, which has been put off until at least Monday, pending possible resolution between the union and the […]

1 min read