Risk
Good to see you!” The smiled greeting came to me and my boss, Fred Wilson, from the president of the national industry association. The occasion was the official opening of the association’s new office, located in one of the city’s shining high rise towers. Fred was the manager of our insurance company’s downtown branch. As […]
March 31, 2005
10 min read
2005 would seem to be the "year of the broker" with total premiums in Canada having more than doubled over the past four years, prices now declining, and coverage availability rising in both personal and commercial lines. And, perhaps best of all, brokers countrywide report a significant drop in public hostility with much higher customer retention levels. The exuberance emanating from independent brokers suggests the profession is "flying high" after having been tested by what many in the insurance industry regard as the toughest market cycle yet experienced. However, brokers remain aware of the industry's vagarious business cycle - which like an unpredictable air current can cause those daring to ride it to soar or crash.
13 min read
The final 2004 financial results of the Canadian property and casualty insurance industry – as compiled by the Insurance Bureau of Canada (IBC) – point to a future decline in premium growth as well as reduced operating margins, the bureau’s chief economist Jane Voll predicted at the recently held Swiss Re Co. of Canada annual […]
3 min read
AIG has admitted that finite reinsurance transactions dating back to 2000-2001 regarding Berkshire Hathaway’s Gen Re were improperly documented, and as such, the company would be even later in filing its 10-K annual financial reports. AIG says it will not meet the end of March 2005 extended due date for the 10-K filing as the […]
2 min read
AIG president, CEO and chairman Maurice “Hank” Greenberg is retiring. Greenberg will be replaced as CEO and president by current vice chair and co-COO Martin J. Sullivan, while fellow co-COO Donald P. Kanak will take over the full COO role and become executive vice chair. Lead board director Frank G. Zarb will become interim chair. […]
1 min read
The Ontario government’s “Consumer Protection Act”, which comes into force on July 30, will require the use of aftermarket parts in auto repairs to be identified in writing to the consumer. In a bulletin to members, Hamilton District Autobody Repair Association (HARA) says shops will now be required to provide a written estimate prior to […]
By Canadian Underwriter | March 31, 2005
AIG admitted Wednesday that finite reinsurance transactions dating back to 2000-2001 with Berkshire Hathaway’s Gen Re was improperly documented, and at the same time said it would be even later in filing its 10-K annual financial reports.AIG says it will not meet the March 31, 2005 extended due date for the 10-K filing as its […]
By Canadian Underwriter | March 30, 2005
The Office of the Superintendent of Financial Institutions (OSFI) has outlined its “Plan and Priorities for 2005-2008” this week. Within the report, OSFI notes the improved performance of the primary p&c and reinsurance sectors, but adds “the p&c sector is inherently volatile, and the length of the current recovery is uncertain”. The industry’s profitability has […]
Fairfax Financial Holdings says it has gained regulatory approval to extend the maturity date of the US$100 million note payable by Fairfax to its TIG Insurance Co. by one year. The original repayment date was June 30, 2005, but has been extended to June 30, 2006. A.M. Best has affirmed the financial strength rating of […]
By Canadian Underwriter | March 29, 2005
Commercial insurance pricing is likely to stabilize, with increased capacity and competition in 2005, but the high deductibles and retentions taken during the recent hard market will likely remain in place. This, according to the annual “Insurance Market Overview” published recently by Aon.The broker speculates both sides will continue to be vigilant, with competition setting […]
By Canadian Underwriter | March 23, 2005
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