Risk
Despite the tumult of hurricanes, typhoons and tsunamis in 2004, insurers maintained a discipline last year that they hope will carry into 2005, according to the annual “State of the Market” report by broker Heath Lambert.2004 saw insurers display “a mature and disciplined approached to underwriting”, despite pricing softening in some classes of business. Despite […]
By Canadian Underwriter | February 7, 2005
1 min read
Zurich Financial Services Group says it will pay Equitas US$547 million to commute policies purchased from Zurich’s Centre operation by Lloyd’s syndicates reinsured by Equitas. Zurich says the agreement ends Centre’s exposure to those syndicates. “This commutation represents significant progress in the overall run-off of Centre’s liabilities,” notes a Zurich statement. A study by The […]
By Canadian Underwriter | February 6, 2005
Commenting on January 1, 2005 renewals, French reinsurer Scor says pricing was fragmented by line of business and geography, with specific rate erosion in short-tail lines as competition increased in the marketplace.Overall, the company says it expects annual premium income of EUR940 million on its p&c treaties, a 3% drop at current exchange rates. However, […]
2 min read
The second phase of the study on credit scoring engaged by the Texas Department of Insurance (TDI), has found the use of credit scores in underwriting “significantly improves pricing accuracy when combined with other rating variables in predicting risk”, according to insurance commissioner Jose Montemayor.Montemayor, who has been publicly skeptical of credit scoring, undertook the […]
By Canadian Underwriter | February 3, 2005
Commercial insurance rates continued their moderate decline for the fourth straight quarter, finds the latest market survey by the Risk & Insurance Management Society (RIMS) and Advisen.The fourth-quarter 2004 benchmark survey took in its greatest number of respondents ever, and showed that last year represents the longest sustained period of soft market pricing in the […]
U.S. analysts are predicting property & casualty insurers will post a combined ratio of 98.9% in 2005, despite a slow down in premium growth, according to results of the Insurance Information Institute’s annual “Groundhog forecast”.Analysts from various investment and research firms say the industry’s combined ratio should be on par with the 98.7% expected for […]
By Canadian Underwriter | February 2, 2005
The p&c insurance industry must be on its toes in the coming year, prepared for a threat from any corner as it comes off of one of its biggest roller-coaster rides in 2004. This, according to the annual review/preview by A.M. Best.The rater notes hazards have taken a number of forms in the past few […]
By Canadian Underwriter | February 1, 2005
The insurance industry is already preparing to better handle the release of 2004 yearend financial results and the incumbent media attention they will garner, says Mark Yakabuski, vice president of federal affairs and Ontario region for the Insurance Bureau of Canada (IBC). Speaking to a monthly meeting of the Property Casualty Underwriters Club (PCUC) in […]
January 31, 2005
3 min read
Cunningham Lindsey Canada Ltd. has appointed Greg Doerr as branch manager of its Barrie, Ontario office. Doerr has been with the firm since 2001, and has more than 10 year adjusting experience. Cunningham Lindsey has also named Michael Alwyn as branch manager for the newly combined Toronto central claims services branch and Toronto commercial risk […]
The devastation wrought by the Indian Ocean tsunami poses a host of dire questions for government and for insurers here in Canada as they struggle to maintain some footing in what has become a war against Mother Nature.
10 min read
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