Risk

Fraser report hits public auto again

Another Fraser Institute report lashing out at public auto insurance systems was released today. The right-wing think tank says public auto equals the highest premiums and the lowest claims payouts, and is tantamount to selling the public a “lemon”.The study goes on to say public auto provinces have two to four times as many claims […]

By Canadian Underwriter | April 19, 2004

1 min read

Risk

Iraq expected to take over top spot for global terrorism risk

Iraq is poised to become the top “hot spot” for terrorism risk with the U.S.-led intervention resulting in an increase in terrorist activity and kidnappings, such as the recent hostage-taking incidents, according to Aon’s counter terrorism and political risk division. The group recently released its 2004 “global terrorism risk map”.Currently Iraq stands in sixth place, […]

By Canadian Underwriter | April 18, 2004

1 min read

Risk

Global reinsurance industry remains under dark cloud: S&P

The negative outlook cast by rating agency Standard & Poor’s on the global reinsurance sector remains despite expectations of a profitable 2003.S&P has had a negative outlook on the industry for seven years and continues to foresee more downgrades than upgrades in the near future. “The reinsurance industry is expected to report an overall technical […]

By Canadian Underwriter | April 15, 2004

2 min read

Risk

U.S. insurers post 9.4% ROE for 2003

U.S. property and casualty insurers showed a strong comeback in 2003, posting a return on equity (ROE) of 9.4%, according to new date from the Insurance Services Office (ISO) and Property Casualty Insurance Association of America (PCI). However, this was shy of the pace set by Canadian insurers at 11.4%.U.S. insurers have struggled the past […]

By Canadian Underwriter | April 14, 2004

3 min read

FSCO releases priorities for comment

The Financial Services Commission of Ontario (FSCO) has released its annual statement of priorities for comment, highlighting continued movement to more risk-based regulation and national harmonization of rules.Among the plans put on the table for 2004 is to implement a risk-based market conduct review of property and casualty claims, specifically statutory accident benefit (SABS) and […]

1 min read

Lloyd’s profit jumps 152% in 2003

The Lloyd’s market is projecting overall profit of US$3.2 billion for 2003, up 152% over 2002’s result of US$1.3 billion.The market will also reduce its combined ratio by eight points, to 90.7% last year against 98.6% the year prior. At the same time, the market’s “central fund” was boosted 66% in 2003 to US$1.3 billion.Strong […]

1 min read

Brokers in demand more than ever: Swiss Re study

Commercial and reinsurance brokers are facing an increasing demand for their services, in light of the growing complexity of risks, according to the latest Swiss Re sigma study.The study looks at development of the broker market over the past 20 years, and tackles consolidation, profitability and long-term prospects for brokers.Significantly, the role of the broker […]

1 min read

IBC touts Facility depopulation in New Brunswick

The month of March saw 2,000 moved out of the Facility Association, the industry’s pool for high-risk drivers, says the Insurance Bureau of Canada (IBC). The announcement comes on the heels of a the release of a committee report on the potential for public auto insurance in the province.IBC CEO Stan Griffin says the industry […]

1 min read

Cost of public auto in New Brunswick would be $82 million

With the release of a committee report on the potential for public auto insurance in New Brunswick, cost of establishing the system has been pegged at $82 million. The report, presented by NDP MLA Elizabeth Weir, the committee’s chair, is the result of seven months of hearings to come up with a possible public auto […]

2 min read

Canadian regulators release discussion paper on rebating, tied selling

In an effort to harmonize insurance practices across the country, the Canadian Council of Insurance Regulators (CCIR) is looking for input on market conduct issues, including inducements, rebating and tied selling.In a consultation paper, the CCIR is asking for response to proposals arising from a consultation process begun in May, 2002. On the subject of […]

2 min read