Risk

Travelers and Equitas settle for US$245 million

In an attempt to close a chapter on outstanding asbestos claims, Travelers Property Casualty has agreed to receive a settlement of US$245 million from Equitas, the reinsurer charged with settling claims on behalf of Lloyd’s underwriters.The US$245 settles net claim balances of US$255 million from Equitas, Travelers notes, and resolves policies prior to 1993 by […]

By Canadian Underwriter | March 23, 2004

1 min read

Risk

Canadian insurers post $2.63 billion profit despite auto woes

Canadian property and casualty insurers posted impressive net income for 2003 of $2.63 billion, up from just $340 million in 2002. Revised yearend figures from the Insurance Bureau of Canada (IBC) point to a return on equity (ROE) of 11.32% (2002:1.7%) on a combined ratio of 98.7% (2002 105.8%).This represents just an average year for […]

By Canadian Underwriter | March 18, 2004

2 min read

Risk

RIMS Canada Council takes message to Parliament Hill

The body representing Canada’s risk managers has staged its first annual meeting with federal representatives in Ottawa, aimed at increasing the profession’s profile with regulators and legislators. The RIMS Canada Council (RCC), mirroring the “RIMS on the Hill” event staged each year in the U.S., met with the Office of the Superintendent of Financial Institutions […]

By Canadian Underwriter | March 15, 2004

1 min read

Risk

Royal SunAlliance Canadian arm improves, but hampered by FA losses

With the release of Royal & SunAlliance Insurance Group’s results, the Canadian operations are posting improved operating results, however Facility Association (FA) losses are hampering the effect of prince increases and reduced exposures.Overall, the parent company is reporting a pre-tax loss of GBP 146 million (Cdn$348 million), down from a loss of GBP 953 million […]

By Canadian Underwriter | March 12, 2004

2 min read

Global aviation market “precarious”: Aon

A new report by international broker Aon suggests the global aviation market is facing a very uncertain future with premiums falling last year.Aviation losses were down in 2003 to the lowest level in history in 2003, and rates fell by 18% as a result. But this reduction in losses belies the serious potential exposures faced […]

1 min read

Insurers need to take action on ERM: PWC report

Insurers are doing a lot of thinking about enterprise-wide risk management (ERM) programs, but not taking enough action, suggests a new study by PriceWaterhouseCoopers. Insurers see the value in ERM in meeting their financial goals, the study shows, but also see many challenges to its implementation. Insurers think ERM can help with product development and […]

1 min read

Cybercrime and fraud on the rise in Canada: PWC study

Economic crime, and cybercrime in particular, are on the rise, says a new survey by PriceWaterhouseCoopers LLP. The consulting firm says more than one-third of companies report being a victim of fraud in the last two years, a figure much higher than in earlier surveys. And Canada was particularly hard hit, with almost one-half of […]

2 min read

RIMS survey shows long-term change in commercial insurance market

The annual edition of the Risk and Insurance Management Society (RIMS) Benchmark Survey shows that while the hard market is waning, commercial insurance buyers are anticipating a new kind of market with more diverse risk transfer options and the potential for shorter market turns.In its survey of almost 1,000 companies in the U.S. and Canada, […]

1 min read

U.S. p&c insolvencies drop in 2003 on price corrections

Rising premiums in both the commercial and personal lines p&c sectors led to the lowest level of insurer insolvency in the U.S. since 1998, says rating agency Standard & Poor’s. Reporting on 2003 yearend figures, S&P says a total of 28 insurers were placed under regulatory supervision, with 20 of these from the p&c sector. […]

2 min read

Risk Managers Look for the Right Price

At the end of 2003, two commercial insurance surveys came out suggesting the market turn risk managers had been praying for was on its way. First, the Risk and Insurance Management Society (RIMS) benchmark survey (inclusive of U.S. and Canadian commercial insurance buyers) indicated signs of softening rates in the property line, with some accounts […]

February 29, 2004

10 min read