Risk
At the recent Insurance Bureau of Canada (IBC) "Regulatory Affairs Symposium", which was held in Toronto, the speakers were asked to provide their perspective on recommendations put forward by former regulators and industry members on a new system of market conduct regulation in Canada. A move in this direction would significantly reduce the current "red tape" overload on insurers.
October 31, 2003
5 min read
Specialty risk insurer Kingsway Financial Services Inc. (TSX: KFS) saw net income for the third quarter of this year drop by 28% to $15.6 million compared with the $21.7 million reported for the same period in 2002. This equates to diluted earnings of 28 a share for the latest quarterly reporting period versus the 44 […]
2 min read
Rating agency Fitch says the wildfires that continue to rage in areas of California could amount to the worst insured loss ever from wildfires. This means the damage would have to top US$1.7 billion (US$2.2 billion in 2003 dollars), the insured loss from the 1991 wildfires in the Oakland Hills area of California.While it is […]
By Canadian Underwriter | October 31, 2003
1 min read
The Canadian Trucking Alliance is speaking out against successive rate increases over the past several years, which it says show no signs of abating.”We are in our third year of escalating insurance costs and it is hard to see much light at the end of the tunnel,” says David Bradley, CEO of the CTA. The […]
By Canadian Underwriter | October 30, 2003
Reforms to limit compensation for minor injuries are paying off in New Brunswick, says Co-operators General Insurance Co., one of the province’s largest insurers.The company made the statement in a release to announce that 9,00 cheques are being sent to its policyholders reflecting reimbursement for an overall rate decrease of 20.6% effective July 1 of […]
By Canadian Underwriter | October 29, 2003
The industry’s pool for high-risk drivers is assessing insurers more than $125 million for losses in four provinces. The Facility Association, which insures drivers who have been turned down in the voluntary market due to bad driving records, is asking insurers in Ontario, Nova Scotia, Newfoundland and New Brunswick to anti up $126.6 million for […]
By Canadian Underwriter | October 28, 2003
Underperformance in the property & casualty line that is hampering reinsurer ratings, along with pressure on risk-adjusted capital, says rating agency A.M. Best. And the outlook for 2003 yearend is for little improvement, the firm adds.Given the current low interest rate situation, reinsurers have to rely on underwriting profit, which has been modest at best […]
By Canadian Underwriter | October 24, 2003
Specialty risk insurer Kingsway Financial Services Inc. (TSX: KFS) saw net income for the third quarter of this year drop by 28% to $15.6 million compared with the $21.7 million reported for the same period in 2002. This equates to earnings on a fully diluted basis of 28c a share for the latest quarterly reporting […]
By Canadian Underwriter | October 21, 2003
3 min read
Rating agency A.M. Best has reduced the financial strength rating of the Swiss Re group to "A+ (Superior)" from "A++ (Superior)" on grounds that the reinsurer’s forward earnings potential based on first half results for 2003 will unlikely support its existing risk-based capital level. The rating agency notes that, while Swiss Re’s combined ratio for […]
By Canadian Underwriter | October 20, 2003
Rating agency A.M. Best has downgraded the status of Ontario-based Coachman Insurance Co., and placed a negative outlook on other subsidiaries of Saskatchewan General Insurance (SGI).Overall, the rate has affirmed the A- (excellent) financial strength rating of SGI Canada with a stable outlook. But while subsidiaries SGI Canada Insurance Services Ltd. (SCISL) and The Insurance […]
By Canadian Underwriter | October 3, 2003
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