Royal & SunAlliance Canada produced an underwriting profit of $14 million for the first quarter of this year, signaling a significant turnaround in overall profitability from 2004’s first quarter underwriting gain of $1 million. The insurer saw its underwriting on personal lines recover from a $1 million loss a year ago to its current $10 million. Commercial business also performed well for the company, delivering an underwriting profit of $4 million for the latest quarter compared with the $2 million made over the same period in 2004. Overall, R&S Canada reduced its combined ratio by 3.5 percentage points to 98.5% from the 102% ratio reported at the end of last year’s first quarter.
How record-high Cat season will impact reinsurance renewals
About half of the Canadian P&C insurance industry’s projected $7.7 billion in losses due to four natural disasters over the summer will be covered by reinsurance, a reinsurance broker told the National Insurance Conference of Canada (NICC) in Vancouver Tuesday. “We can observe that about 50% of the losses coming out those four main events […]
By David Gambrill | September 26, 2024
3 min read