A.M. Best Study Shows Improvement in Canadian Commercial Property Industry.OLDWICK, N.J. -- Commercial property writers in Canada saw better underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. results for the second consecutive year in 2003, as the line's net loss ratio decreased about 12.3 points to 49.5 from 61.8 in 2002, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a study by A.M. Best Company. The improvement resulted from hard-market pricing on the direct and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. sides, as well as a leveling off of incurred claims incurred claims, n.pl the outstanding obligations of the insurer for dental services rendered to the insured. . Commercial property generated about 15.8% of the Canadian property/casualty industry's direct premiums in 2003. Direct premiums written on this line increased 10.4% in 2003 after rising about 30% in 2002. But commercial property writers' net premiums written increased nearly 21% in 2003, as many companies increased retentions and restructured their reinsurance in the face of rising costs. Canada's 25 largest commercial property writers by direct premiums written saw that line's direct premiums written increase 10.8% and the net loss ratio decrease by 10.0 points on average in 2003. Commercial property premiums increased by 20% or more for nearly half of these companies. A.M. Best expects pricing to become more competitive in 2004, with premium growth averaging 5% to 6% for commercial property. BestWeek subscribers can download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. a PDF (Portable Document Format) The de facto standard for document publishing from Adobe. On the Web, there are countless brochures, data sheets, white papers and technical manuals in the PDF format. copy of all full studies at no additional cost or a combination of the PDF copies plus all related spreadsheet files of the study data at no additional cost from our Web site at www.bestweek.com. Nonsubscribers can download a PDF copy of the full study (three pages) for $25 or a combination of the PDF copy plus the spreadsheet file of the study data for $50 from our Web site at www.bestweek.com. Call customer service for more information at (908) 439-2200, ext. 5742. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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