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The North America Insurance Sectors : A Company and Industry Analysis (December 2003)


Description: Current Environment - Key Points
- US insurers are expected to pay $2.9 billion to homeowners and businesses for insured property losses from seven catastrophic events - up more than 400% in the third quarter of 2002
- Since the current hard market began three years ago, the first half of 2003 was the first sustained period of good financial performance for the property and casualty sector, whose net income rose to $14.5 billion from $4.4 billion in the first half of 2002
- Throughout 2002, merger and acquisition activity was weak due to sluggish equity markets, accounting and reserve adequacy concerns, and companies being concerned about risk-taking
- Regardless of the tough year, the Canadian life and health insurance industry turned in a creditable performance in 2002, with total premiums increasing by 3% to $33.39 billion
- Property and casualty investment income will likely increase in the near future as a result of improved cash flow as evidenced by the 2.1% increase in the first half of 2003, according to the Insurance Information Institute

Industry Profile - Key Points
- The potential growth for the US insurance sector can be attributed to the country's ageing population
The Census Bureau projects that the population aged above 65 years will rise by 20% by 2030
- The insurance sector in the US is tightly regulated, with new laws regularly enacted to protect consumers and to adjust to new circumstances such as the heightened worldwide risk of terrorist attack
- In Canada, there are approximately 300 insurers, catering to a market worth $37.43 billion annually
- There is keen competition in Canada's life and health insurance industry, with 116 life and health insurers competing aggressively with each other
- Canada's property and casualty market, another big sector, has attracted considerable interest from foreign companies
Six of the ten largest insurers are now foreign-owned, with foreign insurers accounting for about 66% of net premiums earned
Market Trends and Outlook - Key Points
- Rising medical costs, vehicle repair, jury damages awards, automobile theft and fraud are expected to escalate insurance rates by 6% in 2004
- The World Trade Center attacks sent the market into chaos and cost the insurance industry billions, which they are still trying to recover through higher premiums and reduced coverage
Meanwhile, the perceptions of the risks of future terrorist attacks still linger
- Throughout 2003, moderate economic growth, a continued low inflation rate, ongoing low interest rates, a restrained growth in corporate profits and uncertain equity markets have persisted
- It is expected that the insurance market will be more stable in 2004
Therefore, the insurance industry should continue to be well positioned to maintain its leadership role in North American financial services


Contents: Current Environment - US
- Sector Overview
- Sector Performance
- Leading Companies
- Mergers and Acquisitions
Current Environment -
Canada

- Sector Overview
- Sector Performance
- Leading Companies
- Mergers and Acquisitions
Industry Profile - US
- Size and Value
- Regulatory Environment
- Sector Investment
Industry Profile - Canada
- Size and Value
- Regulatory Environment
- Sector Investment
Market Trends & Outlook
- Insurance Rates on the Rise
- Premiums Escalating
- Major External Shocks
- Terrorism and Insurance
- Life Insurance Activity
Declines
- Market Outlook
The Scope of this Report
Key References
Comparative Data
Sales Contacts




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