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The North America Insurance Sectors : A Company and Industry Analysis (June 2006)


Description: This report updates the previous North American insurance report, focusing on the markets in Canada and the United States
Current Environment - Key Points
- US property and casualty insurers raised property insurance premiums believing the class now attracts greater risk as a result of extreme weather conditions; the reinsurance sector also raised premiums for property and casualty insurers
- The US life and health sector enjoyed growth as a result of higher sales of investment products
- The US insurance industry reported record insured losses of US$58 billion in 2005, a 15-fold increase over a period of 30 years, mainly resulting from the devastating impacts of Hurricanes Katrina, Rita and Wilma
- The Canadian insurance industry reported record profits of more than C$6 billion (US$5.45 billion) in 2005, up 50% from 2004
This caused a stir among consumers wanting to know how the industry managed to record such results despite being plagued by catastrophe losses
- Canadian banks and insurance stocks slid by 0.3% on April 4, 2006, as expectations of higher interest rates undercut the nation's financial sector

Industry Profile - Key Points
- Last year, US Congress extended for another two years the new Terrorism Risk Insurance Revision Act of 2005, which establishes a shared responsibility for insured commercial property and liability losses from acts of terrorism
- Two US Senators proposed a bill to overhaul US insurance regulations, which are currently complex, with primary responsibility assigned to individual state insurance departments
The bill proposed a single supervisory body to regulate the insurance industry, given that the current insurance markets have become centralized
- Auto insurance premium rates have been on the downswing throughout the Canadian auto market, as insurers strive to find a balance between affordable premiums for all drivers and sufficient benefits for those who make a claim
- A change to the Canadian Pension Plan (CPP) scheme earlier this year is set to bring greater revenues for the private insurance sector
Market Trends and Outlook - Key Points
- The number of US insurance failures continues to fall as a result of the country's overall economic strength
- The gap in health insurance coverage has grown even wider among US families due to financial constraints, with more than 40% of working Americans earning between US$20,000 and US$40,000 uninsured
- US life insurers are eagerly tapping the insurance market for the elderly as baby boomers become more affluent; they now control more than 77% of US wealth
- The issue of bancassurance has invoked much criticism among Canadians, reflecting their serious concerns regarding the issue of privacy
Canadians do not favor having much of their information held by a single bank
- Canadians are reconsidering the use of hybrid cars that combine gasoline and electric power, as they are cheaper to insure compared with conventional gas powered vehicles
- The reappearance of harder market conditions is expected to lead to consolidation in the industry, with smaller insurers surrendering their business to bigger and established players


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

- Insurance Industry Reticent on
2005 Record Profits
- Insurance Stocks Fall on Higher
Interest Rates Expectations
- Leading Insurers
- Mergers and Acquisitions
Industry Profile - US
- Overview
- The Insurance Industry after the
Hurricanes
- The US Renews Terrorism Risk
Insurance Act
- Need for Change in US Insurance
Regulations
Industry Profile - Canada
- Overview
- Industry Size and Value
- Auto Insurance Rates Decrease
- Employment Insurance Premiums
Fall for the 12
t h
Consecutive Year
Market Trends and Outlook - US
- US Insurance Failure Levels Fall
- Health Insurance Levels Fall
- Seniors Life Insurance Market
Booms
- Market Outlook
Market Trends and Outlook -
Canada
- Canada Falls Further Behind on
Bancassurance
- Insurers to Benefit from Canadian
Pension Plan Changes
- More Canadians Turn to Hybrid
Vehicles
- Market Outlook
Currency Conversion Table
The Scope of this Report
Key References
Comparative Data
Reports Coverage




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