Claims
Intact Insurance will launch a revised water peril product next year, the company’s president said last week at the Insurance Brokers Association of Ontario’s (IBAO) 2015 convention in Toronto. Jean-François Blais made the announcement during the CEO Panel at the convention, held at the Sheraton Centre on Thursday. He said the insurer looked at the […]
By Canadian Underwriter | October 26, 2015
4 min read
Onshore properties in Mexico escaped major damage when Hurricane Patricia made landfall, with catastrophe modelling firm AIR Worldwide estimating Sunday that insured losses to those properties will not exceed US$200 million. When at its height earlier, the National Hurricane Center (NHC) reported Patricia was the most intense tropical cyclone ever recorded in its domain (the […]
Ontario’s auto policy should be changed to allow more choice for consumers, some insurance carrier chief executive officers suggested Thursday, though Intact Insurance’s president expressed concerns about the change in catastrophic impairment coverage that takes effect next June. “There is a number of people who share the view that a new product which has more […]
By Canadian Underwriter | October 23, 2015
Jackson, Mississippi is the windiest city in the United States, recording a maximum wind speed of 99 miles per hour (about 159 kilometres per hour) and 153 separate wind events over a nine-year period, according to new data released on Friday by CoreLogic. The CoreLogic Windy City Ranking provides a ranking of the U.S.’s windiest […]
3 min read
Allied World Assurance Company Holdings, AG this week reported a net loss of US$51.6 million for 2015 Q3 compared to net income of US$30.9 million in 2014 Q3, partly driven by catastrophe and investment losses. “Net income for the quarter was reduced by net catastrophe losses of US$28.9 million (on a pre-tax basis and net […]
Saskatchewan Government Insurance has awarded Veridos Canada Inc. with the contract to produce the province’s driver’s licences and identification cards, as well as provide facial recognition and photo capture enhancement. “With this move to facial recognition, Saskatchewan will join all other Canadian provinces that are using facial recognition technology in their driver’s licensing programs,” notes […]
By Canadian Underwriter | October 22, 2015
2 min read
Catastrophe bond issuance for the third quarter of 2015 was roughly double that of Q3 2014, though year-to-date issuance was down 19% year over year, Willis Capital Markets and Advisory (WCMA) said in a recent report. In its insurance-linked securities (ILS) Market Update – titled Catastrophe Bond Issuance is Down: The New Future or Just […]
Record net written premiums (NWP) for The Travelers Companies, Inc. in the third quarter of 2015 helped buoy the company’s net income the quarter, which reached US$928 million compared to US$919 million in the same period of 2014. The 1% increase in net income for the quarter ended Sept. 30, 2015 was bettered by a […]
The cyber risk the insurance industry seems most concerned about currently relates to large aggregation scenarios – such as the impact of an attack on the power grid or the cloud – but that concern has not necessarily translated into understanding how to handle the consequences, Jayanta Guin, executive vice president of research and modelling […]
By Canadian Underwriter | October 21, 2015
LOS ANGELES – Sony Pictures Entertainment has reached a settlement with current and former employees, agreeing to pay up to $8 million to reimburse them for identity-theft losses, preventative measures and legal fees related to the hack of its computers last year. The settlement was filed with the U.S. District Court in Los Angeles late […]
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