Claims
The loss reserve position of the U.S. property-casualty industry is slightly improved as of year-end 2013, assuming a continuation of current claims settlement patterns, notes a new study released this week by Conning. “Our view of the property-casualty insurance industry loss reserve position is that it remains stable, perhaps even slightly improved in 2013 when […]
By Canadian Underwriter | May 21, 2014
2 min read
SARAJEVO – Floodwaters receded Wednesday in Bosnia and Serbia, just enough to reveal the next shock: recovery from the historic flood will cost billions of euros that neither of the countries has. EU and NATO officials are visiting Bosnia Wednesday to talk to local officials about what steps need to be taken next. Bosnian authorities […]
DETROIT – General Motors said Tuesday it’s recalling 2.4 million vehicles in the U.S. as part of a broader effort to resolve outstanding safety issues more quickly. The latest action brings to 13.6 million the number of vehicles GM has recalled in this year, a new record for the automaker. GM’s previous record of 10.75 […]
By Canadian Underwriter | May 20, 2014
Record catastrophe losses caused the Canadian property and casualty insurance industry to see a decline in underwriting profit for 2013 to $284 million, compared with $1.9 billion in 2012, according to a quarterly briefing from Swiss Re’s Economic Research and Consulting division. Net income (after tax) fell by nearly 30%, and return on equity deteriorated […]
1 min read
BELGRADE, Serbia – Fed by the highest rainfall ever recorded in the Balkans, water levels in the mighty Danube were rising on Tuesday, but authorities expressed hope Europe’s second-largest river will spare the region already devastated by flooding. Serbia’s Hydro Institute said the Danube’s levels will surge in coming days but should remain within the […]
3 min read
WASHINGTON – U.S. safety regulators fined General Motors a record $35 million Friday for taking at least a decade to disclose defects with ignition switches in small cars that are now linked to at least 13 deaths. It’s the maximum penalty that the government can impose. But the amount is less than a day’s revenue […]
By Canadian Underwriter | May 16, 2014
When Andrea Horwath and Tim Hudak rejected the minority Liberal government’s proposed budget for Ontario, they effectively killed at least 19 pieces of legislation that would have affected or piqued the interest of auto, property and liability insurers as well as surety bond providers. Ontario voters go to the polls June 12, so the legislature […]
11 min read
PORTLAND, Maine – The company purchasing the assets of a railroad responsible for a fiery oil train derailment that claimed 47 lives in Quebec plans to resume oil shipments after track safety improvements are made, the firm’s top executive said Friday. John Giles, president and CEO of Central Maine and Quebec Railway, said he hopes […]
The first African catastrophe insurance pool has been launched to help protect food insecure regions prone to drought, with the goal of reducing dependence on emergency aid. African Risk Capacity, a specialized agency set up by the African Union, has created a specialist hybrid mutual insurance company, ARC Insurance Company Ltd., domiciled in Bermuda. ARC […]
Zurich Insurance Group has reported a business operating profit of US$1.4 billion and net incomes of US$1.3 billion for the first quarter of the year. Its net income for the three months ended March 31 was up 20%, or US$210 million over the prior year quarter, while its business operating profit climbed US$30 million over […]
By Canadian Underwriter | May 15, 2014
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
