Claims
Economical Insurance saw its full-year net income fall from $151 million in 2012 to $87.7 million in 2013 in the wake of the worst catastrophe year in the insurer’s history. The net income for 2013 was significantly impacted by weather-related catastrophe costs, notes Economical, which last Friday released its consolidated financial results for the three […]
By Canadian Underwriter | February 24, 2014
3 min read
BILLINGS, Mon. – Railroads that haul volatile crude shipments have reached an agreement with U.S. transportation officials to adopt wide-ranging, voluntary safety measures after a string of explosive and deadly accidents. The agreement between the U.S. Transportation Department and the Association of American Railroads was obtained Friday by The Associated Press. It calls for railroads […]
By Canadian Underwriter | February 21, 2014
4 min read
The Insurance Institute of Canada will be celebrating National Education Week from Feb 24 to 28, with regional chapters holding professional development events for industry professional. Events and seminars hosted across Canada on topics specific to the insurance industry, as well as on general professional development issues. In addition to professional development, local institutes and […]
1 min read
Last year, the homeowners’ insurance sector in the United States will have had its first statutory underwriting profit since 2007, benefitting from a decline in natural catastrophe losses, among other factors, according to a new report from Fitch Ratings. Increasing premium rates also benefitted the sector, according to Fitch. Its report is based on an […]
A recent report on Ontario auto insurance dispute resolution includes six paragraphs discussing insurers’ medical examinations, but the recommendations ignore the effect of “flawed” medical opinions, an accident victims’ group suggested Friday. The Ministry of Finance released Tuesday the final report of the Ontario Automobile Dispute Resolution System (DRS) Review, written by J. Douglas Cunningham, […]
BILLINGS, Mon. – BNSF Railway Co. says it intends to buy a fleet of 5,000 strengthened tank cars to haul oil and ethanol in a move that would set a higher safety standard for a fleet that’s seen multiple major accidents. The Texas-based subsidiary of Warren Buffett’s Berkshire Hathaway, Inc. announced the voluntary step Thursday. […]
By Canadian Underwriter | February 20, 2014
Allstate Corp. expects a pre-tax catastrophe loss of $277 million in January, the insurer said Thursday. The estimate totals $180 million after-tax. Catastrophe losses in January were made up of six events at an estimated cost of $271 million, pre-tax, plus unfavorable reserve reestimates of prior reported catastrophe losses, Allstate said. “One of the events met the […]
Japan and the United States face the highest economic exposure to natural hazards, such as tropical storms and earthquakes, notes a new report from risk analytics and research firm Maplecroft. Taiwan, China, India, Mexico, the Philippines, Italy, Australia and Indonesia round out the top 10 countries with the highest economic exposure to natural disasters, according […]
2 min read
Swiss Re Ltd. released Thursday its financial results for 2013, recording a 2.4-point improvement in the property combined ratio from 2012, a 15% increase in total premiums and a 51% increase in fourth-quarter net income. In property and casualty, Swiss Re recorded premiums earned of $14.5 billion in 2013, up 18% from $12.3 billion in […]
READING, Pa. – Orange cones and flashing police lights confronted Ricardo Nieves as he rounded a bend on the way to his mother’s house. Before he knew what was going on, Nieves said a man working for a government contractor stepped in front of his car and forced him to turn into a parking lot. […]
6 min read
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