Claims
OTTAWA – Municipalities are lining up for a piece of the Conservative government’s $14-billion blitz on infrastructure spending, with proposals for projects ranging from wastewater treatment to public transit. Pitches have been in the works for weeks – if not months – in anticipation of the unveiling this week of the new building Canada fund, […]
By Canadian Underwriter | February 14, 2014
3 min read
NEW YORK – The relentless snow and ice storms this winter have led to the highest number of flight cancellations in more than 25 years, according to an analysis by The Associated Press. U.S. airlines have cancelled more than 75,000 domestic flights since Dec. 1, including roughly 14,000 this week. That’s 5.5 per cent of […]
4 min read
GORMLEY, Ont. – Prime Minister Stephen Harper lifted the veil Thursday on a $14-billion infrastructure fund that will offer provinces, cities and smaller communities access to eagerly anticipated federal money over the next 10 years. The New Building Canada Fund, which was first announced in last year’s federal budget, will be available starting this spring. […]
American International Group Inc. released Thursday its financial results for the quarter ending Dec. 31, reporting a 23.8-point drop in its property and casualty combined ratio, a 16.6% increase in fourth-quarter investment income and $272 million in unfavourable prior year loss reserve development in Q4. In its property and casualty operations, AIG reported net premiums […]
Natural and man-made disasters caused insured losses of around $40 billion last year, well below the 10-year average of $60 billion, risk and reinsurance specialist firm Guy Carpenter said in a report released Thursday. “Last year will likely be known as the ‘year of the flood,’ with significant global flood events affecting Central Europe, Australia, […]
By Canadian Underwriter | February 13, 2014
2 min read
Industrial Alliance Insurance and Financial Services Inc. released Thursday its financial results for the quarter ending Dec. 31, 2013 reporting a 15% increase in net income attributed to shareholders, while the combined ratio in its auto and home subsidiary was 101.9%. The Quebec City-based carrier owns Industrial Alliance Auto and Home Insurance Inc., though most […]
Zurich Insurance reported a rise in its net income for 2013, to $4.03 billion from $3.89 billion in 2012. On Thursday, the company also reported reported a business operating profit of $4.7 billion for the year. For the fourth quarter of 2013, business operating profit was up to $1.1 billion, from $573 million in the same […]
Insurers in New Zealand have paid out more than $10 billion in commercial and residential settlements from the Canterbury earthquake recovery, the country’s Insurance Council said on Wednesday. As of the end of 2013, $6.7 billion has been paid out for commercial settlements and $3.5 billion for residents affected by the 2010 quake, according to […]
WASHINGTON – The White House on Wednesday offered to help U.S. businesses protect their computer systems from cyberattacks that President Barack Obama called “one the gravest national security dangers that the United States faces.” Administration officials warned during an event at the White House that an attack on critical sectors of the U.S. economy could […]
The Canadian insurance market is stable, but last year’s severe flood events and recent consolidation among major insurers have changed the landscape slightly for 2014, according to Aon Canada’s new insurance market overview report. Generally, things aren’t likely to change dramatically for policyholders this year, according to the report, which provides a breakdown of what […]
By Canadian Underwriter | February 12, 2014
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