Industry
Chubb Limited has reported a 149.2% increase in net income for the first quarter of 2017 ending March 31, from US$439 million in Q1 2016 to US$1.09 billion in the most recent quarter. Operating income was US$1.17 billion, up 15.3% from US$1.02 billion in Q1 2016, while P&C underwriting income was US$783 million, up 28% […]
By Canadian Underwriter | April 26, 2017
3 min read
A report released two weeks ago is “probably the best description we have to date of what is wrong” with Ontario’s auto insurance system, the chief executive officer of Insurance Bureau of Canada said Tuesday. In opening remarks at IBC’s annual Financial Affairs Symposium, IBC CEO Don Forgeron referred to Fair Benefits Fairly Delivered: A […]
By Canadian Underwriter | April 25, 2017
The frequency of insurance claims related to mergers and acquisitions (M&A) is rising as large deals prove risky and the average payout on the most severe category of claims tops US$20 million, according to a new global study from American International Group, Inc. (AIG). The AIG study of its representation and warranty (R&W) claims, now […]
By Canadian Underwriter | April 20, 2017
The global insurance industry is likely to see slightly increased growth by 2018, Munich Re reported on Thursday. Munich Re said in a press release that better economic prospects in the United States and in many emerging markets will offset negative factors such as declining growth in the Chinese market. In the longer term, the […]
Opta Information Intelligence has announced the expansion of its suite of services to the Canadian property and casualty (P&C) insurance industry with the launch of iClarify Farm Solution. Markham, Ont.-headquartered Opta, creator of iClarify and Peril Score analytic solutions, announced the expansion earlier this week. The latest innovation was designed in partnership with Reeds Construction […]
By Canadian Underwriter | April 19, 2017
2 min read
If Trimont Financial Ltd. acquires Western Financial Group, Desjardins Group officials will have “more time to focus on further integrating State Farm,” MSA Research Inc. suggested in a recent report released Tuesday. “Slowly but surely, the complexion of the industry is changing and realigning,” wrote Joel Baker, president and chief executive officer of Toronto-based MSA, […]
The Property and Casualty Insurance Compensation Corporation (PACICC) will participate in the federal government’s review of financial sector regulations next year, including the examination of an act that has not “really been reviewed” in more than a century. The Winding-up and Restructuring Act, which sets the stage for all the work that PACICC gets involved […]
By Jason Contant | April 18, 2017
Over the past 20 years, 161 different insurance companies have exited the Canadian P&C market, 96% of which were voluntary exits, according to a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The report, the 11th in PACICC’s Why Insurers Fail research series, was released at the corporation’s annual general meeting, held […]
By Jason Contant | April 13, 2017
4 min read
The Ontario government should consider allowing auto insurers to offer consumers more choices and come up with new rules for the tort system bearing in mind that personal injury auto lawsuits “seldom involve complex issues of law,” a special adviser to the finance minister suggested this week. “After protecting others through a minimum liability insurance, […]
By Canadian Underwriter | April 13, 2017
OTTAWA – The head of the Bank of Canada said an interest rate cut was not on the table during the central bank’s latest policy decision, but also warned of persistent risks that suggest it will not hike any time soon. The central bank held its trendsetting rate unchanged on Wednesday following an early-2017 run […]
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