Industry
A.M. Best Company is holding its outlook for the global reinsurance sector at negative, citing the continued market challenges that will hinder the potential for positive rating actions over time and may eventually translate into negative rating pressures. The Best’s Briefing titled Global Reinsurance Outlook Maintained at Negative and released on Monday said that the […]
By Canadian Underwriter | December 13, 2016
2 min read
The fastening system of a wooden platform connecting the gangway of a passenger vessel to a dock had not been inspected since it was first installed five years ago, the Transportation Safety Board of Canada said Wednesday in an information letter arising from an accident in September. On September 7, the passenger vessel Fjord Saguenay […]
By Canadian Underwriter | December 7, 2016
3 min read
OTTAWA – The Bank of Canada is holding its benchmark interest rate at 0.5 per cent as it sees the stronger world economy continuing to face “undiminished” uncertainty. In making the scheduled announcement Wednesday, the central bank said its decision also came as the economic environments in Canada and abroad had largely moved forward in […]
By Jason Contant | December 7, 2016
The road to improving auto theft numbers has taken a negative turn for the second year in a row, increasing 6% nationally in 2016 over 2015, Insurance Bureau of Canada (IBC) reports in its newly released Top 10 Most Frequently Stolen Vehicles list. “For the second consecutive year, auto theft across Canada has ticked higher,” […]
By Canadian Underwriter | December 6, 2016
5 min read
The marine insurance market is “very competitive” and worldwide, premiums dropped 10.5% from 2014 to 2015, due in part to currency fluctuations, the president of the Canadian Board of Marine Underwriters said at a recent presentation. In the marine insurance market, net premiums written were about $321 million in 2015 in Canada, CBMU president Isabelle […]
By Canadian Underwriter | December 5, 2016
OTTAWA – Former Bank of Canada governor David Dodge says the world economy might be better off if policy-makers bumped interest rates a little bit higher. In prepared remarks for a speech today, Dodge says boosting borrowing costs would help promote price and financial stability under current global conditions, which include historically low interest rates […]
By Canadian Underwriter | December 2, 2016
Technology is today's shiny new thing in the property and casualty insurance industry. Unlike many passing fancies, though, technology offers great promise for enhancing efficiencies, identifying risks and cutting costs. Still, insurers need to guard against becoming distracted and straying from what needs to be their ultimate focus: improving customer experience.
By Canadian Underwriter | December 1, 2016
19 min read
The property and casualty industry in the United States reported a US$2.3 billion net underwriting loss in the first nine months of 2016 and a 26.8% decline in net income compared with the same period in 2015, according to preliminary financial results from ratings firm A.M. Best Company. The Oldwick, N.J.-based company outlined the financial […]
By Canadian Underwriter | November 28, 2016
Online insurance company belairdirect announced on Thursday that it is now offering home and auto insurance services in British Columbia. “This is a very exciting day for belairdirect, our employees and our customers,” said Henry Blumenthal, vice president of sales and operations for belairdirect’s Western region. “Since joining forces with Canadian Direct Insurance (CDI) in […]
By Canadian Underwriter | November 24, 2016
Aviva Canada has launched a cross-border insurance solution for Canadian domiciled companies with assets, exposures or plated vehicles in the United States. On Thursday, the insurer announced the solution for Canadian domiciled companies that have physical assets, exposures or plated vehicles within the U.S. and require admitted paper. Offered to a variety of industry sectors […]
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