Industry
Intact Financial Corporation (IFC) has reported a 0.9 percentage point drop in its combined ratio for the first quarter of 2016 compared to the same quarter in 2015, led by property lines and improving personal auto results. Toronto-headquartered IFC, the largest provider of property and casualty insurance in Canada with close to $8 billion in […]
By Canadian Underwriter | May 4, 2016
3 min read
American International Group, Inc. (AIG) has reported a slight decrease in its Property Casualty combined ratio in the first quarter of 2016, down from 97.1% in Q1 2015 to 96.9% in the latest quarter. AIG released its financial results on Monday, which include a decline in pre-tax P&C operating income to US$720 million for Q1 […]
By Canadian Underwriter | May 3, 2016
2 min read
Insurance policies for marine, surety, guarantee or fidelity-type bonds, accident and sickness, and life will be exempt from Newfoundland and Labrador’s 15% retail sales tax (RST) on property and casualty insurance premiums, the Insurance Bureau of Canada (IBC) said on Friday. The Government of Newfoundland and Labrador announced last month the reintroduction of the RST […]
By Canadian Underwriter | May 2, 2016
Modifications to commercial vehicles, especially involving the transportation of hazardous substances, can affect both safety and insurance coverage. When vehicles are carrying cargo such as fuel, fleet managers need to consider the risk of long-tail liability in the event of a pollution incident, and methods of reducing the risk of spills into bodies of water. […]
By Mandip Hullait, Director, Commercial Auto, RSA Canada | May 1, 2016
Arch Capital Group Ltd. reported Wednesday a 0.5-point increase in its combined ratio, a 4.2% increase in first-quarter gross written premiums in insurance and a 0.8% drop in Q1 gross written premiums in reinsurance. Pembroke, Bermuda-based Arch released Wednesday its financial results for the three months ending March 31. The combined ratio in the latest […]
By Canadian Underwriter | April 28, 2016
Commercial auto insurance in the United States has evolved into a “chronically underperforming product segment” for P&C insurers in the country, according to Fitch Ratings. While the P&C industry has reported three consecutive years of significant underwriting profits, the commercial auto market reported an underwriting loss for the fifth consecutive year in 2015, Fitch Ratings […]
1 min read
XL Group plc has reported a P&C combined ratio of 92.5% for the first quarter of 2016 ending March 31, up from 88.9% in the prior-year quarter. Dublin, Ireland-based XL Group released its financial results on Wednesday, noting that the P&C combined ratio excluding prior year development and the impact of natural catastrophe losses for the […]
WASHINGTON – The Federal Reserve kept a key interest rate unchanged Wednesday against the backdrop of a slowdown in U.S. and global growth and provided no hint of when its next rate hike may occur. In a statement after its latest policy meeting, the Fed noted that the United States is enjoying solid job gains […]
By Jason Contant | April 27, 2016
4 min read
2015 saw a 3.5% reduction in traditional capital dedicated to reinsurance, down US$13 billion from US$370 billion at year-end 2014, according to the latest Reinsurance Market Report from Willis Re, the reinsurance business of global advisory, broking and solutions company Willis Towers Watson. Willis Re noted, however, that the decline in traditional capital was offset […]
By Canadian Underwriter | April 27, 2016
Commercial insurance prices in aggregate for Canadian insurers increased 3.8% in the general products and liability line during the fourth quarter of 2015 compared to those charged for the same coverage during Q4 2014, according to the latest Willis Towers Watson (WTW) Commercial Lines Insurance Pricing Survey – Canada (CLIPS Canada). The most recent survey […]
By Canadian Underwriter | April 25, 2016
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