Industry
Transport Canada has issued an immediate recall for nearly 150,000 Toyota RAV4 models, after finding that rear seatbelts may sever in a crash. In a statement on Thursday, Transport Canada said that its research engineers and investigators have uncovered a potentially dangerous defect in 2006 to 2012 Toyota RAV4 models. In a severe frontal crash, […]
By Canadian Underwriter | February 18, 2016
2 min read
Worldwide IT spending is expected to post a major slowdown in 2016, as economic weakness in emerging markets and saturation of the smartphone market combine to result in a significantly slower pace of tech spending growth compared to the past six years, according to the International Data Corporation (IDC). IDC – a provider of market […]
By Canadian Underwriter | February 17, 2016
3 min read
DETROIT – General Motors is recalling about 200,000 Saab and Saturn cars in the U.S. and Canada to replace the Takata driver’s air bag inflators. The move is part of a broader recall of about 5.4 million vehicles announced last month by U.S. safety regulators. Takata inflators can explode with too much force in a […]
By Canadian Underwriter | February 16, 2016
Canada’s largest provider of P&C insurance – Intact Financial Corporation (IFC) – announced on Tuesday that it has made a “strategic investment” in Metromile – a provider of pay-per-mile car insurance in the United States. Details of the strategic investment were limited, but “the venture is in line with IFC’s long-term strategy to invest and […]
A new survey out of the United States identifies a cloud computing spending pattern – 90% of respondents say their companies plan to increase or maintain related budgets – that signals a growth opportunity for providers. Cloud service providers are advised to target opportunity in enterprise market, Washington, D.C.-based B2B research firm Clutch suggested in […]
American International Group Inc. reported Thursday its catastrophe-related losses in commercial property & casualty dropped 3% from 2014 to 2015 but the loss ratio deteriorated by 14.6 points after the New York City-based firm strengthened its loss reserves in long-tail classes of commercial liability insurance. AIG, which released its financial results Thursday, reported its net […]
By Canadian Underwriter | February 12, 2016
4 min read
Commercial insurer Markel Corp. experienced a five-point drop in its combined ratio in 2015, while earned premiums were essentially unchanged from 2014. Glen Allen, Va.-based Markel released Wednesday its financial results for the last three months and full year of 2015. Gross written premiums dropped 4%, from $4.81 billion in 2014 to $4.63 billion in […]
By Canadian Underwriter | February 11, 2016
Quebec City-based Industrial Alliance Insurance and Financial Services Inc. has reported net income attributed to common shareholders of $4.2 million for the fourth quarter of last year, ending Dec. 31, 2015. Industrial Alliance (iA) offers auto and home insurance, as well as life and health insurance products, mutual and segregated funds, savings and retirement plans, […]
Insurance carrier Arch Capital Group Ltd. reported Tuesday its financial results, reporting an 8.6% drop in underwriting income and a 1.2-point increase – to 88% – in its combined ratio. Hamilton, Bermuda-based Arch reported net premiums written of $3.35 billion last year, down 7.4% from $3.62 billion in 2014. All figures are in United States […]
By Canadian Underwriter | February 10, 2016
Bermuda insurance carrier Everest Re Group Ltd. recently reported a 0.6-point deterioration in its combined ratio for 2015, while premiums earned increased 6%. Everest Re, which owns Toronto-based Everest Insurance Company of Canada, released Feb. 3 its financial results for the calendar year and last three months of 2015. Premiums earned were $5.48 billion in […]
By Canadian Underwriter | February 9, 2016
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