Industry
Prices charged on policies underwritten by Canadian commercial lines insurers during the first quarter of 2015 increased 3.1% compared to same quarter in 2014, according to the latest Towers Watson Commercial Lines Insurance Pricing Survey (CLIPS) – Canada survey released last week. Once per quarter, participating companies provide premium volume, changes in prices for the […]
By Canadian Underwriter | August 11, 2015
2 min read
Munich Re reported a combined ratio of 93.3%, in property & casualty reinsurance, for the three months ending June 30, an 8.1-point improvement over the 101.4% it reported in the second quarter of 2014, while Q2 natural catastrophe expenditures dropped nearly 93% year over year. For the first six months of the year, Munich Re […]
By Canadian Underwriter | August 10, 2015
3 min read
The Government of Prince Edward Island has taken steps to simplify the claims process for vehicle repairs by having Islanders deal only with their own insurance companies following an accident. Enacted in the spring of 2014, insurance reform known as “Direct Compensation – Property Damage” (DCPD) will take effect Oct. 1, 2015 and apply to […]
Net earnings for Berkshire Hathaway Inc. dropped 37% to US$4.1 billion in the second quarter of 2015 from the same quarter of 2014, driven, in part, by the underwriting loss in the company’s Insurance segment. Net earnings for 2015 Q2 were US$4.1 billion compared to US$6.5 billion in 2014 Q2, notes a statement Friday from […]
Most railroads in the United States will miss the Dec. 31 positive train control (PTC) implementation deadline, according to a report released on Friday by the Federal Railroad Administration (FRA). Mandated by the House of Representatives Appropriations Committee, the PTC deadline was established by Congress in 2008. “After seven years and significant assistance from FRA, […]
By Canadian Underwriter | August 7, 2015
Zurich Insurance Group Ltd. released Thursday its financial results for the six months and three months ending June 30, reporting a 3.4 deterioration in its Q2 combined ratio in the midst of large losses in general insurance, with chief executive officer Martin Senn reporting he is “not satisfied” with the company’s performance in general insurance. […]
Allianz Group has reported a 7.1% increase in total revenues for the first half of the year, from 63.4 billion euros in 1H 2014 to 67.9 billion euros for the six months ending June 30. Operating profit climbed 3.7% to 5.70 billion euros from 5.49 billion euros in 1H 2014, while net income attributable to […]
Echelon Financial Holdings Inc. reported net income of $5.1 million for the three months ended June 30, 2015 from the $603,000 loss for the same quarter of 2014, the company announced Thursday. Net income was also way up for the first half of 2015, an increase of 73% to about $8.3 million compared to $4.8 […]
Aviva plc released Thursday its interim financial results for the first six months of the year, reporting a 1% increase in general insurance premiums from its Canadian business and a 5.5-point improvement in its combined ratio. “Our Canadian general insurance business grew its underwriting result to £82 million” from £30 million in the first half […]
By Canadian Underwriter | August 6, 2015
Waterloo, Ont.-based property and casualty insurer Economical Insurance has recorded a combined ratio of 95.9% and net income of $33.8 million for the second quarter of 2015, ending June 30. Economical Insurance released its second quarter and first half results on Thursday. Gross written premiums for the second quarter 2015 grew by $16.8 million, or […]
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