Industry
ACE Ltd. released Tuesday its financial results for the three months ending June 30, reporting a 23.8% year-over-year increase in Q2 gross written premiums in North American property & casualty insurance, while underwriting income was unchanged from the same period in 2014. Zurich-based ACE reported $2.905 billion in North American P&C gross written premiums in […]
By Canadian Underwriter | July 22, 2015
2 min read
Global insurance companies will be spending an average of US$77.7 million this year on the Internet of Things (IoT), which will increase to US$102.9 million in 2018, according to a report released on Wednesday by Tata Consulting Services (TCS), an IT services, consulting and business solutions organization. Internet of Things: The Complete Reimaginative Force, TCS’ […]
3 min read
The Travelers Companies, Inc. reported on Tuesday a consolidated combined ratio of 90.8% for the second quarter of 2015 – an improvement of 4.3 points from Q2 2014 – due to lower catastrophe losses (3.6 points), higher net favourable prior year reserve development (0.4 points), and a lower underlying combined ratio (0.3 points). Travelers, a […]
The Centre for Study of Insurance Operations (CSIO) announced on Wednesday the release of its latest XML data standard, which incorporates new updates related to the introduction of Cyber Liability Insurance. The need for cyber liability insurance is on the rise, with major retailers and government agencies – including Home Depot and the Canada Revenue […]
1 min read
CLINTON, Conn. – A teenager may be in trouble with federal aviation officials after posting online a video that shows shots being fired from a drone that had been rigged to carry a handgun. The Federal Aviation Administration said Tuesday it was investigating whether 18-year-old Austin Haughwout, of Clinton, violated its regulations, which prohibit the […]
VANCOUVER – The fatal police shooting of a masked man associated with the international hackers’ group Anonymous has set the stage for an unprecedented escalation in online attacks across Canada, says a technology expert. Independent tech analyst Carmi Levy said this incident should be “sounding a very loud alarm” for the Canadian government that is […]
By Canadian Underwriter | July 21, 2015
A resilient economy in the United States is shielding North American credit conditions from increasing risks, while the credit outlook for the insurance industry being stable, notes a briefing issued Tuesday by Standard & Poor’s. The report is based on S&P credit conditions committees that meet quarterly to review macroeconomic conditions in four regions, including […]
5 min read
ENCON Group Inc. announced Tuesday it is now offering new commercial crime insurance to protect organizations in Canada from exposure to occupational fraud and theft. The insurance provides a variety of limits based on the size and scope of the risk, notes a statement from managing general agent ENCON Group. Coverage can be added by […]
Information technology (IT) executives within critical infrastructure organizations see a need for public-private threat intelligence sharing partnerships to keep pace with escalating cybersecurity threats, according to a survey released on Monday by The Aspen Institute and Intel Security. The survey involved “625 IT decision makers with influence over their organization’s security solutions” in France, Germany, […]
By Canadian Underwriter | July 20, 2015
An influx of alternative capital into the reinsurance market, low interest rates and a desire for geographic expansion are among the factors driving mergers and acquisitions in the insurance industry, A.M. Best Company Inc. suggested in a recent report. “A.M. Best expects industry consolidation to remain at the forefront of the management agenda as companies […]
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