Industry
Autonomous vehicles (AVs) will lead to a major disruption in the auto insurance sector, affecting the industry’s entire business model, suggested a speaker at the Insurance Telematics Canada 2015 conference on Friday. Barrie Kirk, executive director of the Kanata, Ont.-based Canadian Automated Vehicles Centre of Excellence, told attendees that AVs will be fleet-owned, so there […]
By Canadian Underwriter | April 27, 2015
3 min read
NEW ORLEANS, La. – The growing international demand for new buildings and infrastructure presents a significant opportunity for contractors, but with that opportunity comes risk, including environmental exposures, that must be evaluated before embarking on any such venture, recommend two senior officials with ACE. “As the economies of developing nations mature, they need to meet […]
4 min read
Commercial brokerage Arthur J. Gallagher & Co. released Friday its financial results for the quarter ending March 31, reporting a 44% year-to-year drop in net earnings while revenues were up 35%. Gallagher, based in the Chicago suburb of Itasca, Ill., reported net earnings of $32.4 million on revenues of $1.231 billion in the most recent […]
The Chubb Corp. released Thursday its financial results for the three months ending March 31, reporting a 9.5-point improvement in its personal-auto combined ratio, a 1.4% increase in overall premiums and a 5.9% drop in investment income. Warren, N.J.-based Chubb is the holding company that owns the property & casualty insurance carriers – including Chubb […]
By Canadian Underwriter | April 24, 2015
2 min read
Insurers providing usage-based insurance (UBI) in Quebec are advised that they must manage not only their own risks, but also those associated with outsourced activity, Julien Reid, senior director of financial institutions oversight and deposit insurance for the Autorité des marchés financiers de Québec, said during Insurance Telematics Canada in Toronto Thursday. The insurer […]
The Ontario government does not plan to mandate further cuts in private passenger auto premiums, but the ruling Liberals do plan to change the Insurance Act to reduce the total mandatory coverage, in the standard auto policy, for medical and rehabilitation benefits and to change the definition of catastrophic impairment. Finance Minister Charles Sousa released […]
By Canadian Underwriter | April 23, 2015
Allied World Assurance Company Holdings, AG, a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, has reported an 88.1% combined ratio for the first quarter of 2015, compared to 79.9% in the first quarter of 2014. The Switzerland-based company reported in a press release Wednesday a net income of US$124.4 million, […]
ACE Group, one of the world’s largest multiline property and casualty insurers, has reported a p&c combined ratio of 88.4% and operating return on equity of 10.8% for Q1. ACE Group said in a statement on Tuesday that global p&c net premiums (excluding agriculture), were up 5% in constant dollars. The company also reported a p&c […]
By Canadian Underwriter | April 22, 2015
Regulation plays an important role in achieving financial system safety and stability, but another key function is “to ensure that the financial sector does its job effectively and efficiently to support a healthy economy,” says Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC). Speaking at IBC’s 19th Annual Financial Affairs Symposium […]
Willis Group Holdings plc, the global risk advisor, insurance and reinsurance broker, unveiled on Tuesday a new suite of proprietary analytical tools to help firms proactively manage risks. The models, part of the first wave of what Willis is calling its Core Analytics tool suite, will deliver innovative analytical capabilities for diagnosing natural catastrophe risk, […]
By Canadian Underwriter | April 21, 2015
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