Industry
Two Western Ontario farmers’ mutual insurance companies – North Waterloo Farmers Mutual Insurance Company and Oxford Mutual Insurance Company – announced Monday they agreed to merge. The merger – which is subject to approval both by regulators and by mutual policyholders – would create Heartland Farm Mutual Insurance Inc. Oxford was founded in 1878 […]
By Canadian Underwriter | March 2, 2015
1 min read
Insurance providers in the United States have been able to focus time on and apply lessons to managing non-catastrophic claims, which has resulted in a third consecutive year of higher overall satisfaction among homeowners who have filed a property claim, according to the J.D. Power 2015 Property Claims Satisfaction Study released today. The study, now […]
2 min read
Legal obligations to supply personal data held on telematics devices are rare in the United Kingdom, suggested a recent blog from Brussels, Belgium-based Ptolemus Consulting Group. Thomas Hallauer, the group’s research and marketing director in London, said on Saturday that meeting with U.K. usage-based insurance (UBI) service providers — or telematics service providers — spurred […]
3 min read
A private member’s bill proposing to let Ontarians drive “utility task” vehicles – on highways on which all-terrain vehicles may also be driven – recently passed second reading at Queen’s Park. “This bill is about expanding the definition of (all-terrain vehicles) to include utility task vehicles,” said Norm Miller, the MPP who sponsored Bill 58, […]
Berkshire Hathaway Inc.’s operating earnings grew for both 2014 compared with 2013 and for 2014 Q4 compared with 2013 Q4, and while operating earnings for insurance-underwriting was down, the quickly growing insurance operation posted its twelfth consecutive year of underwriting profit last year. The company’s operating earnings for 2014 were US$16.551 billion compared with US$15.139 […]
4 min read
Canada’s Department of Finance has issued long-awaited draft regulations for the demutualization of Canadian property and casualty insurance companies. Available online on the Canada Gazette website on Feb. 27, there are two sets of draft regulations, one for insurers with only mutual policyholders and one for insurers with both mutual and non-mutual policyholders. Economical Insurance […]
By Canadian Underwriter | February 27, 2015
Factory Mutual Insurance Company (FM Global) announced Friday its net income for 2014 dropped 6.2% to $956.4 million, from $1.02 billion in 2013, while net premiums earned increased 2% to $3.6 billion. All figures are in United States dollars. The Johnston, Rhode Island-based commercial insurer said its combined ratio in 2014 was 79.4%, up 1.7 […]
In considering reforms to auto insurance, Ontario policymakers should look at what their Nova Scotia counterparts have done, suggested Don Forgeron, president and CEO of the Insurance Bureau of Canada, in a recent speech in Halifax. Speaking at the Halifax Chamber of Commerce on Feb. 26, Forgeron said that not that long ago, auto insurance […]
State Farm reported Friday its property & casualty companies had an underwriting loss of $939 million in 2014 compared to an underwriting gain of $230 million in 2013, with net income of $3.6 billion in 2014. All figures are in U.S. dollars. Bloomington, Ill.-based State Farm released financial results on its 12 companies, nine of […]
Beyond the public sector, private investors and operators are needed to meet the world’s huge infrastructure demand, but they are concerned about political and regulatory risk, suggests a new report issued this week as part of the World Economic Forum’s Strategic Infrastructure Knowledge Series. Political and regulatory risk is one of the major constraints on […]
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