Industry
Willis Group Holdings plc released Thursday its financial results for the second quarter, reporting a 5.7% year-over-year increase in commissions and fees. In a filing with the U.S. Securities and Exchange Commission, the London-based risk consulting and brokerage firm reported revenues for the three months ending June 30 were $890 million, up year-over-year from $842 […]
By Canadian Underwriter | July 25, 2013
2 min read
ACE Ltd. has reported a 6.3% increase in net premiums written for the second quarter of this year ended June 30 over the same period last year. The Zurich-based insurance firm reported gross written premiums of $6.03 billion (up 6.7% from the second quarter of 2012), net premiums written of $4.391 billion (up 6.3% from […]
By Canadian Underwriter | July 24, 2013
New Brunswickers with questions about insurance claims following the July 20 tornado that caused extensive damage, particularly in the Grand Lake region, are advised to call for more information. Amanda Dean, vice president, Atlantic Region for the Insurance Bureau of Canada (IBC), encourages residents with insurance questions to contact the bureau’s Atlantic Consumer Information Centre. […]
By Canadian Underwriter | July 23, 2013
An earthquake off the coast of New Zealand has caused damage to structures and infrastructure but one modelling firm does not expect a significant level of insured losses and another says there is no indication that it was related to a series of earthquakes that struck Christchurch two years ago. “Initial reports of damage indicate […]
3 min read
The Insurance Information Institute (III) reports that despite insurance being a heavily regulated industry in the United States, a highly competitive auto insurance marketplace is making coverage more widely available and affordable for all drivers. The cost of auto coverage has risen more slowly south of the border than has the cost of medical care […]
Cyber crime and cyber espionage could leach US$100 billion to US$500 billion from the global economy, notes a new report released July 22. Sponsored by McAfee, a subsidiary of Intel Corp., loss estimates are based on an economic model and methodology built by the Washington, D.C.-based Center for Strategic and International Studies (CSIS). Calling the […]
4 min read
The U.S. property and casualty insurance industry showed improvement in the first quarter of 2013 compared to the first quarter of 2012, according to a report announced Monday by A.M. Best Company Inc. In the U.S. P&C sector, net premiums written were $118.2 billion in the first quarter of 2013, up 4.6% from $113.2 billion […]
By Canadian Underwriter | July 22, 2013
Bermuda-based AXIS Capital Holdings Limited reports that the company’s preliminary estimate of 2013 Q2 pre-tax losses related to natural catastrophes and weather is $140 million. The number is net of estimated recoveries from reinsurance and including estimated reinstatement premiums, noted a statement last week from AXIS Capital, a global provider of specialty lines insurance and […]
1 min read
Some members of the property and casualty insurance industry have responded to the list of globally “systemically important” insurers released on Thursday, both commending the move and pointing out its flaws. The Financial Stability Board published an initial list of nine global insurers deemed to be systemically important (G-SIIs), based on policy measures from the […]
By Canadian Underwriter | July 19, 2013
Insurance policyholders in Ontario and Quebec want to be able to be able to change their billing information and conduct other transactions online, but respondents to a recent survey say very few insurers let them do this. Deloitte LLP of Toronto recently released a report titled “Serve them before you lose them.” It was based […]
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