Industry
SCOR Global has reported gross written premiums of €9.51 billion for 2012, an increase of 25.2%. The company reported a net income of €418 million for the year, up by 26.7% on a published basis. At print time, €1 was equal to $1.34. For the company’s global P&C business, gross written premiums increased by 16.8% […]
By Canadian Underwriter | March 6, 2013
1 min read
An Ontario Progressive Conservative politician is continuing to press the ruling minority Liberals to allow private insurance firms to compete with the Workplace Safety Insurance Board (WSIB) in providing coverage for workers in case they are injured. Last Thursday, PC labour critic Randy Hillier asked Labour Minister Yasir Naqvi to explain to construction contractors in […]
3 min read
Insurance carriers using telematics to assess the risk of auto policyholders could accumulate up to 15 megabytes of data per year per customer and will be therefore be unable to rely on traditional data mining technology, suggests business intelligence software maker SAS Institute Inc. In a recently-published white paper, Cary, N.C.-based SAS recommended that carriers […]
2 min read
Progressive Insurance’s plans to licence its intellectual property on usage based insurance in the U.S. are a good step forward, but still leaves several unanswered questions for competitors, notes a new report from Strategy Meets Action (SMA). The insurance giant announced its licensing terms in December 2012, with applications under those terms open through the […]
By Canadian Underwriter | March 5, 2013
RSA has announced that its upper mid-market, large domestic, complex, multinational and specialty risks business will now be under the collective title of Global Specialty Lines (GSL). The insurer says the move is in line with the evolution of its Large Commercial and Specialty proposition, which was developed following the integration of GCAN, which it […]
The Association of British Insurers said Tuesday that if the government implemented the group’s proposals, young drivers in the country could pay up to 20% less for auto insurance. If the government followed the ABI’s Safe Young Driver proposals, nearly three million young people who have driver’s licenses could benefit by paying between 15% and […]
Marsh has launched its Insurance Maturity Model in a bid to help Britain’s largest businesses to measure the operational returns derived from their insurance provision and improve insurance management. “As the U.K. economy battles to recover from the global economic crisis, Britain’s largest businesses are continuing to re-evaluate their operating models to identify cost savings, […]
New York-based Insurance Information Institute (III) has reminded policyholders in advance of heavy snow forecast for several states south of the border this week that it does not take much frozen water to cause big problems. Water damage can generate significant economic losses for homeowners and renters alike, notes a statement released Monday by III, […]
The persistent low interest rate environment poses real challenges to insurers and requires a coordinated supervisory response in terms of the assessment of future solvency and systemic stability problems, as well as the design and timing of market-wide measures, notes the European Insurance and Occupational Pensions Authority (EIOPA). The challenges posed by a persistent low […]
General Re Corp. is willing to pass up on business if it cannot get an appropriate premium, while GEICO did well despite Hurricane Sandy, suggests Warren Buffett, chairman of Berkshire Hathaway Inc., the Omaha, Neb. investment firm that owns both insurers. In his 2012 letter to shareholders, published last week, Buffett described Stamford, Conn.-based General […]
By Canadian Underwriter | March 4, 2013
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