Industry
After a challenging 2011 that featured record-setting catastrophe losses, stagnant investment income and thin reserve margins, U.S. property and casualty insurers should see improved results and stronger growth in 2012, according to Moody’s Investor Services. In a report released Mar. 22, U.S. P&C Insurers’ Earnings Down in 2011, the rating agency stated prices in most […]
By Canadian Underwriter | March 23, 2012
1 min read
U.S.-based Hartford Financial Services Group is exiting the individual life insurance and annuity business to concentrate on property and casualty insurance, group benefits and mutual funds. The company said in a statement that it is placing its individual annuity business into runoff, and is pursuing sales or other strategic alternatives for Individual Life, Woodbury Financial […]
By Canadian Underwriter | March 22, 2012
Soccer’s international association will now insure players who represent their countries in tournaments. The Fédération Internationale de Football Association (FIFA) will pay for “total insurance coverage” for international players, according to president Sepp Blatter. “This is an insurance coverage for the players, for the clubs and the national associations for all matches on FIFA’s international […]
Canadian property and casualty (P&C) companies reported a profit of $4.53 billion in 2011, according to figures released by MSA Research Inc. MSA Research’s aggregate industry totals are derived from the individual results of 220 Canadian property and casualty insurers. Overall, the industry wrote $48.5-billion worth of premiums in 2011 (up 7% from 2010), according […]
By Canadian Underwriter | March 21, 2012
Desjardins General Insurance Group, a Desjardins Group subsidiary specializing in property and casualty insurance, posted a net income of $128.2 million in 2011, dipping slightly from a $132.8-million profit in 2010. The 2011 result reflects an increase in commercial and weather-related claims costs, the company says in a press release. Direct written premiums increased by […]
Insurance companies plan to spend more on information technology in 2012, according to research firm Celent. Globally, IT spending will increase by 6.4% over 2011, reaching more than $140 billion. In North America, which together with Europe accounts for 75% of global IT investments by insurance companies, spending is expected to climb to more than […]
Customers who need language assistance during the handling of their driver licensing transactions will now be able to converse freely with the Insurance Corporation of B.C. (ICBC) in more than 170 languages through an interpreter. The initiative, provided by Language Line Services, is an on-demand, over-the-telephone translation service that will be rolled out to all […]
Not to be outdone by more impulse-buying choices, insurance now ranks at the top of the most expensive keywords in Google Adwords. The Internet search engine, which rakes in more than $32 billion in total advertising revenue, charges more for the term “insurance” than for other close competitors such as loans, mortgage and credit. “For […]
By Canadian Underwriter | March 20, 2012
Brokers looking to measure their performance and growth against their peers will soon have a benchmark. Applied Systems recently announced a survey to identify common brokerage attributes that create efficient, effective and sustainable business operations. The insurance software company said survey findings will be shared first with participants and then the broader insurance industry. “Until […]
Illinois and Maryland are proposing legislation that would ban employers from asking for the usernames and passwords of prospective employees’ social networking accounts. The moves come about a year after the American Civil Liberties Union sent a letter to the Maryland Department of Corrections, asking the department to rescind their blanket policy demanding personal social […]
2 min read
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