Industry
Alberta incorporated property and casualty companies reported a collective net income of $40.7 million in 2009, marking an improvement from 2008’s consolidated net income of $29 million, according to postings by Alberta’s Superintendent of Insurance.The figures include:• Alberta Motor Insurance Company;• Canadian Farm Insurance Corp;• Fortress Insurance Company;• Millenium Insurance Company;• Peace Hills Insurance Company; […]
By Canadian Underwriter | March 17, 2010
1 min read
ISO has teamed up with MSA Research Inc. to launch Property Claims Services (PCS), an industry-wide loss calculator, in Canada.PCS-Canada service will enable insurers, reinsurers, brokers and other industry stakeholders, to receive industry-wide data about Canadian catastrophes, including man-made and extreme weather events.The service is being launched with the support of the Insurance Bureau of […]
By Canadian Underwriter | March 16, 2010
Auto lines, particularly the personal accident category, for federally regulated Canadian and foreign property and casualty insurers continued to deteriorate, according to 2009 figures posted by the Office of the Superintendent of Financial Institutions (OSFI).OSFI figures show that in the auto personal accident category, which includes accident benefits, Canadian insurers collectively reported a claims ratio […]
American International Group, Inc. (AIG) has completed the sale of Transatlantic Holdings Inc. (TRH) shares for proceeds of roughly $452 million. AIG had previously announced the secondary public offering of more than 8.4 million shares of TRH common stock owned by American Home Assurance Company (AHAC), a subsidiary of AIG.TRH purchased two million of the […]
The number of overall traffic fatalities reported in 2009 reached the lowest level since 1954, according to the U.S. Department of Transportation. The fatality rate declined to the lowest on record, to 1.16 fatalities per 100 million vehicle miles traveled (VMT) in 2009, down from 1.25 fatalities per 100 million VMT in 2008, based on […]
Policy Works has entered into an agreement with SGI Canada to deliver a commercial lines data exchange solution. The agreement integrates Policy Works’ commercial management system (CMS) and SGI’s underwriting system. The integration between SGI’s underwriting system and the Policy Works desktop solution is the first straight-through processing of commercial data using the CSIO XML […]
By Canadian Underwriter | March 15, 2010
FirstOnSite Restoration has selected the Women in Insurance Cancer Crusade (WICC) as its chosen charity for national sponsorship. FirstOnSite is WICC’s newest national sponsor at the platinum level, representing a commitment of Cdn$45,000 over three years.“As an organization we wanted to financially support an established and proven charitable movement,” said Ken Zardo, vice president of national […]
A group of 19 US property and casualty reinsurers wrote $23.9 billion of net premiums in 2009 — flat compared to the prior year — according to a survey by the Reinsurance Association of America (RAA). Net income for the group increased in 2009 to $4.3 billion from $2.9 billion in 2008. In 2008 six […]
Sixty-seven per cent of brokers said that changes in distribution have affected their business results, according to a Keal Technology survey.Keal surveyed its broker-user base on issues that included carrier relations, changes in distribution and technology.The top four reasons cited for the impact on business results were:• keeping up with technology;• decrease in revenue;• decrease […]
Zurich Financial Services Group reported a net income of $3.2 billion in 2009, marking a 6% increase from 2008’s net income of $3 billion.Its solvency ratio improved 38 points, to 198% last year from 2008’s 160%.Zurich’s general insurance unit saw its combined ratio improve year-over-year, decreasing from 98.1% in 2008 to 96.8% in 2009.The general […]
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