Canadian Underwriter

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News CatastrophesCommercial LinesInsurancePersonal LinesTechnology

Technology advances to change insurance value chain, offers chance to reboot

May 19, 2017 by Angela Stelmakowich

Technology advances will likely affect – perhaps even eliminate – some current roles in the insurance value chain, but should be regarded as an opportunity to focus more on value-added services and getting a seat at the table where new

News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

PERILS estimates property market loss for Cyclone Debbie at AU$1,116 million

May 9, 2017 by Canadian Underwriter

Tropical Cyclone Debbie – the initial loss estimate for which PERILS AG puts at AU$1,116 million – “underpins the need for reliable natural catastrophe insurance data for Australia,” suggests Darryl Pidcock, head of PERILS Asia-Pacific. Debbie affected the Australian states

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal LinesTechnology

Economical Insurance posts net income of $5.3 million in 2017 Q1, down from $28.5 million in prior-year quarter

May 8, 2017 by Canadian Underwriter

Auto lines, catastrophe and weather-related losses served as a drag on underwriting results which, in turn, contributed to Economical Insurance posting net income of $5.3 million in 2017 Q1 compared to $28.5 million in 2016 Q1. “Higher investment income was

News Climate ChangeCommercial LinesInsurancePersonal LinesProductsTechnology

Intact Ventures becomes strategic investor in Canadian IoT technology company Alert Labs

April 20, 2017 by Canadian Underwriter

Intact Ventures has made its first investment in Canada Alert Labs Inc., an Ontario provider of easy-to-install technology that offers residential and commercial property owners real-time water use, flood, leak, temperature and power alerts. Not only do the alerts generated

News AssociationsInsuranceTechnology

Consumers starting to expect zero friction, omni-channel offering key: CIAA event speakers

April 18, 2017 by Angela Stelmakowich

Insurance is among the services that must offer an omni-channel experience if it expects to address the expectations of consumers as the complexity of their demands shift, Duncan Stewart, director of technology, media and telecommunications research for Deloitte Canada, suggested

News AssociationsCommercial LinesInsurancePersonal LinesTechnology

Carriers should more fully explore potential in episodic insurance, CIAA event hears

April 17, 2017 by Angela Stelmakowich

Insurance carriers need to more seriously consider the potential that exists in episodic insurance and how such an approach could alter offerings, Mukul Ahuja, leader of insurance strategy and innovation at Deloitte Canada, suggested Thursday. “Not nearly enough carriers are

News AssociationsCommercial LinesInsurancePersonal LinesTechnology

Autonomous vehicles coming, but auto books will not disappear any time soon: CIAA event speaker

April 17, 2017 by Angela Stelmakowich

Autonomous vehicles are coming, but there is no need for property and casualty insurers to panic that their auto books are going to quickly disappear, Andrew Lo, president and chief operating officer of Kanetix Ltd., said Thursday at the Canadian

News CatastrophesCommercial LinesInsuranceMarkets / CoveragesReinsurance

Swiss Re losses from Cyclone Debbie currently estimated at US$350 million

April 13, 2017 by Canadian Underwriter

Swiss Re currently estimates its claims burden from tropical cyclone Debbie in Australia at about US$350 million, net of retrocession and before tax, while the total insured market losses associated with the event is estimated at around US$1.3 billion. The

News Commercial LinesEarnings / RatingsLegalLegislation / RegulationPersonal Lines

Echelon Insurance receives regulatory okay for sale of European operations

March 1, 2017 by Angela Stelmakowich

Echelon Financial Holdings Inc. (EFH) has received regulatory approval from the Danish Financial Services Authority to sell its European operations, a move that will allow Echelon Insurance to roll out its strategy to focus on Canadian operations. EFH noted in

News Commercial LinesEarnings / RatingsInsuranceMarkets / CoveragesPersonal Lines

Echelon Financial Holdings Inc. sees lower net income for 2016 full-year, Q4 over prior-year periods

February 17, 2017 by Canadian Underwriter

It was a mixed bag for Echelon Financial Holdings Inc. (EFH) in the fourth quarter of 2016, with strong commercial lines results and lower personal lines results combining to contribute to a 70% drop in net income to about $2.6

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal Lines

Co-operators General Insurance Company net income $128.8 million in 2016 Q4, up from $103.3 million in 2015 Q4

February 16, 2017 by Canadian Underwriter

The consolidated net income for Co-operators General Insurance Company increased for the fourth quarter of 2016 over the same quarter in 2015, but net income for 2016 decreased from 2015. The Co-operators has posted net income of $128.8 million for

News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsInsurancePersonal Lines

AIG sees net loss of about US$3 billion in 2016 Q4

February 15, 2017 by Canadian Underwriter

American International Group, Inc. (AIG) has posted net losses for both the full year and the fourth quarter of 2016, but company president and CEO Peter Hancock reports that actions taken last year will help “dramatically reduce uncertainty and deliver