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Silent cyber a big issue, most companies with insurance book have exposure: AIR Worldwide’s Stransky

April 25, 2017 Angela Stelmakowich

PHILADELPHIA – Silence is decidedly not golden when it comes to cyber risk, Scott Stransky, assistant vice president and principal scientist for AIR Worldwide, suggested to Canadian Underwriter in advance of the RIMS 2017 Annual Conference & Exhibition. Silent cyber

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 CatastrophesCommercial LinesEarnings / RatingsInsuranceMarkets / CoveragesPersonal LinesReinsurance

More action needed to better prepare for earthquake in Canada: Scotti

April 6, 2017 by Angela Stelmakowich

Canada would be well-advised to take a cue from other nations and do more to establish partnerships and requirements that better protect property owners in the event of an earthquake, says Veronica Scotti, president and CEO of Swiss Re Canada.

News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsuranceTechnology

Difficult year for Canada’s p&c insurance industry: IBC’s McGown

April 4, 2017 by Angela Stelmakowich

The Fort McMurray wildfire and other large weather events combined with the lowest return on investment (ROI) in decades to produce a very difficult year for Canada’s p&c insurance industry in 2016, David McGown, senior vice president of strategic initiatives

News CatastrophesClimate ChangeCommercial LinesInsuranceMarkets / CoveragesReinsurance

Risk to U.S. property from severe convective storms as high as from hurricanes: Willis Re

March 20, 2017 by Canadian Underwriter

Severe convective storms (SCS) posed as much risk to property in the United States as hurricanes between 2003 and 2015, with the average annual loss from SCS amounting to US$11.23 billion compared to US$11.28 billion from hurricanes. So concludes a

News Earnings / RatingsInsuranceReinsuranceTechnology

84% of polled insurance companies planning to make acquisitions in 2017: KPMG International

March 17, 2017 by Canadian Underwriter

The lion’s share of insurance companies taking part in a KPMG International-commissioned survey plan to make acquisitions in 2017, with most respondents saying their companies are being driven by need to transform business and operating models. The insurance sector looks

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsuranceTechnology

Munich Re operating result down in 2016 from 2015, new partnerships could answer changing client demands

March 16, 2017 by Canadian Underwriter

Munich Re is looking to set up partnerships that would previously not have been considered, the company reported this week in announcing the group operating result fell 16.5% to 4,025 million euros in 2016 compared to 4,819 million euros in

News AssociationsCommercial LinesInsurancePersonal LinesReinsuranceTechnology

ATB Financial joins R3 distributed ledger consortium

March 10, 2017 by Canadian Underwriter

ATB Financial announced Thursday that the Alberta-based financial services provider has joined the consortium of financial innovation firm R3 to design and apply distributed and shared ledger-inspired technologies to global financial markets. The company will be collaborating with more than

Feature CatastrophesPersonal Lines

Split Personality

March 2, 2017 Angela Stelmakowich, Editor

Can earthquakes be damaging? Yes. Would a severe quake have an adverse impact on
government, the economy, home and business owners and Canada’s property and casualty insurance industry? Perhaps. So, has everyone taken steps to ensure they have coverage? No.

Feature Commercial LinesTechnology

Captive Audience

March 1, 2017 Greg Meckbach, Associate Editor

There is an increased interest in using captives to cover cyber risk. With cyber risk changing so rapidly, contributing to making the risk difficult to underwrite, some industry experts expect that interest to grow.

News Commercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

Berkshire Hathaway reports US$45.9 billion in insurance premiums earned for 2016, up more than US$4 billion from 2015

February 27, 2017 by Canadian Underwriter

Berkshire Hathaway Inc. has reported insurance premiums earned for 2016 of US$45.88 billion, up from US$41.29 billion in 2015. Omaha-Neb.-based Berkshire Hathaway has also reported Insurance-underwriting operating earnings of US$548 million for the fourth quarter of 2016 ending Dec. 31,

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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