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Oceans Protection Plan includes robust polluter-pay approach to abandoned, derelict and wrecked vessels

November 8, 2016 by Canadian Underwriter

Canada’s new $1.5 billion national Oceans Protection Plan involves a raft of measures to help protect the country’s marine environment, including a pollution-pay approach with regard to abandoned, derelict and wrecked vessels The national plan was announced Monday in St.

News Commercial LinesEarnings / RatingsInsuranceReinsurance

Hurricane Matthew ‘will not be material’ to Berkshire Hathaway’s financial results

November 7, 2016 by Canadian Underwriter

Berkshire Hathaway Inc. reported Friday a 13% drop in its property & casualty premiums earned at its reinsurance group, while the primary insurers had a combined loss ratio of 61% during the third quarter of this year. For the three

News InsuranceReinsuranceTechnology

Technology innovation top growth opportunity for (re)insurers in 2017: Guy Carpenter survey

November 7, 2016 by Canadian Underwriter

Technology innovation will provide the biggest growth opportunities for (re)insurers in the year ahead, according to Guy Carpenter’s annual Market Pulse Survey, released on Monday. Now in its fifth year, the survey polled 107 insurance and reinsurance professionals during the

News Commercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

Net earnings for Fairfax Financial Holdings Limited US$1.3 million in 2016 Q3 compared to US$424.8 million in 2015 Q3

November 7, 2016 by Canadian Underwriter

Net losses on investment contributed to Fairfax Financial Holdings Limited seeing net earnings drop to US$1.3 million in 2016 Q3 compared to US$424.8 million in 2015 Q3. The results reflect “strong operating income offset by net losses on investments,” notes

News InsuranceProfessional DevelopmentReinsuranceTechnology

Ed launches global cyber academy

November 4, 2016 by Canadian Underwriter

Ed, the global reinsurance, wholesale and specialty broker, announced on Friday the launch of what it is calling the insurance industry’s first global cyber academy. The Ed Cyber Academy, which will be led by Peter Hacker, the company’s group chief innovation officer,

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

Swiss Re reports net income of US$3 billion for first nine months of 2016

November 3, 2016 by Canadian Underwriter

Swiss Re has reported a net income of US$3 billion for the first nine months of 2016, with all business units contributing to the result, “despite the difficult market environment.” The net income results, released on Thursday, compared to US$3.7

News Commercial LinesEarnings / RatingsInsuranceReinsurance

Markel Corporation reports consolidated net written premiums of US$3.162 billion for first nine months of the year

November 2, 2016 by Canadian Underwriter

Glen Allen, Va.-based Markel Corporation reported on Tuesday consolidated net written premiums (NWP) for the nine months ending Sept. 30 of US$3.162 billion, up from US$3.023 billion in the same prior-year period. Of the consolidated NWP for the nine-month period,

Feature CatastrophesInsurance

City Views

November 2, 2016 Sean Murphy, President, Lloyd's Canada

The role of urban centres as economic powerhouses has never been more apparent. A 2011 report from McKinsey & Company notes 600 cities are projected to generate more than 60% of global growth to 2025. Not only are populations more

News InsuranceTechnology

Insurance industry expects digital technology to drive transformation, but most companies unprepared: study

November 1, 2016 by Canadian Underwriter

Digital transformation can propel the insurance industry forward but barriers exist, with a “significant gap between organizations that leverage technology for competitive advantage and those that struggle with innovation,” according to a new study. The study, titled Assessing digital impact

News Commercial LinesInsurancePersonal LinesReinsurance

Allied World reports net income of US$68.6 million in Q3 2016 compared to net loss of US$51.6 million in Q3 2015

November 1, 2016 by Canadian Underwriter

Allied World Assurance Company Holdings, AG has reported a net income of US$68.6 million for the third quarter of 2016, compared to a net loss of US$51.6 million for the same quarter in 2015. The Zug, Switzerland-based company – a

Feature Catastrophes

Quake Stakes

November 1, 2016 Angela Stelmakowich, Editor

It may be time to consider not only the unthinkable, but the uninsurable, when it comes to natural disasters. A large earthquake could be a solid candidate for such a scenario, demanding measures that give property and casualty insurers a fighting chance against insolvency.

Feature Catastrophes

Lights Out

November 1, 2016 Edward Oughton, Research Associate, Centre for Risk Studies, Judge Business School, University of Cambridge

Space weather risk could have significant implications for Canada and its property and casualty insurance industry, including supply chain disruption, business interruption and equipment loss. With Toronto and Vancouver within a band of heightened geomagnetic activity, the industry should consider extreme geomagnetic disturbance across all relevant lines of business as part of catastrophe planning.