The industry-wide combined ratio of the United States property & casualty insurance industry is estimated to have deteriorated by 2.4 points to 100.7% in 2016, A.M. Best Company Inc. said in a recent report. The decline in underwriting performance “was…
Manitoba Public Insurance (MPI) has recorded a net loss for the first nine months of its fiscal year ending Nov. 30, 2016, compared to posting net earnings for the same period one year earlier. MPI saw a net loss of…
A week after American International Group Inc. announced it expects to report next month a “material prior year adverse development charge” for Q4 2016, A.M. Best Company Inc. has placed the long-term issuer credit rating of the New York City-based…
The Canadian non-life insurance industry is likely to return to an underwriting profit in 2017, according to Fitch Ratings’ new report on the Canadian non-life insurance market. Following a significant improvement in 2015 underwriting performance, the market in aggregate will…
The Travelers Companies, Inc. has reported a net income of US$943 million for the fourth quarter of last year ending Dec. 31, 2016, up 9% from US$866 million in the prior-year quarter. Travelers released its financial results on Tuesday, noting…
The insurance-linked securities (ILS) sector is set to gather steam this year, with a record amount of catastrophe bonds to mature in the first half of 2017, according to a new report from Aon Securities. Aon Securities, the investment banking…
The global economy is projected to post its best performance this year since 2014, while growth in Canada in expected to accelerate over the next two years, according to Scotiabank’s Global Outlook, published on Tuesday. While geopolitical risks abound, recent…
The professional liability sector of the United States property and casualty insurance market will continue to be robust in 2017, with the competitive level for directors and officers (D&O) and errors and omissions (E&O) businesses specifically remaining heightened, A.M. Best…
Anticipated less-than-stellar financial results for Canada’s property and casualty industry in 2016 will likely contribute to the market becoming less attractive to investors and absent significant improvement, it is unlikely the current level of capital will remain in the country,…
Reported claim cost information for Canadian commercial insurers reveals a deterioration in loss ratio of 38.4% in accident year 2016 compared to the same period in 2015, according to Willis Towers Watson’s (WTW) Commercial Lines Insurance Pricing Survey – Canada…
XL Group Ltd.’s insurance and reinsurance segments are almost evenly split with regard to accounting for the company’s approximately US$245 million, natural catastrophe net loss estimate for the fourth quarter of 2016. The preliminary loss estimate “is pre-tax and net…
Severe weather last year exacted a heavy toll in terms of insured losses, with the $4.9 billion hit dwarfing the previous annual record of $3.2 billion in 2013, Insurance Bureau of Canada (IBC) reports. Flooding in southern Alberta and the…