Topic
Markets / Coverages
Underwriting performance for U.S. commercial lines likely to deteriorate in 2016: Fitch Ratings
May 18, 2016 by Canadian UnderwriterUnderwriting performance for the commercial lines sector in the United States is likely to deteriorate in 2016, according to a report released on Tuesday by Fitch Ratings. The decline follows a three-year underwriting profit for the industry, with a combined…
Change in customer demographics and economic recovery to drive global insurance brokerage market through 2020, new report says
May 17, 2016 by Canadian UnderwriterThe global insurance brokerage market will grow at a compound annual growth rate (CAGR) of more than 4% during the period from 2016 to 2020, according to global technology research and advisory company Technavio. The report from Technavio covers the…
AIR estimates Fort McMurray wildfire insured losses at between $4.4 billion and $9 billion
May 17, 2016 by Canadian UnderwriterIndustry insured losses from the Fort McMurray wildfire that began May 1 and is still being fought today is estimated at $4.4 billion to $9.0 billion, AIR Worldwide reported late Monday. The catastrophe modelling firm notes the estimate reflects insured…
Launch into direct-to-consumer market expected soon, demutualization packages being mailed: Economical Insurance
May 4, 2016 by Canadian UnderwriterEconomical Insurance’s “journey towards becoming a strong, Canadian, independent public company is now well under way,” a leg of which will include a strategic expansion into the direct-to-consumer market, president and CEO Karen Gavan said during the mutual’s Annual General…
Business interruption insurance moving into IT realm: NetDiligence Cyber Risk Summit speaker
May 3, 2016 Jason Contant, Online EditorMore and more, the conversation surrounding business interruption (BI) is moving from the physical aspect of BI to the information technology side of things, attendees to the NetDiligence Cyber Risk Summit heard on Friday. Miki Ho, senior underwriter in the…
Services related to telematics, not commercial vehicle itself, becoming more of a focal point
May 2, 2016 by Angela StelmakowichA transition is occurring in which the focus is not so much on commercial vehicles as on services, including those related to telematics, that are increasingly becoming available, Sandeep Kar, global automotive practice leader for Frost & Sullivan, suggested Friday…
Joining Forces
May 1, 2016 Janice Deganis, Canadian Insurance Leader; and Ron Stokes, Canadian Financial Services Transactions Leader, EYThe consolidation trend continues in the property and casualty market in Canada, as carriers seek new product lines and distribution channels. But a sound integration plan, including technology, legal and actuarial processes, is just as important as selecting an acquisition target.
Combined ratio up 0.5 points for Arch Capital
April 28, 2016 by Canadian UnderwriterArch Capital Group Ltd. reported Wednesday a 0.5-point increase in its combined ratio, a 4.2% increase in first-quarter gross written premiums in insurance and a 0.8% drop in Q1 gross written premiums in reinsurance. Pembroke, Bermuda-based Arch released Wednesday its…
U.S. commercial auto insurance “a chronic underperformer”: Fitch Ratings
April 28, 2016 by Canadian UnderwriterCommercial auto insurance in the United States has evolved into a “chronically underperforming product segment” for P&C insurers in the country, according to Fitch Ratings. While the P&C industry has reported three consecutive years of significant underwriting profits, the commercial…
Global IT spending in insurance to grow to US$184.9 billion in 2016: Celent
April 28, 2016 by Canadian UnderwriterGlobal IT spending in insurance will grow to US$184.9 billion this year, according to a report released on Thursday by Celent, a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. The report, titled…
XL Group combined ratio up 3.6 points in Q1 2016
April 28, 2016 by Canadian UnderwriterXL Group plc has reported a P&C combined ratio of 92.5% for the first quarter of 2016 ending March 31, up from 88.9% in the prior-year quarter. Dublin, Ireland-based XL Group released its financial results on Wednesday, noting that the P&C…
Traditional reinsurance capital dropped 3.5% in 2015 from 2014: Willis Re
April 27, 2016 by Canadian Underwriter2015 saw a 3.5% reduction in traditional capital dedicated to reinsurance, down US$13 billion from US$370 billion at year-end 2014, according to the latest Reinsurance Market Report from Willis Re, the reinsurance business of global advisory, broking and solutions company…