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SCOR reports loss ratio improvement, P&C premium increase for first half of 2014

August 13, 2014 by Canadian Underwriter

Reinsurance company SCOR SE recently released its financial results for the six months ending June 30, reporting a 50% drop in catastrophe losses and a 3.4-point improvement in its property and casualty combined ratio. In its global P&C operations, Paris-based

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

New app grades users’ driving skills to determine if they could benefit from UBI programs

August 13, 2014 by Canadian Underwriter

Calling it a first in Canada, KANETIX reports a free DriveSmart app by KANETIX.ca will help drivers gauge if they would benefit from usage-based insurance (UBI) programs and perhaps save money on their car insurance. UBI programs collect data from

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

B.C.’s auto insurer says the cheque is in the mail to overcharged drivers

August 11, 2014 THE CANADIAN PRESS

VANCOUVER – Four months after B.C.’s public auto insurer identified a multimillion-dollar billing error, cheques are being mailed to customers reimbursing them for the mix-up. The Insurance Corporation of B.C. announced in April that some of its optional insurance customers

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

RSA Insurance reports first half of 2014 ‘challenging for our Canadian business’

August 7, 2014 by Canadian Underwriter

RSA Insurance Group plc released Wednesday its financial results for the first six months of 2014, reporting a worldwide combined ratio of 100.8%, an 8% increase in household premiums in Canada and a 5% drop in commercial premiums in Canada.

News CatastrophesInsuranceMarkets / Coverages

Canterbury earthquake claims payouts pass $12 billion

August 6, 2014 by Canadian Underwriter

Insurance payouts for claims from the 2010 Canterbury earthquake have topped $12 billion, the Insurance Council of New Zealand reported Wednesday. As of the end of June 2014, private insurers had paid out $7.7 billion in commercial claims and $4.4

News Climate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

Net income up in second quarter for Economical Insurance

August 6, 2014 by Canadian Underwriter

Economical Insurance has reported net income of $43.6 million for the second quarter of the year, up from $15.8 million in the same period of 2013. The Waterloo, Ont.-based company also grew its gross written premiums by 2.9% over the

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Britain to test driverless car technology in up to three cities next year

July 30, 2014 THE ASSOCIATED PRESS

LONDON – British officials says driverless cars will be tested on roads in as many as three cities in a trial program to begin in January. Officials said Wednesday the tests will last up to three years. Sensors and cameras

News Climate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

Intact reports net income up 109% for Q2, says commercial P&C needs ‘corrective actions’

July 30, 2014 by Canadian Underwriter

Intact Financial Corp. released Wednesday its financial results for the three months ending June 30, reporting a three-point improvement in its combined ratio in personal lines and 109% improvement in net income, while its commercial property and casualty business had

News Climate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

‘Calm continues’ as catastrophe losses decline in Canada, U.S. during first half of year

July 23, 2014 by Canadian Underwriter

Catastrophe losses in Canada during the first half of this year fell 98% over last year, with only two catastrophe events designated so far, Property Claims Services reported Wednesday. Both wind and thunderstorm events occurred in June, with the first

News Climate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

Second quarter net income down at Travelers after higher cat losses

July 22, 2014 by Canadian Underwriter

The Travelers Companies, Inc. has reported a net income of $683 million for the second quarter of the year, down from $925 million in the same quarter last year because of higher catastrophe losses. Catastrophe losses for the three months ended

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Ontario Liberals revive bill to cut auto insurance rates and curb towing costs

July 15, 2014 THE CANADIAN PRESS

TORONTO – Ontario’s governing Liberals are reviving legislation aimed at reducing auto insurance rates and inflated towing costs. The Liberals introduced two bills in the spring to help reduce auto insurance premiums by an average of 15 per cent across

News Climate ChangeInsuranceMarkets / Coverages

$18 billion in insured losses from natural disasters for first half of 2014

July 9, 2014 by Canadian Underwriter

Insured losses from natural disasters during the first six months of 2014 were below average at US$18 billion, while reinsurance capital grew to US$555 billion by the end of the first quarter, Aon Benfield said in a recent report. “Despite