Topic
Markets / Coverages
Intact reports net income up 109% for Q2, says commercial P&C needs ‘corrective actions’
July 30, 2014 by Canadian UnderwriterIntact 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…
‘Calm continues’ as catastrophe losses decline in Canada, U.S. during first half of year
July 23, 2014 by Canadian UnderwriterCatastrophe 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…
Second quarter net income down at Travelers after higher cat losses
July 22, 2014 by Canadian UnderwriterThe 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…
Ontario Liberals revive bill to cut auto insurance rates and curb towing costs
July 15, 2014 THE CANADIAN PRESSTORONTO – 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…
$18 billion in insured losses from natural disasters for first half of 2014
July 9, 2014 by Canadian UnderwriterInsured 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…
Continued price decreases across many lines, geographies at July 1 renewals: Guy Carpenter
July 8, 2014 by Canadian UnderwriterMarket pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double-digit range, resulting in reinsurers adding to surplus capacity, reports a mid-year analysis issued Tuesday by Guy Carpenter…
8% of housing units in U.S. located in counties at very high risk for natural disasters: report
July 4, 2014 by Canadian UnderwriterA recent report that assigns a natural disaster risk score to more than 3,000 county housing markets in the United States found that about 8% of the 131 million U.S. housing units were located in very high-risk counties. The total…
Willis Re reports ‘significant rate reductions’ in reinsurance
July 3, 2014 by Canadian UnderwriterSome property and casualty reinsurance markets have had “significant rate reductions” during the June 1 and July 1 renewals, while there is an “abundance” of capacity of political risk coverage “chasing less business” and outstanding catastrophe bond issuance has reached…
Fitch publishes directors and officers liability insurance dashboard
July 2, 2014 by Canadian UnderwriterFitch Ratings has announced the availability of a new Dashboard Report that discusses pricing trends, market dynamics and key drivers of recent results in the property and casualty directors and officers (D&O) liability insurance market in the United States. Results…
Government approves SGI rate program
June 27, 2014 by Canadian UnderwriterThe Saskatchewan government has given the green light to a 3.4% overall increase to Saskatchewan Auto Fund vehicle rates, along with rate rebalancing, and a 1% hike to the capital amount on all rates, effective Aug. 1. The 2014 rate…
Aviva Canada seeks damages against broker employee it says conspired with policyholders for cheaper premiums
June 26, 2014 by Canadian UnderwriterAviva Canada announced Thursday it has begun litigation against a former Mississauga, Ont. brokerage employee who was allegedly conspiring with policyholders to misrepresent themselves to get cheaper premiums. The owners of KMI Brokers Inc. are cooperating fully with Aviva’s investigation,…
Worldwide non-life insurance premiums up 2.3% worldwide, 3.2% in Canada: Swiss Re
June 25, 2014 by Canadian UnderwriterNon-life insurance premiums rose 3.2% in Canada and 2.3% worldwide in 2013, Swiss Re Ltd. announced in a recent sigma study titled, ‘World insurance in 2013: steering towards recovery‘, though growth was slower in advanced markets due in part to…