Topic
Reinsurance
Chubb net income up 149.2% to US$1.09 billion in Q1 2017
April 26, 2017 by Canadian UnderwriterChubb Limited has reported a 149.2% increase in net income for the first quarter of 2017 ending March 31, from US$439 million in Q1 2016 to US$1.09 billion in the most recent quarter. Operating income was US$1.17 billion, up 15.3%…
ILS market growth continues in first quarter of 2017, record year possible: Willis Towers Watson Securities
April 26, 2017 by Canadian UnderwriterNon-life insurance-linked securities (ILS) capital grew again in the first quarter of 2017, continuing the trend from last year, the securities division of Willis Towers Watson (WTW) has reported. Willis Towers Watson Securities, the investment banking business of WTW, released…
Global insurance industry to see “slightly increased” growth by 2018, P&C premium volume to grow by 4% on average: Munich Re
April 20, 2017 by Canadian UnderwriterThe global insurance industry is likely to see slightly increased growth by 2018, Munich Re reported on Thursday. Munich Re said in a press release that better economic prospects in the United States and in many emerging markets will offset…
Canadian industry underwriting income down 81% in 2016: MSA
April 18, 2017 by Canadian UnderwriterThe Canadian property and casualty insurance industry had underwriting income of $484 million in 2016, down 81% from $2.554 billion in 2015, while reinsurers’ combined ratio deteriorated 30.4 points year over year, MSA Research Inc. suggested in a report released…
161 companies have exited Canadian P&C market in past 20 years, 96% voluntarily: PACICC
April 13, 2017 Jason Contant, Online EditorOver the past 20 years, 161 different insurance companies have exited the Canadian P&C market, 96% of which were voluntary exits, according to a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The report, the 11th in…
Swiss Re losses from Cyclone Debbie currently estimated at US$350 million
April 13, 2017 by Canadian UnderwriterSwiss Re currently estimates its claims burden from tropical cyclone Debbie in Australia at about US$350 million, net of retrocession and before tax, while the total insured market losses associated with the event is estimated at around US$1.3 billion. The…
“New normal” may be emerging in global energy insurance markets: Willis Towers Watson
April 12, 2017 by Canadian UnderwriterThe energy sector is still beset by some significant challenges, including low oil prices, but there may also be a “new normal” emerging in the global energy insurance market, according to global advisory, broking and solutions company Willis Towers Watson…
Construction of mitigation infrastructure to protect against flood should be seen as nation-building projects: Australian insurers
April 12, 2017 by Canadian UnderwriterThe Insurance Council of Australia (ICA) cited the Canadian government’s budget commitment to create a Disaster Mitigation and Adaptation Fund in a recommendation to its own federal government to treat the construction of mitigation infrastructure to protect flood-prone towns as…
Global reinsurer capital up by 5% to US$595 billion as of year-end 2016: Aon Benfield
April 11, 2017 by Canadian UnderwriterGlobal reinsurer capital rose by 5% to US$595 billion at Dec. 31, 2016, according to the latest edition of the Aon Benfield Aggregate (ABA) report. The report, released on Tuesday, highlights trends in property and casualty reinsurance through the analysis…
213 million euros initial loss estimate for extra-tropical cyclone Thomas: PERILS
April 10, 2017 by Canadian UnderwriterThe initial estimate of the insured property market loss from extra-tropical cyclone Thomas is 213 million euros, representing the second time so far this season that a European winter storm exceeded 200 million euro, Zurich-based PERILS reports. The market loss…
Intact reports Q1 cat losses of $88 million, aims to double direct-to-consumer business in ‘near term’
April 7, 2017 by Canadian UnderwriterIntact Financial Corp. recently reported its catastrophe losses, net of reinsurance, were $88 million for the first three months of 2017. Toronto-based Intact also says it wants to “double” its direct-to-consumer business in the “mid-term” and is nominating Sylvie Paquette,…
Preparation, not panic, is the way to address earthquake risk: IBC’s Don Forgeron
April 7, 2017 by Angela StelmakowichWhen talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day…