Topic Insurers
CIBC economist tells insurers how investment returns could be affected by ‘things that go Trump in the night’
April 26, 2017 by Greg Meckbach, Associate EditorInterest rates in Canada are predicted to stay “very low by historic standards” through the end of 2019, an economist recently told insurance professionals, while a “movement against globalization” is a concern for one of Canada’s largest carriers. Avery Shenfeld,…
Impact of Fort McMurray wildfire softened by reinsurance risk sharing: DBRS
April 26, 2017 by Canadian UnderwriterMost Canadian insurers were able to generate positive underwriting results in Alberta through their use of reinsurance risk sharing following the Fort McMurray wildfire, credit ratings agency DBRS Limited said in a commentary released on Wednesday. The commentary, titled 2016…
Kingsway reports net loss of US$1.7 million in first quarter of 2017
April 26, 2017 by Canadian UnderwriterToronto-based Kingsway Financial Services Inc. released its financial results for the first quarter of the year on Wednesday, reporting a net loss attributable to common shareholders of US$1.7 million compared to such a net loss of US$1.5 million in Q1…
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…
Travelers reports combined ratio of 96% for Q1, net income of US$617 million
April 20, 2017 by Canadian UnderwriterThe Travelers Companies, Inc. has reported a combined ratio of 96% for the first quarter of 2017, up 3.7 points from 92.3% in the first quarter of last year. Net income for the first quarter of 2017 ending March 31…
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 by 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…
Central bank says no rate cut considered amid stronger growth, but notes risks
April 13, 2017 by Andy Blatchford - THE CANADIAN PRESSOTTAWA – The head of the Bank of Canada said an interest rate cut was not on the table during the central bank’s latest policy decision, but also warned of persistent risks that suggest it will not hike any time…
“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…