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Insurance industry needs to better understand the consequences of large aggregation scenarios: AIR Worldwide
October 21, 2015 Angela Stelmakowich, EditorThe cyber risk the insurance industry seems most concerned about currently relates to large aggregation scenarios – such as the impact of an attack on the power grid or the cloud – but that concern has not necessarily translated into…
Hail-resistant roofing should be added to Canadian building codes: ICLR
October 21, 2015 Greg Meckbach, Associate EditorMore needs to be done to address insured losses from hail, an official with the Institute for Catastrophic Loss Reduction suggested Tuesday. During a presentation at a seminar organized by AIR Worldwide, ICLR Managing Director Glenn McGillivray showed attendees a…
ACE sees net income in 2015 Q3 drop 32.7% from 2014 Q3, record P&C underwriting income
October 21, 2015 by Canadian UnderwriterACE Limited reported Tuesday its net income for the third quarter of 2015 was US$528 million, down 32.7% from the US$785 million in the same quarter of 2014. Operating net income, net of tax, showed a slight increase, reaching a…
P&C “run-off” companies the new “specialty insurers”: Conning
October 20, 2015 by Canadian UnderwriterThe global property & casualty “run-off” market developed to meet insurers’ need to divest noncore operations and has become an important extension of the insurance markets in recent years, according to a new study by Conning Inc., an investment management…
Clients looking to be more involved to understand how Cat events can affect their books of business: AIR Worldwide
October 20, 2015 Angela Stelmakowich, EditorAn evolution has occurred in the catastrophe modelling market in which clients are looking to be more involved so that they can better understand and own their risk, Rob Newbold, a senior vice president with AIR Worldwide, told Canadian Underwriter…
Manitoba will continue its winter tire low-interest financing program, winter tire benefits well-documented: MPI
October 20, 2015 by Canadian UnderwriterCharacterizing Manitoba’s winter tire low-interest financing program as a success, Gord Mackintosh, minister responsible for Manitoba Public Insurance (MPI), announced Monday the program will again be offered to vehicle owners. MPI reports more than 30,000 Manitobans have taken advantage of…
Saskatchewan seeks feedback on provincial response to 2015 wildfire season
October 19, 2015 by Canadian UnderwriterSaskatchewan’s Ministry of Government Relations announced on Monday the launch of an online tool to seek public feedback on the provincial response to the 2015 wildfire season in northern Saskatchewan. “This summer, northern Saskatchewan people faced an unprecedented emergency situation,”…
Ontario consumers “likely overpaid” $702 million for auto insurance, concludes study
October 19, 2015 by Canadian UnderwriterDespite a six-point increase, from 2013 to 2014, in the Ontario auto accident benefits claims ratio, a new study commissioned by the Ontario Trial Lawyers Association still concludes consumers “likely overpaid” by $702 million for auto insurance in 2014. Last…
XL Group estimates its preliminary losses for Tianjin, China port explosion at US$100 million
October 19, 2015 by Canadian UnderwriterDublin, Ireland-based XL Group plc said on Monday that its preliminary estimated losses related to the mid-August port explosion in Tianjin, China are approximately US$100 million. The estimate, pretax and net of reinsurance and reinstatement premium, is 30% attributable…
Cyber risk a moving target, customers see pre- and post-event services as key: AGCS
October 16, 2015 Angela Stelmakowich, EditorWith insurers and customers alike still not fully understanding cyber risk and how damaging it could prove, Paul Schiavone suggests pre- and post-event services associated with cyber policies are becoming increasingly important to customers. “Unlike other insurance products that we…
ICBC asking for 5.5% increase to basic insurance rates
October 15, 2015 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) said that it will submit the remainder of its 2015 basic rate application on Thursday, asking for a 5.5% increase to basic insurance rates – lower than the earlier potential for 6.7% considered…
Massive fire destroys businesses in northern Manitoba shopping mall
October 15, 2015 The Canadian PressDAUPHIN, Man. – A shopping mall has been destroyed in a massive fire in Dauphin, Man. No injuries have been reported in the blaze that began about 1 p.m. on Wednesday afternoon at the Dauphin Village Mall. The fire is…