Keyword
Commercial Risk Management
Industrial Alliance reports net income of $4.2 million for Q4 2015
February 11, 2016 by Canadian UnderwriterQuebec City-based Industrial Alliance Insurance and Financial Services Inc. has reported net income attributed to common shareholders of $4.2 million for the fourth quarter of last year, ending Dec. 31, 2015. Industrial Alliance (iA) offers auto and home insurance, as…
B.C. strengthens programs for motorists with prohibitions for drinking and drug-affected driving
February 10, 2016 by Canadian UnderwriterBritish Columbia’s Ministry of Public Safety & Solicitor General said on Wednesday that new regulations are in place to “clarify and toughen” the consequences of drinking and drug-affected driving in the province. Under the new program, drivers with certain serious…
Alberta Auditor General criticizes municipal affairs department for disaster recovery program transition during 2013 floods
February 10, 2016 by Canadian UnderwriterThe Auditor General of Alberta is criticizing the province’s municipal affairs department for transitioning its disaster recovery program (DRP) while dealing with the 2013 floods in the southern portion of the province. “The lesson to be learned here is not…
U.S. government will consider Google computer to be car’s driver
February 10, 2016 Tom Krisher and Justin Pritchard - THE ASSOCIATED PRESSDETROIT – Computers that control cars of the future can be considered drivers just like humans, the federal government’s highway safety agency has found. The redefinition of “driver” by the National Highway Traffic Safety Administration is an important break for…
51% of Canadian respondents to cybersecurity study have experienced loss or exposure of sensitive information
February 10, 2016 by Canadian UnderwriterMore than half (51%) of Canadian respondents to a cybersecurity study have experienced an incident involving the loss or exposure of sensitive information within the last 12 months, Toronto-based IT firm Scalar Decisions Inc. said on Tuesday. Commissioned by Scalar,…
Premiums drop 7.4% at Arch Capital
February 10, 2016 by Canadian UnderwriterInsurance carrier Arch Capital Group Ltd. reported Tuesday its financial results, reporting an 8.6% drop in underwriting income and a 1.2-point increase – to 88% – in its combined ratio. Hamilton, Bermuda-based Arch reported net premiums written of $3.35 billion…
Intact Financial Corporation’s net income down in both 2015 Q4 and full year, but outlook positive
February 10, 2016 by Canadian UnderwriterIntact Financial Corporation reports that its net income for the 2015 Q4 fell 3% to $198 million compared to 2014 Q4, while full-year net income decreased 10% year-over-year. Figures released Tuesday by the company indicate net income for the fourth…
2015 the quietest Canadian catastrophe year in five years, with $510 million in insured losses: PCS
February 10, 2016 by Canadian Underwriter2015 was the quietest Canadian catastrophe year since PCS Canada launched in 2010, with insured losses from three cat events reaching about $510 million, according to Property Claims Services’ (PCS) full-year cat review, released on Wednesday. PCS, a division of…
Loss ratio up 0.4% for Everest Re
February 9, 2016 by Canadian UnderwriterBermuda insurance carrier Everest Re Group Ltd. recently reported a 0.6-point deterioration in its combined ratio for 2015, while premiums earned increased 6%. Everest Re, which owns Toronto-based Everest Insurance Company of Canada, released Feb. 3 its financial results for…
Obama administration plans new high level cyber official
February 9, 2016 Tami Abdollah - THE ASSOCIATED PRESSWASHINGTON – The Obama administration is creating a new high-level federal official to co-ordinate cybersecurity across civilian agencies and to work with military and intelligence counterparts, as part of its 2017 budget proposal announced Tuesday. The $19-billion increase in cybersecurity…
Worldwide IT spending to reach US$2.8 trillion in 2019; Canada, U.S. to spend US$1 trillion in 2017
February 9, 2016 by Canadian UnderwriterWorldwide IT spending is forecast to grow from US$2.46 trillion in 2015 to more than US$2.8 trillion in 2019, according to a spending guide released recently by International Data Corporation (IDC), a provider of market intelligence, advisory services and events…
Catastrophe premiums down 28.4%, loss ratio down 2.1 points for PartnerRe
February 9, 2016 by Canadian UnderwriterPartnerRe Ltd.’s combined ratio improved 0.6 points in 2015, while net income dropped 90% in 2015 compared to 2014, the Pembroke, Bermuda-based insurance carrier reported Monday. PartnerRe, which has a Toronto office, writes reinsurance and commercial primary lines. Its principal…