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New Zealand insurers settle NZ$19 billion Canterbury claims

November 2, 2016 by Canadian Underwriter

Private insurers in New Zealand have paid out almost NZ$19 billion to settle commercial and residential claims since the Canterbury earthquakes in 2010 and 2011, the Insurance Council of New Zealand (ICNZ) announced Tuesday. Of that total, almost NZ$9 billion

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CNA Financial posts net income of US$343 million in 2016 Q3

November 1, 2016 by Canadian Underwriter

CNA Financial Corporation saw net income jump US$165 million to US$343 million in 2016 Q3 over the prior-year quarter, driven by the performance of its Property & Casualty Operations, higher net investment income and stable catastrophe losses. Net income for

News AssociationsCatastrophesClimate ChangeConstructionInsuranceLegislation / RegulationMergers and AqcuisitionsReinsurance

Barely passable grade on flood preparedness demands immediate action: report

October 31, 2016 by Canadian Underwriter

All 10 Canadian provinces and Yukon are not making the grade when it comes to flood preparedness, signalling the need for change, including not allowing municipalities to override provincial or territorial direction on development in flood-prone areas, argues a new

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Mixed North American commercial insurance market still favours buyers: Willis Towers Watson report

October 26, 2016 by Canadian Underwriter

The marketplace for property, casualty and other lines of commercial insurance will continue to favour insurance buyers in 2017, particularly those with comprehensive strategic risk management and risk transfer strategies, global advisory, broking and solutions company Willis Towers Watson (WTW)

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Archway Insurance purchases H.S. Terris Insurance

October 24, 2016 by Canadian Underwriter

Archway Insurance has enhanced its commitment to Nova Scotia’s Cumberland County, where its head office is located, with the purchase of Springhill-based H.S. Terris Insurance. Effective Nov. 1, Amherst, N.S.-based brokerage announced Monday, the acquisition will build on its presence

News CatastrophesClimate ChangeConstructionEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Estimated insured losses for U.S., Caribbean from Hurricane Matthew US$2.5 billion to US$8 billion: RMS

October 21, 2016 by Canadian Underwriter

RMS has estimated Hurricane Matthew will produce insured losses of US$1.5 billion to US$5 billion for the United States and US$1 billion to US$3 billion in the Caribbean, making it the reinsurance industry’s costliest Atlantic hurricane since Sandy four years

News CatastrophesClimate ChangeConstructionEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Estimated insured losses from Hurricane Matthew for U.S., Caribbean between US$2.8 billion and US$8.8 billion: AIR

October 13, 2016 by Canadian Underwriter

Modelled insured losses from Hurricane Matthew could range from US$2.2 billion to US$6.8 billion for the United States and US$600 million to US$2.0 billion for the Caribbean, notes an estimate issued Thursday by AIR Worldwide. Hurricane Matthew affected the Caribbean

News InsuranceLegalMarkets / CoveragesMergers and AqcuisitionsTechnology

Growth in commercial unmanned aircraft systems, UAS, to bring both benefits, new risks: Allianz

September 13, 2016 by Angela Stelmakowich

The use of unmanned aircraft systems (UAS) is set to soar south of the border — expected to triple the number of manned aircraft by year’s end — producing new risks that will require insurers to adopt a new view,

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Echelon Financial Holdings Inc. sees lower net income in 2016 Q2, will focus on Canadian operations

August 5, 2016 by Canadian Underwriter

Echelon Financial Holdings Inc. (EFH) is exiting the European market to focus on growing its Canadian operations, which were negatively affected by the Fort McMurray wildfires that contributed to lower net income for both 2016 H1 and Q2 compared to

News CatastrophesInsuranceMergers and Aqcuisitions

Fort McMurray wildfire loss estimate pegged at $4.6 billion: Property Claim Services data

June 2, 2016 by Canadian Underwriter

The massive Fort McMurray wildfire is expected to cost the Canadian insurance industry $4.6 billion, according to data from Property Claim Services (PCS), a Verisk Analytics business. The loss estimate of $4,630,800,000 includes property damage losses under residential, commercial and

Canadian Underwriter May 2016 issue
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The Digital Edition of Canadian Underwriter magazine’s May 2016 issue

May 26, 2016 by Canadian Underwriter

Digital Edition below ↓ Cover Story – ‘Tired of Losses’  Distraction and driver fatigue are high on the radar screen for commercial auto insurers, and while drunkeness may not account for a significant percentage of losses, one insurance expert contends guidance

News AssociationsCatastrophesInsuranceMergers and Aqcuisitions

Floods in U.K. expected to produce repair bill of £1.3 billion, good progress on repairs to date

May 26, 2016 by Canadian Underwriter

The average cost of a domestic claim for the floods caused by Storms Desmond, Eva and Frank – which hit the United Kingdom in December and early January – is higher than usual, with the Association of British Insurers (ABI)