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Insurance
Protective Cover
December 1, 2016 Sean van Zyl, Freelance WriterThe role of capital markets in alternative risk transfer within the property and casualty insurance industry is not new. However, the development of sophisticated financial instruments continues to expand, with resilience bonds being the latest arrival in the catastrophic risk market.
Growing trend toward seeking punitive, personal legal action against corporate leaders: AGCS
November 28, 2016 by Canadian UnderwriterNew and emerging risks are putting corporate leaders under more pressure of falling foul of investigations, fines or prosecution over alleged wrongdoing, notes a new global report issued Monday by Allianz Global Corporate & Specialty (AGCS). “There is a growing…
Staying the same not a sustainable approach to attracting young professionals to insurance
November 23, 2016 by Angela StelmakowichThe traditional insurance world must change with the times – reflecting shifting demographics and fostering diversity – if it is to build on the progress made with regard to attracting more young professionals to the field. “The traditional (insurance) world…
Net earnings for Fairfax Financial Holdings Limited US$1.3 million in 2016 Q3 compared to US$424.8 million in 2015 Q3
November 7, 2016 by Canadian UnderwriterNet losses on investment contributed to Fairfax Financial Holdings Limited seeing net earnings drop to US$1.3 million in 2016 Q3 compared to US$424.8 million in 2015 Q3. The results reflect “strong operating income offset by net losses on investments,” notes…
Insurance industry must work to reduce protection gap, burden on governments
October 25, 2016 by Canadian UnderwriterThe insurance industry needs to capitalize on its unique risk understanding to reduce the financial burden on governments in light of “the daunting scale of the protection gap,” Nick Frankland, CEO of EMEA operations for Guy Carpenter & Company, LLC,…
Hurricane Matthew damage significant, but manageable, for U.S. insurers: A.M. Best
October 18, 2016 by Canadian UnderwriterMost insurance carriers rated by A.M. Best have sufficient capital and appropriate reinsurance programs to effectively absorb Hurricane Matthew losses, notes a new briefing from the rating agency. That being the case, A.M. Best reports it does not anticipate a…
Adoption of smart contracts to decrease risks and costs, increase efficiencies: Capgemini
October 11, 2016 by Angela StelmakowichLower costs and higher efficiencies can be realized through adoption of smart contracts, with potential annual savings in the personal motor insurance industry alone amounting to US$21 billion globally thanks to automation and reduced processing overheads in claims handling, Capgemini…
Message from the President
October 11, 2016 Fred Plant, President, Canadian Independent Adjusters' AssociationOurs is a principled profession and you should be proud of the important work you do, every day, delivering the product of the Property & Casualty Insurance Industry in Canada. Independent Adjusting in Canada is taking a new direction. No…
Cat bond issuance so far in 2016 down 15% compared to same period in 2015, Fort Mac reviving talk about unmodelled risks: PCS
October 5, 2016 by Canadian UnderwriterYear-to-date Cat bond issuance was down more than 15% compared to the prior-year period as a result of a usually light third quarter and a less usual quiet second quarter, notes a new report from Property Claim Services (PCS). The…
Fort Mac wildfire more than an “earnings event” for some insurers, domestic market posts $1 billion underwriting loss in H1: MSA
September 28, 2016 by Canadian UnderwriterThe Fort McMurray wildfire may have been an “earnings event” for the largest insurers in Canada’s property and casualty industry, but that was not the case for some smaller regional writers, notes the newly released MSA Quarterly Outlook Report for…
Insurers have untapped opportunity to transform into solutions providers, not just sellers: consumers
September 20, 2016 by Canadian UnderwriterAlmost three-quarters of consumers taking part in a Bain & Company Inc. survey say they would value a platform for providing services well beyond insurance coverage, opening the door for insurers to transform themselves from just sellers into solutions providers.…
Two-thirds of U.K. polled firms not assessing financial impact of a cyber attack: Marsh
September 19, 2016 by Canadian UnderwriterAlmost two-thirds of surveyed large and medium-sized organizations in the United Kingdom do not conduct or estimate the financial impact of a cyber attack, notes a new report issued Monday by Marsh. Despite a 56% rise in boardroom ownership of…