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International
CFC launches new insurance suite for product recall market
March 14, 2016 by Canadian UnderwriterSpecialist lines underwriting agency CFC Underwriting has launched a new suite of product recall products, available globally, to help enhance insureds’ protection, including from events related to hacking and electronic attack. The suite is aimed at industries ranging from food…
Hannover Re’s net income of 1.15 billion euros in 2015 represents best-ever year for company
March 11, 2016 by Canadian UnderwriterStrong results for both property and casualty reinsurance and life and health reinsurance contributed to Hannover Re’s record profit in 2015, posting Group net income of 1.15 billion euros for the year and handily beating its profit target, notes a…
More political risk reductions than increases on Aon’s 2016 emerging markets map
March 9, 2016 by Canadian UnderwriterFor the first time in the last three years, more countries on the Aon Political Risk Map 2016 for emerging markets show political risk reductions than increases, although continued low oil prices is exacerbating political risk in already-fragile states. “Anti-corruption…
Emerging connected technologies breaking thresholds of insurance business models: report
March 2, 2016 by Canadian UnderwriterThe continued evolution of the Internet of Things (IoT) is among the multiple threats pushing the insurance industry toward massive disruption, notes a report released Tuesday by Capgemini and Efma. IoT, combined with changing behaviours and preferences from Gen Y…
JLT Group’s underlying profit down 7% to 170.1 million in 2015
March 1, 2016 by Canadian UnderwriterPlanned investment in its United States business contributed to Jardine Lloyd Thompson Group plc’s underlying profit before tax falling 7% to £170.1 million in 2015, preliminary results show, but the company reports its overall momentum was sustained despite the challenging…
Companies must adopt fuller view of risk, understand the expected can combine to produce surprises: Marsh
February 29, 2016 by Canadian UnderwriterBoards and executive teams must develop a much stronger context for risks that may seem to be safely over the horizon if they are to avoid being blindsided by unwelcome surprises, notes a new paper from Marsh & McLennan Companies’…
XL Catlin doubles standalone terrorism limits in U.S.
February 26, 2016 by Canadian UnderwriterXL Catlin’s crisis management business has doubled available liability limits in the United States for standalone terrorism insurance coverage to US$200 million and unveiled specialized active assailant coverage as an answer to increased terrorism and active assailant threats. The options…
Multi-layered approach key to tackling cyber risks: Willis Towers Watson
February 26, 2016 by Canadian UnderwriterTaking a multi-dimensional approach as opposed to relying on a sub-set of actions is needed to tackle the growing cyber security risk, Dominic Casserley, president and deputy chief executive officer of Willis Towers Watson, suggested in a recent speech at…
BB&T Corporation to acquire Swett & Crawford for US$500 million
February 25, 2016 by Canadian UnderwriterBB&T Corporation has reached an agreement to acquire CGSC North America Holdings Corporation (Swett & Crawford) from Cooper Gay Swett & Crawford (CGSC) for US$500 million in cash, a move expected to provide BB&T’s wholesale insurance business with scale and…
Swiss Re sees 2015 net income increase 31% to US$4.6 billion compared to 2014
February 23, 2016 by Canadian UnderwriterAll of Swiss Re’s business units contributed positively – although Life and Health (L&H) Reinsurance was a standout – to the 31% increase in net income of US$4.6 billion in 2015 compared to US$3.5 billion in 2014. “The result benefited…
Recent environmental agreements open the door for innovative insurance solutions: Geneva Association
February 16, 2016 by Canadian UnderwriterRecent international agreements to combat climate change clear the way for developing innovative insurance solutions that could help societies become more resilient, although pricing difficulties coupled with often-conflicting public policy measures continue to be challenges, suggests the Geneva Association. Released…
Disasters in 2015, the hottest year on record, demonstrate need to adapt to climate change: UNISDR
February 12, 2016 by Canadian UnderwriterWeather and climate-related disasters now dominate disaster trends linked to natural hazards, suggests a new analysis issued this week by the United Nations Office for Disaster Risk Reduction (UNISDR). The finding, UNISDR reports in a statement, is confirmed by events…