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International
Reinsurance pricing floor remains elusive: Willis Re
January 4, 2016 by Canadian UnderwriterReinsurance rates at Jan. 1, 2016 renewals have continued to decline across the majority of markets, with Willis Re reporting Monday that earlier forecasts for a “softening in the softening” in pricing have proved illusory. “Despite the signs of pricing…
M&A appetite among Canadian execs strongest since 2009; continuing prudence signals a thoughtful market: EY
December 2, 2015 by Canadian UnderwriterThe percentage of polled Canadian executives with mergers and acquisitions (M&A) plans in the works has tripled over the past year, notes a report released Tuesday by Ernst & Young. Buoyed by optimism about the domestic economy, 73% of surveyed…
Vision that mega-cities nervous systems based on Internet; reality that locations will face nat-cat risk: Allianz SE
December 1, 2015 by Canadian UnderwriterThe mega-city is coming – with two-thirds of the world’s population expected to be city dwellers by 2030 – but this development poses challenges regarding how best to strike a balance between growth, quality of life and climate protection, cautions…
AU$75 million in insured losses so far for South Australia bushfires: council
December 1, 2015 by Canadian UnderwriterWith the number of claims from the South Australian bushfires reaching 525 Monday morning, the Insurance Council of Australia (ICA) reported total insured losses had hit AU$75 million. Declared a disaster by ICA Nov. 26, there are multiple bushfires burning…
Crawford & Company announces “new simplified operating structure”
November 30, 2015 by Canadian UnderwriterCrawford & Company, the Atlanta, Georgia-based independent provider of claims management solutions to insurance companies and self-insured entities, announced a “new simplified operating structure” last week. The new structure is designed to capitalize on Crawford’s competitive position, enhance the firm’s…
Debt, earnings disconnect leaves mining companies vulnerable: EY
November 30, 2015 by Canadian Underwriter“Market conditions are not showing signs of imminent improvement, and if this doesn’t change, only the fittest will survive,” Lee Downham, Ernst & Young’s global mining & metals transactions leader, cautioned in a statement Friday. Globally, mining companies are factoring…
Climate protection to become a core business for Allianz SE
November 26, 2015 by Canadian UnderwriterAllianz SE plans to integrate climate protection into its entire business portfolio – a move that will include ending financing of coal-based business models – the insurer announced in the run-up to the UN Climate Change Conference in Paris. “Our…
2015 Q3 sees tenth consecutive quarterly decline for global insurance rates, casualty rate increases in certain regions driven by cyber
November 25, 2015 by Canadian UnderwriterCommercial insurance rates decreased globally during 2015 Q3 – posting a global composite decline of 4.8% – marking the tenth consecutive quarterly decline, notes the November 2015 edition of Marsh’s Global Insurance Market Quarterly Briefing. Released Tuesday, the briefing shows…
Allianz’s new three-year plan sets targets to increase earnings and profitability, implement digital processes
November 25, 2015 by Canadian UnderwriterAllianz SE plans to meet the transforming insurance industry head-on by strengthening resilience and creating scale in important markets in a bid to achieve new growth and profitability targets. The insurer “will strengthen its foundations with a multi-year Renewal Agenda,…
Cyber capability should be on parity with established aspects of terrorist armory: Pool Re
November 23, 2015 by Canadian UnderwriterA potential shift toward cyber terrorism is among the factors contributing to the United Kingdom’s move last week to double funds set aside to combat cyber attacks, Julian Enoizi, chief executive of Pool Reinsurance Company Limited, notes in a recent…
Fosun International completes acquisition of Ironshore interest
November 23, 2015 by Canadian UnderwriterFosun International Limited has completed its acquisition of the remaining 80% equity interest in Bermuda-based Ironshore Inc., which will become an indirect wholly owned subsidiary of the company. Approvals have been received from all relevant regulatory authorities in the United…
GEO commits to unleashing open data in a bid to address global challenges, including climate change
November 16, 2015 by Canadian UnderwriterIn a time of exponential data growth, human development and climate change, the intergovernmental Group on Earth Observations (GEO) announced Friday that members are committed to sharing data on Earth observations. “We promote open access to data, knowledge and information,”…