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B.C. broker banned for misapplying premium funds “for years”

January 11, 2019 by David Gambrill

A B.C. broker repeatedly in hot water for misapplying thousands of dollars worth of insurance premium funds over several years has had his Level 3 licence permanently revoked. In addition, Insurance Council of B.C. fined Antony Ronald Fransen $7,500 personally

News Earnings / RatingsInsuranceMarkets / Coverages

All provinces saw rate increases in Q4 2018: Applied

January 10, 2019 by Jason Contant

Evidence of a hard market in personal lines in Canada was apparent in Applied Systems’ latest quarterly Applied Rating Index, released Tuesday. The Q4 2018 index found that average premiums for personal auto and personal property lines increased by more

News AnnouncementsCatastrophesClaimsEarnings / RatingsInsuranceReinsurance

Cats a significant driver in Everest Re Group’s posting US$639.4 million net loss in 2017 Q3

October 31, 2017 by Canadian Underwriter

Losses from hurricanes Harvey, Irma, Maria (HIM) and the Mexico City earthquake contributed to Everest Re Group, Ltd. posting a US$639.4 million net loss for 2017 Q3 compared to net income of US$295.4 million for the prior-year quarter. For the

News InsuranceLegalLegislation / RegulationMarkets / CoveragesMergers and Aqcuisitions

Insurer can dispute conviction of driving without insurance in accident benefits priority dispute

August 24, 2017 by Canadian Underwriter

Federated Insurance Company of Canada is allowed to bring forth arguments – in an Ontario auto accident benefits priority dispute with Intact Insurance Company – that a motorist convicted of driving without insurance was nevertheless insured by Intact, now that the Supreme Court of Canada has denied Intact leave to appeal.
Court records indicate that in early 2010, Patrick Cadieux had his vehicle insured by Intact. But his premium payment for February, 2010 was returned due to non-sufficient funds, Justice James Diamond of the Ontario Superior Court of Justice noted…

News ConstructionEarnings / RatingsInsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Cyber market ‘softer than ever,’ commercial property, general liability rates down in U.S. in Q2: CIAB

August 23, 2017 by Canadian Underwriter

Responses from brokers surveyed indicate commercial property insurance rates in the United States dropped an average of 3.6% during the three months ending June 30, with average premium pricing down 1.44% in cyber, in a market that is “softer than

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Catastrophe losses contribute to decrease in 2017 Q2 net income for Travelers

July 21, 2017 by Canadian Underwriter

Solid net investment income was not enough to offset higher catastrophe losses and lower underlying underwriting gains, contributing to the Travelers Companies, Inc. witnessing lower net income for 2017 Q2 compared to 2016 Q2. Net income was US$595 million for

News CatastrophesInsuranceMergers and AqcuisitionsTechnology

Extreme cloud attack could pack as much of a cost wallop as Hurricane Sandy

July 18, 2017 by Canadian Underwriter

A malicious hack that fells a cloud service provider for a time has the potential to produce estimated economic losses of as much as US$53 billion, in line with the hit delivered by Superstorm Sandy, suggests a new research scenario

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

AIG, IBM and Standard Chartered Bank pilot “first multinational insurance policy powered by blockchain”

June 15, 2017 by Canadian Underwriter

American International Group Inc. (AIG), IBM and Standard Chartered Bank plc announced on Thursday that they have successfully piloted what they are calling the “first multinational ‘smart contract’ based insurance policy using blockchain.” Working together, AIG, IBM and international banking

News CatastrophesClimate ChangeEarnings / RatingsMergers and AqcuisitionsReinsurance

Hannover Re Group net income down 2.4% to 264.8 million euros in 2017 Q1 compared to 2016 Q1

May 10, 2017 by Canadian Underwriter

Group net income for Hannover Re contracted to 264.8 million euros in the first quarter of 2017, but was in line with the prior-year quarter’s exceptionally good results, positioning the reinsurer well for achieving its financial targets this year. Group

News InsuranceMergers and AqcuisitionsReinsurance

Global insurance industry to see “slightly increased” growth by 2018, P&C premium volume to grow by 4% on average: Munich Re

April 20, 2017 by Canadian Underwriter

The global insurance industry is likely to see slightly increased growth by 2018, Munich Re reported on Thursday. Munich Re said in a press release that better economic prospects in the United States and in many emerging markets will offset

News AssociationsInsuranceTechnology

Innovative technologies clustered on expectations side, most types of technology two to 10 years away: CIAA event speaker

April 19, 2017 by Angela Stelmakowich

The influence of technology will be more clearly felt in the next 10 or 15 years as opposed to the next few years, Duncan Stewart, director of technology, media and telecommunications research for Deloitte Canada, suggested during a Canadian Insurance

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Desjardins Insurance offers new flood coverage for low-, medium-risk areas

March 14, 2017 by Canadian Underwriter

Customers of Desjardins Insurance, The Personal and State Farm Canada who live in low-risk flood areas will now automatically be covered by a new flood endorsement while those in medium-risk areas can choose to purchase an additional premium. Endorsement 16d