Keyword
premiums
Marine market faced with “aging fleet of vessels,” CBMU president says
December 5, 2016 by Canadian UnderwriterThe marine insurance market is “very competitive” and worldwide, premiums dropped 10.5% from 2014 to 2015, due in part to currency fluctuations, the president of the Canadian Board of Marine Underwriters said at a recent presentation. In the marine insurance…
A.M. Best maintains stable outlook for Canadian P&C industry; financial results strong again in 2015
November 8, 2016 by Canadian UnderwriterRatings firm A.M. Best Company continues to maintain a stable outlook for the Canadian property and casualty insurance industry, noting that it has “historically shown resilience and the ability to adapt when necessary.” A.M. Best’s stable outlook is based primarily…
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…
Personal auto premiums for Q3 up 5% for Intact, personal property premiums up by 8%
November 2, 2016 by Canadian UnderwriterIntact Financial Corporation (IFC) has reported that personal auto premiums for the third quarter of 2016 ending Sept. 30 grew by 5%, while personal property premiums grew by 8% from the prior-year quarter. IFC said in its financial results released…
The Co-operators General Insurance Company reports net income of $16.3 million in 2016 Q3 compared to loss in 2015 Q3
October 28, 2016 by Canadian UnderwriterThe Co-operators General Insurance Company posted $16.3 million in consolidated net income for 2016 Q3 compared to a net loss of $21.4 million in the prior-year quarter. “During the quarter, there were no material changes to the company’s estimated net…
More fairness in Ontario auto insurance needed to fix the system: IBC’s Forgeron
October 24, 2016 by Canadian UnderwriterFairness is still lacking in Ontario’s auto insurance system and a balance needs to be struck between both lower premiums and the right level of benefits, Don Forgeron, president and chief executive officer of Insurance Bureau of Canada (IBC), said…
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…
Gloomy outlook for offshore energy insurance sector: IUMI
September 21, 2016 by Canadian UnderwriterThe offshore energy sector is facing a series of significant challenges in the wake of a falling premium base and increased volatility, cautions the chairman of the International Union of Marine Insurance’s (IUMI) offshore energy committee. “We have not witnessed…
U.S. P&C insurance industry posts underwriting loss of US$2.3 billion in first half of 2016: A.M. Best
September 16, 2016 by Canadian UnderwriterThe property and casualty insurance industry in the United States posted an underwriting loss of approximately US$2.3 billion and a 3.5% decline year-over-year in net investment income through the first six months of 2016, said a new A.M. Best Company…
Autonomous vehicles may reduce U.S. motor premiums by more than 40% by 2050: Aon Benfield
September 13, 2016 by Canadian UnderwriterAutonomous vehicles may reduce motor pure premiums in the United States by more than 40% by the time they “reach full adoption in 2050,” according to a recent Global Insurance Market Opportunities report from Aon Benfield. Aon Benfield, the global…
Zurich Insurance Group’s 2016 business operating profit down in H1, up in Q2 over prior-year periods
August 11, 2016 by Canadian UnderwriterContinuing to build on its efforts to simplify and become more agile, Zurich Insurance Group reports that its business operating profit (BOP) for the first half of 2016 was US$2.194 million, down 2% from US$2.238 million for 2015 H1. Figures…
Echelon Financial Holdings Inc. sees lower net income in 2016 Q2, will focus on Canadian operations
August 5, 2016 by Canadian UnderwriterEchelon 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…