Keyword
property insurance
Insurers should ensure consumers are ‘better able to understand’ home insurance policies: CCIR
August 9, 2017 by Canadian UnderwriterIn a paper released Wednesday, Canada’s insurance regulators’ association suggests that insurers need to better educate consumers so they can understand the terms – including limitations, exclusions and deductibles – of their property insurance contracts, while sharing aggregated property risk…
Q2 commission, fee growth flat at Willis Towers Watson
August 4, 2017 by Canadian UnderwriterWillis Towers Watson plc reported Thursday its commissions and fees from corporate risk and broking were $624 million during the three months ending June 30, a slight drop from $627 million during the same period in 2016. “North America organic…
Global software company Symbility Solutions partners with Toronto’s DeepLearni.ng to bring AI to property insurance
August 2, 2017 by Canadian UnderwriterGlobal software company Symbility Solutions Inc. announced on Wednesday that it has entered into a new partnership with Toronto-based DeepLearni.ng to bring artificial intelligence (AI) solutions into property insurance. Symbility said in a press release that “by closely collaborating with…
SCOR posts net income of 292 million euros for the first half of 2017
July 27, 2017 by Canadian UnderwriterFrench reinsurer SCOR has reported a net income of 292 million euros for the first half of the year, up from 275 million euros in the first half of 2016. The company’s net combined ratio in P&C was 93.5% for…
Combined ratio down 4.6 points for Everest Re
July 25, 2017 by Canadian UnderwriterEverest Re Group Ltd. reported Monday catastrophe losses, net of reinsurance, of $53.5 million in the three months ending June 30, with a 4.6-point improvement in its Q2 combined ratio to 90.5%. All figures are in United States dollars. Hamilton,…
Vehicle and equipment dealerships in Alberta authorized to sell gap insurance
June 12, 2017 by Canadian UnderwriterThe Alberta Insurance Council (AIC) has announced that its General Insurance Council (GIC) has approved the issuance of a restricted certificate of authority authorizing both vehicle and equipment dealerships to sell gap insurance. Gap insurance is property insurance that covers…
XL Catlin extends global property insurance capacity
June 8, 2017 by Canadian UnderwriterIncreasing property values and concern over natural catastrophe exposures in the United States and Canada were among the factors mentioned in XL Catlin’s announcement Wednesday it had extended global property insurance capacity by 25% to US$500 million. XL Catlin reports…
How legalizing pot will affect your insurance policies
June 5, 2017 Jason Contant, Online EditorThe impending legalization of marijuana in Canada raises a number of legal issues related to property insurance policies, Michael Teitelbaum, a partner with Hughes Amys LLP, said last week at ARC Group Canada’s 2017 annual seminar and cocktail event. In…
Ottawa plans to eliminate tax exemption for farm property insurers, amend anti-money laundering laws
March 23, 2017 by Canadian UnderwriterThe federal government said Wednesday it is proposing to eliminate a tax exemption introduced in 1954 for insurance carriers providing property insurance for farming and fishing properties. In its budget document, the ruling Liberals suggested they want to give the…
Partnership creates “Canada’s largest Indigenous-owned insurance agency”
March 6, 2017 by Canadian UnderwriterTIPI Insurance Partners and IMI Brokerage Company have announced a partnership to create “Canada’s largest Indigenous-owned insurance agency,” providing property insurance, pension plans and group benefits designed exclusively for Indigenous people. Announced late last week, the partnership roughly doubles TIPI’s…
AIG, National Indemnity ink reinsurance agreement covering long-tail prior-year commercial casualty
January 20, 2017 by Canadian UnderwriterAmerican International Group Inc. said Friday it “expects a material prior year adverse development charge” during the three months ending Dec. 31, 2016 and that National Indemnity Company (NICO) has agreed to reinsure 80% of losses on certain reserves for…
Europe’s insurers paid out 2.7 billion euros a day in 2015: Insurance Europe
December 20, 2016 by Canadian UnderwriterEurope’s insurers paid out a total of 975 billion euros in claims and benefits over the course of 2015, the equivalent of about 2.7 billion euros per day, according to figures released on Tuesday by Insurance Europe, the European insurance…