News
Grain Insurance is now Wynward Insurance Group
May 2, 2013 by Canadian UnderwriterGrain Insurance has a new name and a new brand: Wynward Insurance Group. The company unveiled the new name and its new logo on May 2, reflecting its evolution into a highly differentiated, customer-focused company. The updated brand is the…
D&O claims related to corporate acquisitions cause ‘material losses’ for insurers: Fitch
May 2, 2013 by Canadian UnderwriterPremiums for directors and officers liability insurance grew last year, but carriers have been hit by claims related to claims related to mergers and acquisitions, according to a Fitch Ratings Inc. report, Director & Officers Liability Insurance: Market Update 2013.…
Swiss Re reports a 21% increase in net income for 2013 Q1
May 2, 2013 by Canadian UnderwriterSwiss Re has seen a 21% increase in net income for the first quarter of 2013 — from $1.1 billion in 2012 Q1 to $1.4 billion in 2013 Q1. All figures are in U.S. currency. Very strong underwriting performances across…
Revenues, catastrophe losses up at Allstate
May 2, 2013 by Canadian UnderwriterThe Allstate Corp. reported a 7.4% drop in net income year-over-year for the three months ending March 31. Although consolidated revenues for the first quarter of 2013 were $8.463 billion – 1.2% higher than the same period in 2012 –…
Some Prairie communities on alert as spring flooding takes hold
May 2, 2013 by Canadian UnderwriterA number of communities in Saskatchewan have declared states of emergency in the wake of spring flooding that has hit some parts of the province hard. For example, the Village of Borden, about 50 km northwest of Saskatoon, noted in…
Cyber threats and security breaches forcing companies to re-evaluate risk management
May 1, 2013 by Canadian UnderwriterRisk managers are being forced to reconsider how they protect company data and proprietary information because of cyber threats and security and privacy breachs, according to a recent survey from Towers Watson. The Risk and Finance Manager Survey examined how North…
Most insurers using social media tools, but many lack a strategy
May 1, 2013 by Canadian UnderwriterThe majority of insurers are now using social media in some way, although more than a third don’t have an established social media strategy, according to a report released Tuesday by research and consulting firm Celent. Eighty percent of insurers…
Study finds increase in teen driving deaths during summer months in U.S.
May 1, 2013 by Canadian UnderwriterDespite the introduction of graduated licencing programs in many American states, an average of eight teens per day were killed during the summer months over the past five years combined, and that trend is likely to continue in the United…
Demand for terrorism coverage remains strong: Marsh
May 1, 2013 by Canadian UnderwriterMarsh has recommended that United States Congress reauthorize the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) in light of ongoing strong demand for terrorism risk insurance and the possibility that opting not to reauthorize the program could lead to price…
100 grass fires already reported in New Brunswick this year
May 1, 2013 by Canadian UnderwriterAbout 100 grass fires have already been reported in New Brunswick this year, with at least one causing substantial damage to a home, the provincial government said Tuesday. Other fires have also spread to cause a number of forest fires,…
Net written premiums up at CNA Financial
April 30, 2013 by Canadian UnderwriterCNA Financial Corp. released Monday its financial results for the three months ending March 31, recording net written premiums of $1.776 billion, up 10% year-over-year from $1.608 billion in the first quarter of 2012. The Chicago-based commercial insurance firm attributed…
Gender neutral pricing in EU results in 32% increase in premiums for young women
April 30, 2013 by Canadian UnderwriterWomen aged 17 to 20 are seeing a 32% increase in average comprehensive motor insurance premiums over the last six months in the United Kingdom, according to the latest Confused.com/Towers Watson Car Insurance Price Index. Because of the transition to…