News
Central Ontario township hit by flooding seeks disaster declaration
May 6, 2013 by Canadian UnderwriterThe Township of Ramara, a community east of Lake Simcoe and about 80 km north of Toronto, is calling on Ontario’s minister of municipal affairs to declare the flood-damaged part of the township a disaster area. “If the minister does…
Insurance Information Institute urges U.S. residents to consider flood policies as hurricane season approaches
May 3, 2013 by Canadian UnderwriterThe Insurance Information Institute in the U.S. is reminding residents there to consider flood insurance protection, with less than a month before the Atlantic hurricane season begins. Early predictions are indicating that this year’s season, which begins June 1, will…
Technology is affecting the way customers deal with their auto insurer: J.D. Power
May 3, 2013 by Canadian UnderwriterMainstream adoption of technology is having a major effect on the way auto insurance customers interact with their insurance provider, according to the J.D. Power & Associates 2013 Canadian Auto Insurance Satisfaction Study. As many as one-third of all…
XL Group has solid first quarter, with $350.8 million in net income
May 3, 2013 by Canadian UnderwriterXL Group plc (NYSE: XL) has released its financial results for the first quarter of the year, reporting a net income of $350.8 million, up significantly from $176.6 million in the same quarter of 2012. For the three months ended…
Marsh & McLennan Group reports strong first quarter with net income of $413 million
May 3, 2013 by Canadian UnderwriterMarsh & McLennan Companies has reported a strong start to the year in its first quarter financial earnings, recording net income of $413 million, compared with $347 million in the same quarter last year. For the three months ended March…
AIG reports 2013 Q1 net income of $2.2 billion
May 3, 2013 by Canadian UnderwriterAmerican International Group, Inc.’s (AIG) financial results for 2013 Q1 compared to 2012 Q1 – which show a significant hike in insurance operating income – offer encouragement to move forward with efforts to achieve the company’s 2015 aspirational goals. On…
Industry response to Ontario budget mainly positive, while political opposition remains
May 2, 2013 by Harmeet Singh, Online EditorIndustry response to the Ontario government’s budget, tabled Thursday, was mainly positive, with the Insurance Bureau of Canada welcoming the potential fraud tackling measures and other reforms, but opposition response has signalled that changes may not come quickly. Don Forgeron,…
Ontario budget proposes changes to rate-filing process, regulation to reach 15% reduction target
May 2, 2013 by Harmeet Singh, Online EditorOntario’s Liberal government released its 2013 budget Thursday, outlining potential changes to the rate filing process, the return-on-equity benchmark for insurers and measures aimed at addressing fraud, all part of the larger target of a 15% average reduction in auto…
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 –…