News
AIG reports net loss of $4 billion for Q4 2012, net income of $3.4 billion for the year
February 22, 2013 by Canadian UnderwriterAIG has reported a net loss of $4 billion for the fourth quarter of 2012, reflecting an after-tax loss of $1.3 billion from Hurricane Sandy. The insurer’s net income for the entire year was $3.4 billion, compared with $20.6 billion…
Majority of execs say they will benefit from an ERM program
February 21, 2013 by Canadian UnderwriterMore than four in five executives surveyed at North American insurance firms say they will benefit from an own risk and solvency assessment (OSRA), but a consulting firm suggests the carriers “have a long way to go” before completing their…
Number of insured Sandy-damaged vehicles estimated at 250,500
February 21, 2013 by Canadian UnderwriterRoughly 250,500 vehicles have been damaged from Superstorm Sandy, suggests a new estimate from the National Insurance Crime Bureau (NICB) in the United States. According to the preliminary estimate, New York’s number of damaged vehicles has increased to 150,000. The…
Annual net income nearly doubles, accident loss ratios drop at Allianz
February 21, 2013 by Canadian UnderwriterAllianz SE released Thursday its financial results for 2012, reporting gross written premiums in property and casualty of 46.9 billion Euros, up from 44.8 billion Euros in 2011. The Munich-based firm’s combined ratio in P&C for the full year was…
Swiss Re net income jumps to $4.2 billion for 2012
February 21, 2013 by Canadian UnderwriterGlobal reinsurance giant Swiss Re has reported a net income of $4.2 billion for 2012, up significantly from $2.6 billion in 2011. The company’s P&C Re business net income rose to$ 3 billion in 2012, an increase of $1.9 billion…
Economical increases net income by 68%, set to continue demutualization plans
February 20, 2013 by Canadian UnderwriterEconomical Insurance has reported a 5.6% increase in gross written premiums for 2012 from the previous year, along with increasing its net income by 68% over 2011. The Waterloo, Ont.-based insurer reported consolidated net income of $43.2 million for the…
RSA Canada reports 8% increase in net written premiums for 2012
February 20, 2013 by Canadian UnderwriterRSA Canada has reported an 8% growth in its 2012 financial results, to $2.55 billion in net written premiums, compared to roughly $2.36 billion the year before. “Strong organic growth across personal and commercial broker product lines was supplemented by…
U.S. managing general underwriter predicts big increase in use of transactional insurance in 2013
February 20, 2013 by Canadian UnderwriterThe global use of transactional insurance, a type of insurance tailored to address issues that arise in a commercial business transaction, could rise by as much as 25% this year, suggests Jeffrey Cowhey, president of United States-based Ambridge Partners LLC.…
Marsh creates single risk management practice group to help better serve large corporates
February 20, 2013 by Canadian UnderwriterMarsh announced Tuesday it is creating a single global risk management (RM) practice group by bringing together G5, the company’s largest account platform, its multinational practice and its existing RM operations. The move is meant to enhance focus on meeting…
Considering where an organization is with big data can guide where it should be: Celent
February 20, 2013 by Canadian UnderwriterInternational financial research and consulting firm Celent recommends that organizations consider five tiers of data capability to help determine not only where they currently are when it comes to big data, but also where they should be. A new report…
State Farm sues Toronto medical assessment centre over auto claims
February 19, 2013 by Canadian UnderwriterState Farm Mutual Automobile Insurance Company is suing a Toronto-based assessment centre and four individuals for more than $11 million, alleging that false and fraudulent documentation was submitted in the name of Assessment Direct Inc. In a statement of claim…
Questionable claims in the U.S. up since 2010, report says
February 19, 2013 by Canadian UnderwriterQuestionable claims are up in the United States, reaching a new record in 2012, notes the National Insurance Crime Bureau in a new report. Questionable claims are those claims that NICB member insurance companies refer to NICB for closer review…