Segment
Claims
Economical Insurance’s 2012 Q2 results support positioning for demutualization
August 24, 2012 by Canadian UnderwriterEconomical Insurance’s financial numbers for the second quarter of 2012 show that the company is continuing to deliver strong profitable results and is well-positioned for a successful demutualization, suggests Karen Gavan, president and CEO of the company. Economical has maintained…
U.S. p&c industry posts higher net income in 2012 Q2
August 23, 2012 by Canadian UnderwriterProperty and casualty insurers in the United States recorded strong earnings in the second quarter of 2012, with net income rising 343% from the same period in 2011 for a group of 26 select companies, notes a report from Moody’s…
Desjardins General Insurance posts strong Q2 results
August 23, 2012 by Canadian UnderwriterDesjardins General Insurance Group (DGIG)’s net income for 2012 Q2 was $39.5 million, more than double the $16.6 million in 2011 Q2. DGIG’s loss ratio for the quarter ended June 30, 2012 fell to 71% – 5.9% lower than in…
Aon Benfield teams with flood modelling firm
August 23, 2012 by Canadian UnderwriterAon Benfield recently announced a partnership with Ambiental, a flood risk assessment and modelling consultancy. The global reinsurance broker and capital advisor of Aon notes the relationship with Ambiental will “enhance the firm’s flood model development capabilities.” Specifically, Ambiental will…
Drought conditions could cause insurance loss of $5 billion: S&P
August 22, 2012 by Canadian UnderwriterInsured crop losses in the United States will cost insurers and reinsurers more than $5 billion, notes a new report from Standard & Poor’s. “Farmers in the most affected states are expecting one of their worst harvests since the drought…
App envisions making disaster preparation easy
August 22, 2012 by Canadian UnderwriterBeing prepared for a disaster, whatever form that disaster takes, is a key objective of a new mobile disaster preparedness app from the Insurance Information Institute (I.I.I.). “Over the past decade, insurers paid nearly $250 billion in claims to millions…
Saskatchewan blitz seeks to curb intersection collisions
August 22, 2012 by Canadian UnderwriterTraffic enforcement officers will be focused on intersection safety during Saskatchewan Government Insurance (SGI)’s two-day blitz, Operation Crossroads, which runs Aug. 22 to 23. Enforcement staff across the province, but with a concentrated effort in the Prince Albert area, will…
New business upload to improve efficiencies for Lambton Mutual, brokers
August 22, 2012 by Canadian UnderwriterLambton Mutual is implementing automated new business upload for automobile and habitational policies, a functionality expected to provide significant efficiency gains for both the company and its brokers. Part of Lambton’s efforts to streamline the new business submission process, the…
Flooding, sea level rise among city’s greatest projected risks
August 21, 2012 by Canadian UnderwriterA risk assessment of local climate change events for Victoria, British Columbia as projected to 2050 indicates flooding and sea level rise are among the greatest risks. “The projected impacts of most climate change-related events were determined to, individually, have…
U.S. can expect hurricane loss of $10 billion once every four years
August 21, 2012 by Canadian UnderwriterTwenty-eight hurricanes that wreaked havoc on the United States in years past would likely produce insured losses reaching or exceeding $10 billion if they struck today, suggests a new study by Karen Clark & Company (KCC). The research concludes the…
ICBC receives approval for 11.2% rate hike
August 20, 2012 by Canadian UnderwriterThe British Columbia Utilities Commission, “after considering the evidence and arguments of all parties,” has given the green light to an 11.2% rate hike for universal compulsory automobile insurance in the province for 2012. The approval of the double-digit increase…
Insurance fraud in U.S. a $30-billion problem: Deloitte
August 20, 2012 by Canadian UnderwriterProperty and casualty insurers need to adopt a multi-pronged approach to combat a growing fraud problem in the United States, notes a recent report from Deloitte. The report, A Call to Action: Identifying Strategies to Win the War Against Insurance…