Combined ratio, net loss for Economical Insurance up in 2017 Q3 over 2016 Q3
November 6, 2017 by Canadian UnderwriterThe impact of strategic investments by Economical Insurance contributed to the insurer witnessing a combined ratio of 116.2% and an almost doubling of net loss in 2017 Q3 compared to 2016 Q3. The combined ratio for the third quarter of…
Commercial premiums down 13% for AIG
November 3, 2017 by Canadian UnderwriterAmerican International Group Inc. announced Thursday its combined ratio in commercial insurance was 195.4% in the three months ending Sept. 30, up 89.6 points from 105.8% in Q3 2016. New York City-based AIG confirmed Thursday an earlier-released estimate, of $3…
Combined ratio deteriorates 38.9 points for Fairfax amid hurricane losses
November 3, 2017 by Canadian UnderwriterFairfax Financial Holdings Ltd. has reported an underwriting loss of $833 million during the three months ending September 30, with its insurers’ share of losses from three recent hurricanes and an earthquake in Mexico amounting to $960 million. All figures…
Employees, employers faced with increasingly sophisticated ransomware attacks often opt to pay
November 2, 2017 by Canadian UnderwriterThe current approach to ransomware education is not sticking, with employees and employees alike opting to pay ransoms in record numbers because they do not have a firm grasp of what should be done when attacked, notes new research out…
Insured losses from October wildfires top $3 billion, California insurance department reports
November 2, 2017 by Canadian UnderwriterInsured losses from California’s October wildfires now top US$3 billion – a three-fold increase in just two weeks – according to updated claims loss data from the California Department of Insurance. Fifteen major insurers reported the updated $3.32 billion estimate…
Aspen reports net loss after tax of US$253.8 million for Q3
October 31, 2017 by Canadian UnderwriterHamilton, Bermuda-based Aspen Insurance Holdings Limited has reported a net loss after tax of US$253.8 million for the third quarter of 2017 compared to net income of US$95.6 million in the same quarter last year. “The third quarter was characterized…
Cats a significant driver in Everest Re Group’s posting US$639.4 million net loss in 2017 Q3
October 31, 2017 by Canadian UnderwriterLosses from hurricanes Harvey, Irma, Maria (HIM) and the Mexico City earthquake contributed to Everest Re Group, Ltd. posting a US$639.4 million net loss for 2017 Q3 compared to net income of US$295.4 million for the prior-year quarter. For the…
Axis Capital records Q3 combined ratio of 156.9%, $617 million in cat losses
October 31, 2017 by Canadian UnderwriterAxis Capital Holdings Ltd. has had a 60-point deterioration in its third-quarter combined ratio, with US$576 million in pre-tax net losses, net of reinstatement premiums from three hurricanes alone, the Bermuda-based insurer announced. Pembroke, Bermuda-based Axis Capital, which has a…
Chubb reports P&C combined ratio of 110.8% for third quarter of 2017
October 30, 2017 by Canadian UnderwriterChubb Limited has reported a P&C combined ratio of 110.8% for the third quarter of 2017, up 24.8 points from the same quarter last year and “driven by significant catastrophe losses.” “While it was a tough quarter for cats, it’s…
AIR Worldwide estimates insured losses of US$2-3 billion for California wildfires
October 28, 2017 by Canadian UnderwriterAIR Worldwide is estimating the industry insured losses from the California wildfires will be between US$2 billion and US$3 billion. The Boston-based catastrophe modelling firm, a Verisk business, released an estimate of the losses from the Tubbs, Pocket, Nuns, Atlas,…
Quality of construction workmanship a major factor in water losses: RSA Canada CEO
October 27, 2017 Greg Meckbach, Associate EditorAging infrastructure and deteriorating construction standards are among the “major factors” leading to the challenges Canadian property insurers face when dealing with water losses, brokers heard Thursday during the CEO Panel at the Insurance Brokers Association of Ontario convention. “The…
Hurricanes, Mexico earthquakes cost SCOR 430 million euros in Q3
October 26, 2017 by Canadian Underwriter“An exceptional series of large natural catastrophes, with Hurricanes Harvey, Irma and Maria and earthquakes in Mexico,” has led to a cost of 430 million euros, net of retrocession and tax, for SCOR SE for the third quarter of the…