2018 Outlook: Lynn Oldfield, President, CEO, AIG Canada
January 2, 2018 Lynn OldfieldAs chair of the board of the Insurance Institute of Canada (IIC), I see graduating insurance professionals who are educated, committed, and inspiring. Their sacrifice and determination in completing their Chartered Insurance Professional (CIP) and Fellow Chartered Insurance Professional (FCIP)…
2018 Outlook: Sean Murphy, President, Lloyd’s Canada
January 2, 2018 Sean MurphyMost people in the industry anticipate a hardening of the market in 2018, the aftermath of an historic year of natural catastrophes. Some of the first signs of rising rates in the Canadian P&C industry are already starting to emerge.…
Eastern Canadian earthquake risk a “huge opportunity” for industry
December 21, 2017 Greg Meckbach, Associate EditorComplacency about real risks, such as an earthquake affecting Eastern Canada, present a “huge opportunity” for insurance providers to educate consumers, a former Economical Insurance CEO said Monday. “Human beings really don’t like thinking about the bad things that could…
Will nat cats increase product pricing in Canada?
November 28, 2017 Jason Contant, Online EditorIncreases in natural catastrophes and the price of reinsurance could also drive up the price of insurance products in Canada, the federal financial regulator said Tuesday. “Our concern is in the longer run, we’ll see increases in the price of…
Powerful earthquake on Iran-Iraq border kills over 350
November 13, 2017 Nasser Karimi and Amir Vahdat - THE ASSOCIATED PRESSTEHRAN, Iran – A powerful 7.3 magnitude earthquake near the Iraq-Iran border killed over 350 people across both countries, sent residents fleeing their homes into the night and was felt as far away as the Mediterranean coast, authorities said Monday.…
Hurricanes Harvey, Irma & Maria make it “critical” to address shortcomings of NFIP: A.M. Best
November 11, 2017 by Canadian UnderwriterThe United States National Flood Insurance Program – which expires next month – “remains essential and has a purpose,” A.M. Best Company Inc. said in a recent report. But without billions in relief provided in a law passed Oct. 26,…
Hannover Re records Group net income of 549 million euros in Q3 despite substantial nat cat losses
November 9, 2017 by Canadian UnderwriterHannover Re reported on Wednesday a Group net income of 548.9 million euros for the third quarter of the year ending Sept. 30, despite an above-average burden of catastrophes losses. The Group net income was down from 791.9 million euros…
Berkshire Hathaway net earnings drop to US$4.1 billion in Q3, down from US$7.2 billion in Q3 2016
November 6, 2017 by Canadian UnderwriterOmaha, Nebraska-based Berkshire Hathaway Inc. has reported net earnings attributable to shareholders of US$4.1 billion for the third quarter of 2017 ending Sept. 30, down from US$7.2 billion in Q3 2016. For the first nine months of the year, net…
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…
Q3 reinsurance loss ratio up 56.5 points for Arch Capital
November 2, 2017 by Canadian UnderwriterAfter estimating it could lose nearly $320 million due to natural catastrophes including major North Atlantic hurricanes in the three months ending September 30, Arch Capital Group Ltd. has reported its combined ratio in reinsurance deteriorated 51.5 points, from 75.9%…
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…
2016 central Italy earthquakes cost an estimated 208 million euros: PERILS
October 26, 2017 by Canadian UnderwriterThe series of earthquakes that impacted central Italy one year ago have cost 208 million euros, the independent Zurich-based organization PERILS has estimated. On Thursday, PERILS disclosed its final property insurance loss estimate for the earthquakes that struck Italy between…