Chubb adds cyberbullying coverage for Canadian homeowners customers
June 2, 2016 by Canadian UnderwriterChubb announced on Thursday that it has added cyberbullying coverage to its Canadian Masterpiece Family Protection policy to help cover clients and their families from the expenses associated with such an incident. Paul Johnstone, senior vice president of Chubb Personal…
Internet fragmentation among top emerging risks for the reinsurance industry, society: Swiss Re
May 25, 2016 by Canadian UnderwriterInternet fragmentation is among the top three emerging risks – of the 21 detailed in Swiss Re’s latest SONAR report released Wednesday – with the highest potential impact on the reinsurance industry and society. “Firewalls, special software to filter out…
Nova Scotia court ruling reducing punitive damage award by 88% for insurer’s breach of good faith against insurer stands
May 12, 2016 by Canadian UnderwriterFor the second time in three weeks, the Supreme Court of Canada announced it is not hearing an appeal – from a plaintiff suing an insurer for breach of contract – of a ruling significantly reducing punitive damages against a…
Insured losses from Japan earthquakes in April could be between US$1.7 billion and US$2.9 billion
May 12, 2016 by Canadian UnderwriterInsured losses from the two earthquakes that struck Japan in April could be as high as US$1.7 billion to US$2.9 billion, with economic losses of US$5.5 billion to US$7.5 billion, industry experts suggested on Wednesday. Guy Carpenter & Company, a…
Chubb Limited’s net income down 35.6% to US$439 million in 2016 Q1 compared to US$681 million in prior-year quarter
May 6, 2016 by Canadian UnderwriterOperating and underwriting results for the first quarter of 2016 were strong, but Chubb Limited still saw reported net income decrease to US$439 million in the first quarter of 2016 compared to US$681 million in the same period of 2015.…
Top court will not hear appeal of Sask. appeal court’s reduction of punitive damage against insurers found to have breached duty of good faith
April 25, 2016 by Canadian UnderwriterThe Supreme Court of Canada recently announced it will not hear an appeal from a claimant over a decision, by the Saskatchewan Court of Appeal, which reduced $4.5 million in punitive damages against two insurance companies, in a lawsuit over…
Cyber risk data ‘not all that robust,’ Willis Re speaker tells ICRMC
April 4, 2016 Greg Meckbach, Associate EditorCyber insurance has evolved considerably since 1999 but commercial insurers lack standardization in cyber policies and there is not a lot of data available for underwriters, a speaker suggested at a recent conference. For cyber risk, “the data is not…
GE Capital should lose ‘systemically important financial institution’ designation: General Electric
March 31, 2016 The Associated PressNEW YORK – General Electric Co. asked the U.S. government to drop the “too big to fail” tag for GE Capital, saying that its financing operations are a shadow of what they were when the Federal Reserve placed it under…
Disasters at ports can cause ‘major accumulated losses across multiple lines of business,’ Swiss Re warns
March 30, 2016 by Canadian UnderwriterFor the second year in a row, Canada had “few natural disasters” in 2015, while the Aug. 12 explosions arising from sodium cyanide in the Chinese port of Tianjin shows that insurers need “more risk mapping in aggregation points,” Swiss…
Aviva plc’s combined ratio for Canada improves to 93.8% in 2015, from 96.1% in 2014
March 10, 2016 by Canadian UnderwriterAviva plc announced on Thursday that its combined ratio for Canada has improved to 93.8% in 2015, from 96.1% in 2014. Aviva released its preliminary results announcement on Thursday, noting a combined operating ratio in its general insurance business of…
Share of AIG’s new and renewal U.S. Casualty portfolio to be ceded to Swiss Re
March 10, 2016 by Canadian UnderwriterAmerican International Group, Inc. (AIG) announced on Wednesday that it has entered into a two-year reinsurance arrangement with Swiss Re, under which a share of AIG’s new and renewal U.S. Casualty portfolio will be ceded to the reinsurer. The arrangement…
BB&T Corporation to acquire Swett & Crawford for US$500 million
February 25, 2016 by Canadian UnderwriterBB&T Corporation has reached an agreement to acquire CGSC North America Holdings Corporation (Swett & Crawford) from Cooper Gay Swett & Crawford (CGSC) for US$500 million in cash, a move expected to provide BB&T’s wholesale insurance business with scale and…