Aviva detects fraud on 2,200 new commercial motor policies in the UK in 2015
February 17, 2016 by Canadian UnderwriterAviva plc said on Wednesday that it had detected policy fraud on almost 2,200 commercial motor policies in 2015. The extent of “front-end” fraud in the commercial motor space came as Aviva announced it is now screening all commercial motor…
Combined ratio up 10.2 points at American International Group
February 12, 2016 by Canadian UnderwriterAmerican International Group Inc. reported Thursday its catastrophe-related losses in commercial property & casualty dropped 3% from 2014 to 2015 but the loss ratio deteriorated by 14.6 points after the New York City-based firm strengthened its loss reserves in long-tail…
Munich Re, Metabiota enter into long-term cooperation agreement for risk transfer solutions for epidemic risks
February 1, 2016 by Canadian UnderwriterReinsurer Munich Re announced on Monday that it has entered into a long-term cooperation agreement with Metabiota, a San Francisco-based company that has pioneered the use of real-time data collection and comprehensive risk analytics for epidemics. Metabiota uses a staff…
AIG increases global commercial property limits to US$2.5 billion from US$1.5 billion
January 19, 2016 by Canadian UnderwriterAmerican International Group, Inc. (AIG) announced on Tuesday that it has significantly raised available global commercial property limits to US$2.5 billion per occurrence. The announcement builds on AIG’s capacity of US$1.5 billion per occurrence available globally to clients since 2012.…
ACE completes Chubb acquisition; adopts Chubb name and launches new Chubb brand
January 14, 2016 by Canadian UnderwriterACE Limited announced on Thursday that it has completed its acquisition of Chubb, creating the world’s largest publicly traded property and casualty insurance company. ACE paid approximately US$29.5 billion in the aggregate in cash and stock, based on the most…
ACE’s acquisition of Chubb expected to close Jan. 14
January 13, 2016 by Canadian UnderwriterACE Limited and the Chubb Corporation announced on Wednesday that they have received all the regulatory approvals needed for ACE’s acquisition of Chubb, “a transaction that will create the world’s largest publicly traded property and casualty insurer,” according to ACE.…
Economical demutualization committee chairman Bowey becomes chair of the board
January 5, 2016 by Canadian UnderwriterJohn Bowey has replaced Gerry Hooper as chairman of Economical Insurance effective Monday, the Waterloo, Ont.-based carrier announced. Hooper, a former chief financial officer of Schneider Foods, stepped down as chair and “intends to continue serving” on the board of…
Benefits Reduction
January 1, 2016 Greg Meckbach, Associate EditorChanges to Ontario auto insurance, which take effect this June, could well reduce claims costs. But insurance professionals who welcome the changes should be careful what they wish for. In order to examine the impact of the reforms on the…
Economical Insurance mutual policyholders vote to proceed to next step of demutualization
December 14, 2015 by Canadian UnderwriterEconomical Insurance is a step closer to an initial public offering of stock. Waterloo, Ont.-based Economical announced Monday its mutual policyholders voted in favour of continuing to the next stage of demutualization. Several other steps are necessary before its demutualization…
45% of global insurers believe that connected devices will be driver of revenue growth in the next three years: Accenture
December 9, 2015 by Canadian UnderwriterInsurers are accelerating their plans to become more digital, driven by increased adoption of Internet of Things (IoT) technologies, data and analytics tools and digital-first distribution models, according to a report released on Wednesday by global professional services company Accenture.…
ACE announces future leadership team for Canada
December 4, 2015 by Canadian UnderwriterACE Limited announced on Thursday the leadership team it intends to appoint for the company’s Canadian operations, which will take effect upon completion of the acquisition of Chubb – expected in the first quarter of 2016. The company’s Canadian operations…
Global commercial P&C insurance market on track to be worth US$895.1 billion by 2018: Finaccord
December 3, 2015 by Canadian UnderwriterThe worldwide commercial non-life (P&C) insurance market is set to be worth US$895.1 billion in gross written premiums by 2018, with premiums for commercial liability cover forecast to grow most rapidly, according to a new research study released on Thursday…