Industry
Allied World Assurance Financial Holdings AG released Wednesday its financial results for the three months ending June 30, reporting an 8.9-point deterioration, year-to-year, in its Q2 combined ratio, US$25 million in windstorm catastrophe losses in Australia and a 9.6% increase in gross written premiums in its North American business, due in part to growth in […]
By Canadian Underwriter | July 23, 2015
3 min read
Barriers to entry into property and casualty insurance markets are being eroded, demanding that insurers innovate or face the potential that the p&c industry could diminish in size at an accelerating rate, cautions a new study by Conning. This erosion is taking place as risk data becomes more widely available and as new capital sources […]
The federal government announced on Wednesday $142.6 million in cybersecurity funding – in addition to the $94.4 million for cybersecurity identified in Economic Action Plan 2015 – making a total investment over the next five years of $237 million. Steven Blaney, Canada’s Minister of Public Safety and Emergency Preparedness, joined John Manley, president and CEO […]
2 min read
Guy Carpenter & Company, LLC has announced the availability of the latest version of its reserve risk modelling solution, a faster and more flexible tool designed to help users aggregate reserve risk in a portfolio. MetaRisk Reserve 4.5 allows users to more easily combine multiple lines of business and supplement Guy Carpenter’s Annual Risk Benchmarks […]
ClaimsPro, Canada’s largest independent adjusting and claims management company, announced on Thursday that it is becoming a member of the Canadian Independent Adjusters’ Association (CIAA). ClaimsPro, has not historically participated as a member of the association, which was formed in 1953. The Toronto-based CIAA was created as an industry body established to promote and represent […]
ACE Ltd. released Tuesday its financial results for the three months ending June 30, reporting a 23.8% year-over-year increase in Q2 gross written premiums in North American property & casualty insurance, while underwriting income was unchanged from the same period in 2014. Zurich-based ACE reported $2.905 billion in North American P&C gross written premiums in […]
By Canadian Underwriter | July 22, 2015
Global insurance companies will be spending an average of US$77.7 million this year on the Internet of Things (IoT), which will increase to US$102.9 million in 2018, according to a report released on Wednesday by Tata Consulting Services (TCS), an IT services, consulting and business solutions organization. Internet of Things: The Complete Reimaginative Force, TCS’ […]
The Travelers Companies, Inc. reported on Tuesday a consolidated combined ratio of 90.8% for the second quarter of 2015 – an improvement of 4.3 points from Q2 2014 – due to lower catastrophe losses (3.6 points), higher net favourable prior year reserve development (0.4 points), and a lower underlying combined ratio (0.3 points). Travelers, a […]
The Centre for Study of Insurance Operations (CSIO) announced on Wednesday the release of its latest XML data standard, which incorporates new updates related to the introduction of Cyber Liability Insurance. The need for cyber liability insurance is on the rise, with major retailers and government agencies – including Home Depot and the Canada Revenue […]
1 min read
CLINTON, Conn. – A teenager may be in trouble with federal aviation officials after posting online a video that shows shots being fired from a drone that had been rigged to carry a handgun. The Federal Aviation Administration said Tuesday it was investigating whether 18-year-old Austin Haughwout, of Clinton, violated its regulations, which prohibit the […]
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