Industry
The Ontario government does not plan to mandate further cuts in private passenger auto premiums, but the ruling Liberals do plan to change the Insurance Act to reduce the total mandatory coverage, in the standard auto policy, for medical and rehabilitation benefits and to change the definition of catastrophic impairment. Finance Minister Charles Sousa released […]
By Canadian Underwriter | April 23, 2015
4 min read
Allied World Assurance Company Holdings, AG, a global provider of innovative property, casualty and specialty insurance and reinsurance solutions, has reported an 88.1% combined ratio for the first quarter of 2015, compared to 79.9% in the first quarter of 2014. The Switzerland-based company reported in a press release Wednesday a net income of US$124.4 million, […]
2 min read
ACE Group, one of the world’s largest multiline property and casualty insurers, has reported a p&c combined ratio of 88.4% and operating return on equity of 10.8% for Q1. ACE Group said in a statement on Tuesday that global p&c net premiums (excluding agriculture), were up 5% in constant dollars. The company also reported a p&c […]
By Canadian Underwriter | April 22, 2015
3 min read
Regulation plays an important role in achieving financial system safety and stability, but another key function is “to ensure that the financial sector does its job effectively and efficiently to support a healthy economy,” says Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC). Speaking at IBC’s 19th Annual Financial Affairs Symposium […]
Willis Group Holdings plc, the global risk advisor, insurance and reinsurance broker, unveiled on Tuesday a new suite of proprietary analytical tools to help firms proactively manage risks. The models, part of the first wave of what Willis is calling its Core Analytics tool suite, will deliver innovative analytical capabilities for diagnosing natural catastrophe risk, […]
By Canadian Underwriter | April 21, 2015
Two-thirds of surveyed information security professionals report being concerned about the addition of multiple security technologies – often referred to as sprawl – but cite outsourcing as one method being used to combat the issue, note results of (ISC)2’s latest Global Information Security Workforce Survey (GISWS). The GISWS – a web-based survey last October through […]
5 min read
Intact Insurance has unveiled Lifestyle Advantage, a new type of home insurance coverage that the company says will provide experienced homeowners with the flexibility to “rebuild their lives the way they want” in the event of the total loss of their home or any loss to personal property. “Customers will be under no obligation to […]
By Canadian Underwriter | April 20, 2015
The “biggest date” in the insurance industry will be April 24, when Apple Inc. is scheduled to launch its wristwatches, a business professor suggested Thursday to insurance professionals at the CIP Society Symposium in Toronto. “Starting next week on April 24 we will have an organization that will know what about you? Everything,” said Nick […]
By Canadian Underwriter | April 17, 2015
U.S. job search website CareerCast.com has ranked the job of actuary as the number one job of 2015. The website reported that “job satisfaction contributes to the No. 1 ranking of actuary in 2015. So, too, does the career’s positive hiring outlook and high average pay” of $94,209. “The anticipated demand for actuaries is due […]
Insurance brokerages should have a “diversity in skills” among shareholders and should communicate their succession plan to employees and while acquisitions are one way to grown, most mergers and acquisitions fail, speakers said Tuesday at the CIP Symposium in Toronto. Having a succession plan “and telling your people about it allows you to find very […]
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