Industry
Canada’s Department of Finance has issued long-awaited draft regulations for the demutualization of Canadian property and casualty insurance companies. Available online on the Canada Gazette website on Feb. 27, there are two sets of draft regulations, one for insurers with only mutual policyholders and one for insurers with both mutual and non-mutual policyholders. Economical Insurance […]
By Canadian Underwriter | February 27, 2015
2 min read
Factory Mutual Insurance Company (FM Global) announced Friday its net income for 2014 dropped 6.2% to $956.4 million, from $1.02 billion in 2013, while net premiums earned increased 2% to $3.6 billion. All figures are in United States dollars. The Johnston, Rhode Island-based commercial insurer said its combined ratio in 2014 was 79.4%, up 1.7 […]
1 min read
In considering reforms to auto insurance, Ontario policymakers should look at what their Nova Scotia counterparts have done, suggested Don Forgeron, president and CEO of the Insurance Bureau of Canada, in a recent speech in Halifax. Speaking at the Halifax Chamber of Commerce on Feb. 26, Forgeron said that not that long ago, auto insurance […]
3 min read
State Farm reported Friday its property & casualty companies had an underwriting loss of $939 million in 2014 compared to an underwriting gain of $230 million in 2013, with net income of $3.6 billion in 2014. All figures are in U.S. dollars. Bloomington, Ill.-based State Farm released financial results on its 12 companies, nine of […]
Beyond the public sector, private investors and operators are needed to meet the world’s huge infrastructure demand, but they are concerned about political and regulatory risk, suggests a new report issued this week as part of the World Economic Forum’s Strategic Infrastructure Knowledge Series. Political and regulatory risk is one of the major constraints on […]
4 min read
RSA Group has released its 2014 preliminary results, which showed that its combined ratio for Canada in 2014 was 98%, compared to 100.7% in 2013. Underwriting profit in Canada was £30 million last year, with a current year loss of £8 million and a prior year profit of £38 million. This compared to a £13 […]
By Canadian Underwriter | February 26, 2015
Canada’s largest direct insurance writer, the Toronto-Dominion Bank, reported Thursday a 1.2% drop in first-quarter insurance revenues – including home, auto, life, health and travel – from $910 million in 2014 to $899 million in 2015. “Reported and adjusted insurance claims and related expenses for the quarter were $699 million, an increase of $16 million, […]
HALIFAX – One of Canada’s newest jails is researching the use of detectors to prevent the invasion of drug-bearing drones that have plagued some North American prisons. Tim Carroll, superintendent of the Northeast Nova Scotia Correctional Facility, said staff are examining ways to prevent unmanned aerial vehicles from lowering contraband into the jail’s airing yards […]
By The Canadian Press | February 26, 2015
Allianz Group saw operating profit increase to 10.40 billion euros in 2014, up 3.3% from 10.07 billion euros in 2013, with the Property and Casualty insurance segment delivering more than half of the Group total, notes a statement issued Thursday by the company. Broken down by line, of the 10.40 billion euros last year, Property-Casualty accounted […]
The Royal Bank of Canada reported Wednesday its revenue from Canadian insurance – including home, auto, life, health and travel – was $1.89 billion in the three months ending Jan. 31 2015, up 94% from $770 million for the same period in 2013-14. In international insurance, revenue dropped 21%, from $512 million in the three […]
By Canadian Underwriter | February 25, 2015
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