Industry
A new survey of 75 insurance industry practitioners in the United States indicates that IT budgets will grow as 67% of respondents report they will increase investments in 2014. Based on the findings, technology investment is the clear priority for an industry widely considered to be a relative laggard in this area, notes a statement […]
By Canadian Underwriter | July 31, 2014
3 min read
Willis Group Holdings has reported a net income of $47 million in the second quarter of 2014 down from $105 million in the same period last year. It also reported net income of $293 million for the first half of the year, down from $324 million for the first six months of 2013. Total reported […]
By Canadian Underwriter | July 30, 2014
2 min read
LONDON – British officials says driverless cars will be tested on roads in as many as three cities in a trial program to begin in January. Officials said Wednesday the tests will last up to three years. Sensors and cameras will guide the cars. The plan will include two types of driverless technology. One places […]
1 min read
Peace Hills General Insurance Company has achieved certification for its eDocs solution, the Centre for the Study of Insurance Operations announced this week. CSIO Certification is available to member insurance companies and vendors and eDocs is the first business activity available for certification, with plans to expand the program to cover other activities. “Peace Hills […]
By Canadian Underwriter | July 29, 2014
NEW YORK – More travellers are flying than ever before, creating a daunting challenge for airlines: keep passengers safe in an ever more crowded airspace. Each day, 8.3 million people around the globe – roughly the population of New York City – step aboard an airplane. They almost always land safely. Some flights, however, are […]
4 min read
XL Group plc’s reports that operating net income rose to approximately US$279.6 million in Q2 of 2014 compared to about US$221.6 million in Q2 of 2013, and the company had a net loss attributable to ordinary shareholders of about US$279.3 million compared to net income of approximately US$272.7 million. The decrease in net income (loss) […]
The Chubb Corp. recently released its financial results for the three months ending June 30, reporting a 4.3% year-over-year increase in net premiums written and a 12.3% drop in underwriting income. Warren, N.J.-based Chubb reported net premiums written of $3.233 billion in the second quarter of 2014, up 4.3% from $3.1 billion in Q2 2013. […]
The average “total cost of risk” for companies trended higher for the third consecutive year in 2013, according to the newly-released RIMS Benchmark Survey. The TCOR increased 2% from $10.70 per $1,000 of revenue in 2012 to $10.90 per $1,000 of revenue in 2013, according to RIMS. The total cost of risk also increased 5% […]
By Canadian Underwriter | July 28, 2014
Aspen Insurance Holdings Ltd., which owns a subsidiary that writes insurance in Canada, announced Friday that “preliminary results” indicate most of its shareholders “did not support” a proposal by Endurance Specialty Holdings Ltd. to hold a court-ordered meeting in which Aspen shareholders would vote on Endurance’s US$3.2-billion takeover offer. Hamilton, Bermuda-based Aspen, whose direct written […]
Ontario’s overabundance of utility firms may pose a major roadblock to the province’s plan to boost electric car ownership, some experts say. The experts say Ontario’s 75 independently operated utilities often overlap their efforts and breed inefficiency, holding back upgrades needed so the grid can support what the province expects will be an influx of […]
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