Industry
The United Kingdom’s motor insurance industry achieved a profit in 2013 – the first in two decades – expected to post a net combined ratio (NCR) of 98.5%, Ernst & Young noted in an update Tuesday. Analysis of the year-end results of the majority of listed insurers indicates the NCR is going to be 98.5%, […]
By Canadian Underwriter | June 11, 2014
1 min read
WEST RIVER STATION, N.S. – The company that owns a train that derailed in Nova Scotia’s Pictou County says work has begun to transfer propane from seven tanker cars. Denis Boucher, a spokesman for the owners of the Cape Breton and Central Nova Scotia Railway, says if the work proceeds as planned the section of […]
By The Canadian Press | June 11, 2014
American International Group Inc. announced Tuesday that its executive vice president, Peter Hancock, will replace Robert Benmosche as president and chief executive officer, effective Sept. 1. On Sept. 1, Benmosche “is expected to resign from the AIG Board of Directors and will assume an advisory role at AIG,” the New York City-based insurance carrier and […]
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ACE’s Construction Industry Practice has issued a white paper to help construction contractors build a better multinational insurance program and mitigate potential exposures, emphasizing the need to ensure continuity of insurance coverage across borders before expanding their global reach. “Securing the right insurance coverage across multiple borders can play a crucial role in the overall […]
2 min read
Stopping cyber crime – the cost of which is being estimated at US$445 billion – can positively impact world economies, argues a new report from the Center for Strategic and International Studies (CSIS) and sponsored by McAfee Inc. Released Monday, Net Losses – Estimating the Global Cost of Cybercrime concludes that cyber crime costs businesses […]
By Canadian Underwriter | June 10, 2014
Aviva Canada is reminding Canadians to take precautions this summer, as burglary claims increase dramatically during the warmer months. Compared to February – which has the lowest frequency of burglaries – July, August and September show an increase of 24%, 36% and 18% respectively, Aviva noted, based on its claims data. The value of property […]
A recent survey found no price decreases in any “standard commercial lines” of property and casualty insurance in the United States in the first three months of 2014, Towers Watson reported Monday. The firm released its latest Commercial Lines Insurance Pricing Survey (CLIPS), reporting prices increased by 4% in aggregate in Q1 2014, when compared […]
By Canadian Underwriter | June 9, 2014
Aspen Insurance Holdings Ltd., whose British subsidiary writes insurance in Canada, announced Monday it is advising its shareholders to “take no action at this time” on a US$3.2-billion takeover offer by Endurance Specialty Holdings Ltd. Hamilton, Bermuda-based Aspen provides primary insurance and reinsurance worldwide. Aspen Insurance UK Ltd.’s net written premiums in Canada were about […]
Peace Hills Insurance has announced that its president and CEO, Diane Brickner, will be retiring, and will be succeeded by Gene Paulsen as of Jan. 1, 2015. Brickner has worked with Peace Hills since its inception in 1982. She was the first general manager of the company, and then in 1990, became the first female […]
The use of “vast amounts” of data, from claims and customer behaviour, to make underwriting and product decisions, carries some risk for property and casualty insurance carriers, especially when underwriters use models with a “small number of theoretical foundations,” suggests an official with the Office of the Superintendent of Financial Institutions (OSFI). P&C carriers use […]
By Canadian Underwriter | June 6, 2014
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