Industry
Editor’s note: AP has since published an article indicating President Barack Obama is going to approve the bill. Less than two years after passing major legislation aimed at reforming the much-criticized National Flood Insurance Program (NFIP), the United States Congress on Thursday sent President Barack Obama a bill to scale back many of the resulting […]
By Canadian Underwriter | March 14, 2014
4 min read
About half of the property and casualty insurance chief financial officers (CFOs) taking part in a Towers Watson survey say they believe the property reinsurance market is softer than the primary market, while about a third say the same is true for casualty business. Towers Watson’s sixth North American P&C CFO Survey, which received input […]
3 min read
Desjardins General Insurance Group Inc. released Thursday some of its financial results for 2013, reporting direct written premiums of $2.1 billion, up 6.7% from $1.98 billion in 2012. “The combined ratio improved by 2.9 percentage points to 91.7%, compared to 94.6% in 2012,” Levis, Quebec-based DGIG stated in a press release. “This was largely due […]
By Canadian Underwriter | March 13, 2014
2 min read
Cybersecurity and managing data privacy are considered among the most important priorities for IT leaders and chief information officers, according to the latest survey from consulting firm Protiviti. Roughly 1,100 respondents, including CIOs, IT vice presidents, and IT directors – mainly in North America – provided responses for the firm’s 2014 IT Priorities study. Areas […]
There are new risks emerging in the global marine industry despite shipping losses of more than 100 gross tons declining 20% in 2013, notes a report released Thursday by Allianz Global Corporate & Speciality SE (AGCS). AGCS’s second annual Safety and Shipping Review 2014 shows shipping losses continued their downward trend with 94 losses reported worldwide in […]
More than half of consumers included in a new survey say they want certain insurance policy information available through either email or smartphones, but most insurance providers are behind on delivering useful information through mobile technology. In the global survey from predictive analytics firm FICO, 55% of consumers said they want policy renewal reminders delivered […]
By Canadian Underwriter | March 12, 2014
As Russian troops setup roadblocks and occupy government buildings in Crimea, a major brokerage firm is suggesting that insurance carriers have stopped writing new political risk coverage in Ukraine and clients face “greater underwriting scrutiny” if they want political risk coverage in Russia. “Insurer concern over the political unrest and country credit ratings in Ukraine […]
MONTREAL – Quebec pension fund manager La Caisse de depot is investing $8 million in commercial insurance broker, BFL Canada. La Caisse says the long-term funds will help the broker grow its presence, with a focus on acquisitions. “With this funding, we are supporting a company that capitalizes on innovative partnership practices to succeed in […]
By The Canadian Press | March 12, 2014
1 min read
Zurich Insurance Group announced Tuesday new plans it says will streamline its global organizational structure, which could lead to the loss of 800 jobs. The move would “remove management layers between Group and the business units,” Zurich said in a press release. The goal is for more profitable growth, and to grow operating earnings, one […]
By Canadian Underwriter | March 11, 2014
A new study out of the United States shows that despite a downward trend in the severity of auto accident-related injuries, medical expenses reported by claimants continue to increase faster than the rate of inflation. Looking at data from 2007 to 2012, the study released Monday by the Insurance Research Council (IRC) found average claimed […]
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