Industry
Eastern Canada and the U.S. were getting heavy snow Friday morning, with AIR Worldwide warning of the possibility of collapsing roofs, power outages and frozen pipes in the U.S. northeast. “The combination of heavy snow and intense winds means that drifting snow could be a problem over the watch area, increasing the possibility of roof […]
By Canadian Underwriter | February 8, 2013
3 min read
Corporate executives are more concerned about cyber threats than other major business risks, a new survey sponsored by insurance giant AIG suggests. More than 85% of the 258 executives surveyed said they were very or somewhat concerned about cyber risks to their organizations, compared with the group’s response to six other areas of risk, including […]
By Canadian Underwriter | February 7, 2013
2 min read
The Allstate Corp. released Wednesday financial results for the three months and full year ending Dec. 31, recording net income of $2.3 billion on revenues of $33.3 billion in 2012. All figures are in U.S. dollars. Net income for the fourth quarter dropped year-over year, from $712 million in 2011 to $394 million in 2012. […]
In a first-time report, the National Insurance Crime Bureau in the United States has reported that from 2006 to 2012, there were more than 1,300 claims related to tailgate theft from pickup trucks. Between Jan. 1, 2006 and Sept. 30, 2012, the NICB identified 1,343 claims related to tailgate theft, or the stealing of the […]
Global reinsurance giant Munich Re has posted a profit of €3.2 billion ($4.3 billion) for 2012, up from €0.71 billion in 2011, saying it is satisfied with its renewals going into this year. For 2012, the company posted an operating result of €5.4bn. At press time, 1 euro was equal to $1.35. “This very pleasing […]
By Canadian Underwriter | February 6, 2013
Intact Financial Corp., Canada’s largest provider of property and casualty insurance, has reported a jump in its earnings for the last quarter of 2012, as well as for the entire year compared to 2011 results. The company reported Wednesday a net operating income of $194 million for the fourth quarter of 2012, up 25% per […]
Carriers may deny claims on occasion, but speakers at a conference Tuesday advised claims professionals to never forget their first job is to provide customer service business and to take heed to judges’ rulings on what constitutes good faith. “It’s a hard beast to pin down,” Stephen Scullion, the Kitchener-Waterloo, Ont. branch manager of Granite […]
4 min read
The Canadian insurance industry could see more merger and acquisition activity in 2013, in part because of continuing low investment returns, suggests a new outlook report from Aon Risk Solutions. Overall, the market will remain stable in 2013, and insurers are expected to continue showing underwriting discipline this year, notes the company’s 2013 Canadian Insurance […]
By Canadian Underwriter | February 5, 2013
A majority of Canadians believe keeping up with professional education helps most people in their careers and allows insurance professionals to deliver better service, suggests findings from a new poll commissioned by the Insurance Institute of Canada. Results from the online poll, conducted by Leger Marketing, notes that 91% of respondents believe people who take […]
1 min read
Global insurance broker Willis Group Holdings plc advises that more dynamic risk management will be necessary to answer an unprecedented threat landscape in the mining industry. Its report, Mining Market Review, highlights key challenges facing the global mining industry in the year ahead, notes a statement issued today by Willis Group Holdings. Global economic uncertainty […]
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