Industry
Zurich-based insurer ACE Ltd. has reported a net income of $640 million for the third quarter of this year (ended Sept. 30), compared to a $39 million net loss last year. That’s despite crop losses of $97 million (after-tax) this quarter. “While the drought conditions in the U.S. severely impacted our crop insurance business and […]
By Canadian Underwriter | October 24, 2012
1 min read
The Insurance Brokers Association of Ontario (IBAO) has awarded Peter Blodgett of Darling Insurance and Realty Ltd. its Broker of the Year Award, along with distributing several other awards during its annual convention. Its annual Awards of Excellence gala, held during the association’s annual convention in Toronto Oct. 17 to 19, recognized the achievements of […]
2 min read
Globalization, increasingly complex supply chains and the rise of social media on the Internet are among the risks identified in a survey of European business managers in a recent report by Commercial Risk Europe magazine of London. The Risk Frontiers Survey 2012 report was based in part on panel and individual discussions with 75 […]
By Canadian Underwriter | October 23, 2012
Economical Insurance has cut 145 positions across 14 of its Canadian offices, the company announced Oct. 22. “Constant evaluation and adjustment is necessary for the long-term health of any business. In the increasingly competitive Canadian property and casualty insurance industry, it is vital,” Karen Gavan, its president & CEO said in a statement. Prior to […]
By Canadian Underwriter | October 22, 2012
The financial performance of the United States property and casualty insurance market improved year-over-year during the first six months of 2012, as net reported catastrophe losses dropped, according to A.M. Best Company Inc. In its six-month financial review announced Monday, Oldwick, N.J.-based A.M. Best reported that total pretax accident-year catastrophe losses, net of reinsurance and reinstatement […]
Detroit area insurance firm Burns & Wilcox, which has expanded into Canada with the acquisition of Chesterfield, is planning to open a Calgary office within six months. “Oil and energy is something we are very interested in pursuing, to the extent that we have opened an office in St. John’s, Newfoundland,” said Gary Hirst, executive […]
Southern New Brunswick was hit by heavy rainfall on Oct. 20, with Environment Canada estimating that precipitation in some regions could exceed 70 mm. “These conditions could lead to localized flooding, particularly where normal drainage systems are overwhelmed,” noted a weather warning from the New Brunswick Emergency Measures Organization. “Areas of poor drainage may sustain […]
Insurance brokers need to make more use of predictive analytics computer software to offer better rates to lower-risk customers but the industry hasn’t done a good job of explaining the benefits to customers and policymakers, according to the heads of several major insurance firms. “If analytics are used properly, I think they’re useful as an […]
By Canadian Underwriter | October 19, 2012
3 min read
Homeowners should be rewarded if they do their part and install equipment to help mitigate insurable water damage, a growing concern given the increase in extreme weather events believed to be linked to climate change, Maurice Tulloch, president and CEO of Aviva Canada, said at a conference on Oct. 18. “We no longer say, ‘Is […]
For Alister Campbell, CEO of the Guarantee Company of North America, a good underwriter is the complete opposite of a new car. “Underwriters get better with mileage,” he said during a CEO panel at the 2012 Insurance Brokers Association of Ontario Annual Convention in Toronto this week. “They need to make mistakes, they need to […]
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