The number of homeowners insurance claims from lightning strikes in the United States fell in 2015, but the total insurers paid on those claims rose by nearly 7% from 2014, according to a new analysis by the Insurance Information Institute (I.I.I.). I.I.I. said in a statement on Tuesday that US$790 million in lightning claims was […]
By Canadian Underwriter | June 22, 2016
2 min read
The United States property and casualty industry’s reserve releases and overall loss reserve position are diminishing, but reserves still show some redundancy, according to a new study by Conning, Inc. “The property-casualty industry’s reserve adequacy remains stable in spite of additional reserve releases during 2015,” said Robert Farnam, vice president of insurance research at Hartford, […]
By Canadian Underwriter | May 19, 2016
2 min read
Results of a national poll issued Thursday indicate that 69% of surveyed Canadians believe that home security systems add value to their homes. Despite that belief, though, almost 40% of respondents were unaware that having a home security system reduces insurance rates, AlarmForce Industries notes in a statement detailing results of its Spring Home Security […]
By Angela Stelmakowich | May 19, 2016
2 min read
Munich Re reported Tuesday a 3.9-point improvement in its combined ratio in property and casualty reinsurance, as the Munich-based insurer released about 250 million euros in reserves during the first three months of this year. The combined ratio in reinsurance was 88.4% in the three months ending March 31, down 3.9 points from 92.3% during […]
By Canadian Underwriter | May 11, 2016
3 min read
The Insurance Corporation of British Columbia’s (ICBC) partnership in road improvement projects has led to a 24% reduction, on average, in severe crashes – those resulting in serious injuries and fatalities – and a 15% reduction in property damage only (PDO) claims after an improvement is completed, according to a recent evaluation report. The 2015 […]
By Canadian Underwriter | April 20, 2016
2 min read
ISO announced on Monday that it is preparing for the “potential rise and fall of commercial drones” with new inland marine insurance forms to help protect businesses from the costs of such potential crashes, including damage to the drones, their equipment and their cargo. The new forms from ISO, a Verisk Analytics business, provide insurers […]
By Canadian Underwriter | March 28, 2016
2 min read
Munich Re said Wednesday it expects its combined ratio in property & casualty reinsurance will deteriorate more than eight points this year, due in part to low catastrophe losses in 2015. In a press release Wednesday Munich Re, said in P&C reinsurance, is “aiming for a combined ratio of around 98% of net earned premiums […]
By Canadian Underwriter | March 16, 2016
2 min read
Nominations are now open for the CIP Society’s 2016 Leadership Awards, the only national program of its kind that celebrates leadership among property & casualty professionals in Canada. The National Leadership Awards program honours CIP Society graduates, many of whom are influencing how the p&c insurance industry is responding to key challenges and emerging issues […]
By Canadian Underwriter | March 10, 2016
2 min read
XL Catlin announced on Friday the appointment of Nick Greggains as chief executive officer of XL Catlin’s Canadian insurance operations. In his new role, Greggains leads XL Catlin’s regional business strategy and guides the development and delivery of innovative insurance solutions to domestic and international corporations in Canada. Based in XL Catlin’s Toronto office, he […]
By Canadian Underwriter | March 4, 2016
2 min read
The Centre for Study of Insurance Operations (CSIO) has launched its new Technology Scorecard tool, providing member brokerages with a snapshot view of their technology adoption in comparison to the provincial average and helping encourage further tech adoption for a stronger competitive position. The tool builds on CSIO research used to develop its TLS eMail […]
By Canadian Underwriter | February 23, 2016
2 min read