Risk
Allianz Group recently released its financial results for 2016, reporting a 0.3-point improvement to its combined ratio in property & casualty. The P&C combined ratio last year was 94.3% for Munich-based Allianz, compared to 94.6% in 2015 “due in part to lower claims from natural catastrophes,” the firm reported Feb. 16. The loss ratio was […]
By Canadian Underwriter | February 22, 2017
2 min read
Zurich Insurance Group has reported a business operating profit (BOP) for the full-year ending Dec. 31, 2016 of US$4.5 billion, up 55% from the prior-year period. The fourth quarter BOP for the three months ending Dec. 31, 2016 was up 167% from Q4 2015 to US$1.1 billion, Zurich said in a press release on Thursday. […]
By Canadian Underwriter | February 10, 2017
3 min read
Commercial brokerage Aon plc has reported a net income attributable to Aon shareholders of US$502 million in the fourth quarter of 2016 ending Dec. 31 compared to US$584 million for the prior-year quarter. For the full year of 2016, net income attributable to Aon shareholders increased 1% to US$1.4 billion compared to the prior year. […]
Theft of equipment is one risk business owners should think about when planning for business continuity, Northbridge Insurance advised recently. “Crime can take many forms and affect businesses in different ways,” Toronto-based Northbridge noted in a blog post, titled Business continuity planning for 2017. “If the equipment you rely on is stolen, how would you […]
By Canadian Underwriter | February 8, 2017
The Ontario government should apply a file-and-use process for private passenger auto coverage, Insurance Bureau of Canada suggested in a paper released Monday. Auto insurers’ rate changes are subject to approval by the Financial Services Commission of Ontario. FSCO actuaries review the rate filings and the insurers’ assumptions regarding claims costs, expenses and investment income. […]
By Canadian Underwriter | February 7, 2017
Credit rating activity in 2016 turned positive as upgrades outpaced downgrades for the property & casualty industry in the United States, despite headwinds that include pressure on underwriting results and the low investment yield environment, according to a new special report from A.M. Best Company. The Best’s Special Report, titled Upgrades Outpace Downgrades for Property/Casualty […]
CNA Financial Corporation has reported a Property & Casualty Operations combined ratio for 2016 of 95.9%, similar to 95.4% for the 12 months ending Dec. 31 2015, and a combined ratio of 99.9% for the fourth quarter of 2016 ending Dec. 31, compared to 98.9% in the prior-year quarter. CNA released its financial results on […]
U.K. companies waiting for a clearer sense of the future under Brexit is a risky supply chain strategy that could result in net profits across key industries plummeting an average of 30%, suggests a new study released Tuesday by Bain & Company Inc. “Disruptions to supply chains could reduce net profits of key U.K. industries […]
4 min read
Marsh & McLennan Companies, Inc. (MMC) has reported net income attributable to company of US$436 million, up 16% from the prior-year quarter’s total of US$375 million. For the full year 2016, revenue was US$13.2 billion, a 2% increase. MMC, a global professional services firm, includes insurance broking and risk management firm Marsh; risk and reinsurance […]
By Canadian Underwriter | February 3, 2017
H.W. Kaufman Financial Group and Burns & Wilcox Canada announced on Tuesday that they have acquired the high-value homeowner’s insurance practice from Quebec-based XN Financial Services, Inc. XN is a subsidiary of The Henner Group, a France-based insurance specialist offering solutions for individuals and companies. XN is a managing general agent and provider of insurance […]
By Canadian Underwriter | January 31, 2017
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