Risk

Transportation Safety Board of Canada warns risk of runway incursions ‘too high’

The Transportation Safety Board of Canada reiterated Monday its contention that the risk of collisions on runways involving airplanes is too high. TSB – a separate agency from Transport Canada that investigates incidents in aviation, marine, rail and pipelines – released Monday its latest watch list of key safety issues that it “need to be […]

By Canadian Underwriter | October 31, 2016

3 min read

Risk

Former Willis CEO Casserley to leave Willis Towers Watson this year

Dominic Casserley, president and deputy chief executive officer of Willis Towers Watson plc, will be leaving the firm when his employment agreement ends Dec. 31, the London-based firm announced recently. The US$18-billion merger of Willis Group Holdings plc and Towers Watson & Co. was completed in January, 2016. The combined firm’s CEO, Tom Haley, had […]

By Canadian Underwriter | October 31, 2016

2 min read

Risk

Combined ratio down 4 points at Axis Capital

Axis Capital Holdings Ltd. released Wednesday its financial results for the period ending Sept. 30, reporting a 2% overall increase in Q3 net premiums earned while underwriting income was up 46%. Pembroke, Bermuda-based Axis Capital reported net premiums earned of $934.4 million in the latest quarter, compared to $919.3 million in Q3 2015. All figures […]

By Canadian Underwriter | October 27, 2016

2 min read

Risk

AIG quadruples global property terrorism insurance limits to $1 billion

American International Group, Inc. (AIG) announced on Wednesday that it has raised its property terrorism insurance limits globally to $1 billion. The larger capacity is available to clients on a standalone basis or as expanded limits within AIG’s Large Limits property insurance offering, which provides clients with all-risk coverage limits up to $2.5 billion per […]

By Canadian Underwriter | October 26, 2016

2 min read

Mixed North American commercial insurance market still favours buyers: Willis Towers Watson report

The marketplace for property, casualty and other lines of commercial insurance will continue to favour insurance buyers in 2017, particularly those with comprehensive strategic risk management and risk transfer strategies, global advisory, broking and solutions company Willis Towers Watson (WTW) said on Wednesday. In its Marketplace Realities 2017 report, which serves as a guide to […]

3 min read

Chubb reports P&C combined ratio of 86% for Q3

Chubb Limited has reported a property and casualty combined ratio of 86% for the third quarter of 2016 ending Sept. 30, virtually unchanged from 85.9% in the prior-year quarter. For Global P&C (excluding agriculture), the combined ratio was 85.7% for Q3 2016, compared to 85% in Q3 2015. The combined ratio for North America Commercial […]

3 min read

Risk and insurance revenue up 3% at Marsh & McLennan

Marsh & McLennan Companies Inc. announced Tuesday its risk and insurance revenue rose 3%, year over year, for the third quarter. New York City-based Marsh & McLennan owns brokerage Marsh Inc. and Guy Carpenter & Company LLC, among other subsidiaries. Risk and insurance revenue was $1.632 billion in the three months ending Sept. 30, compared […]

3 min read

ICBC helps launch pedestrian safety campaign as crashes “spike at this time of year”

The Insurance Corporation of British Columbia (ICBC) has launched a pedestrian safety campaign with the provincial government and police to urge pedestrians and drivers to stay safe as “crashes involving pedestrians spike at this time of year.” On average, 59 pedestrians are killed and 2,300 injured in crashes every year in B.C., with almost half […]

2 min read

Manitoba Public Insurance reports $30.9 million net loss for first six months of fiscal year

Manitoba Public Insurance (MPI) has reported a net loss of $30.9 million for the six months of its fiscal year ending Aug. 31 – a decrease of $47.4 million over the same time period last year. This includes net loss to the Basic insurance line of business of $52.7 million in the first six months […]

2 min read

GCube predicts “further growth” in wind energy sector

Lloyd’s coverholder GCube Insurance Services Inc. announced Wednesday it now provides coverage for more than 4 Gigawatts of Canadian wind energy assets. The company stated in a press release it is “confident” that it will “continue to see further growth in the sector.” “Experienced risk and insurance managers understand the importance of supporting their colleagues […]

1 min read