Risk

Alberta wildfire underlines need for national talks on disaster mitigation

CALGARY – Alberta Premier Rachel Notley says the devastating fire in Fort McMurray underlines the need for a national discussion on disaster mitigation. Notley said Tuesday she has already asked that the subject be added to the agenda for July’s premiers meeting in Whitehorse, Yukon. “We’re not the first jurisdiction that’s been struggling with this […]

By Steve Wilson | June 1, 2016

2 min read

Risk

Global P&C insurance market forecast to grow at a compound annual growth rate of 5.77% from 2016 to 2020

The global property and casualty insurance market is forecast to grow at a compound annual growth rate (CAGR) of 5.77% during the period of 2016 to 2020, according to a new report from Research and Markets. The report from the market research store, released on Tuesday and titled Global Property and Casualty Insurance Market 2016-2020, […]

By Canadian Underwriter | May 31, 2016

2 min read

Risk

Transition away from industry-funded studies prompts Hamilton Health Sciences to set up captive insurer

A trend away from medical trials initiated by drug manufacturers towards investigator-initiated trials is one reason officials with Hamilton Health Sciences Corporation decided create a captive insurance company, a speaker told attendees at last week’s Captives and Corporate Insurance Strategies Summit. Hamilton Health Sciences is affiliated with McMaster University in Hamilton, Ont. Its operations include […]

By Jason Contant | May 30, 2016

2 min read

Risk

Global, diversified players group of insurers best positioned to withstand industry’s top challenges: S&P Global Ratings

Global, diversified players are the group of insurers best positioned to withstand the industry’s top challenges, Standard & Poor’s Global Ratings said in a report released last week. The report, Global Multiline Insurers’ Diversification Remains A Key Strength Amid Prolonged Low Interest Rates, was released on Thursday. “GMIs’ capital positions and operating performance held up […]

By Canadian Underwriter | May 16, 2016

2 min read

Lloyd’s-written U.S. flood coverage from Marsh unit touted as alternative to NFIP

Two weeks after the United States House of Representatives passed legislation proposing to allow private insurers into the flood market, a Marsh subsidiary announced Thursday a U.S. flood insurance product “designed to be a cost-effective alternative” to America’s National Flood Insurance Program. Kalispell, Montana-based Torrent Technologies Inc. said May 12 it is providing three separate […]

3 min read

‘Text and drive’ billboards on Toronto highway deliver grim message

TORONTO – Drivers on one Toronto highway are seeing a counterintuitive message this week: “Text and Drive.” Two billboards on the Gardiner Expressway purport to be an encouragement from a funeral home, but it’s really an advertising agency behind the provocative public-service announcement geared at curbing distracted driving. At first glance, Wathan Funeral Home appears […]

3 min read

Q1 combined ratio up 11.5 points at PartnerRe

PartnerRe Ltd. recently reported its net premiums written dropped 9.2%, from $1.653 billion in the first three months of 2015 to $1.5 billion in the latest quarter, while the combined ratio deteriorated 11.5 points, from 82.8% in Q1 2015 to 94.3% in the three months ending March 31, 2016. “The increase in the combined ratio […]

3 min read

Commission revenue increases 8.9% for Arthur J. Gallagher

Commercial brokerage Arthur J. Gallagher & Co. recently reported an 8.9% increase in commission revenue while net earnings increased 78.4%. Itasca, Ill.-based Gallagher released April 28 its financial results for the three months ending March 31. Commissions increased 8.9% year over year, from $519.7 million in Q1 2015 to $566 million in the latest quarter. […]

3 min read

Aon reports 3% organic growth in brokerage revenue

Aon plc recently reported a 1% drop year-over-year drop in its first-quarter commissions, fees and other revenue from its insurance brokerage business, driven mainly by currency fluctuations. London-based Aon released April 29 its financial results for the three months ending March 31, 2016. Commissions, fees and other revenue, from risk solutions, were $1.867 billion in […]

2 min read

VIA Rail safety management system “not yet” fully integrated into corporate risk management system: Auditor General of Canada

Passenger train operator VIA Rail Canada Inc. has not yet “fully integrated” its safety management system into its corporate risk management system, but the crown corporation has implemented mitigation measures for most of its risks, the Auditor General of Canada reported Tuesday. “The main risks faced” by VIA Rail “had been identified, assessed, monitored, and […]

3 min read