Risk
Nearly nine in 10 (87% of) Canadian businesses have experienced at least one hacking incident in the last year – compared to 69% of businesses in the United States – according to a study of business risk managers released on Wednesday by The Boiler Inspection and Insurance Company of Canada (HSB BI&I), a member of […]
By Canadian Underwriter | October 28, 2015
2 min read
Itasca, Ill.-based Arthur J. Gallagher & Co. (AJG) reported on Tuesday a 9% growth in adjusted revenues for its combined Brokerage and Risk Management segments for the third quarter of 2015 ending Sept. 30. “We had another excellent quarter,” said J. Patrick Gallagher, Jr., AJG chairman, president and CEO, in a statement. “In the third […]
Marsh & McLennan Companies, Inc. (MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, announced on Tuesday that net income attributable to the company in the third quarter of 2015 was US$323 million, compared to US$297 million in the prior year quarter. Revenue for the United States/Canada division […]
By Canadian Underwriter | October 27, 2015
3 min read
Prospective returns for homeowners insurers in the United States continue to improve, according to Aon Benfield’s 2015 Homeowners ROE Outlook report, released on Tuesday. The report from Aon Benfield – the global reinsurance intermediary and capital advisor for Aon plc – reveals that insurers’ prospective after-tax return-on-equity (ROE) for U.S. homeowners insurance business is 8.6% […]
A decline in accident frequency due to safer vehicles and the adoption of autonomous vehicles could shrink the personal auto insurance sector by in the United States by 60% within 25 years, according to a new report from audit, tax and advisory services firm KPMG LLP. KPMG’s Insurance practice estimates an 80% potential reduction in […]
By Canadian Underwriter | October 26, 2015
Travelers Canada is “very interested” in usage-based auto insurance using telematics, the company’s chief executive officer suggested Thursday, while Intact’s president said more than half of the new auto business it writes in Ontario comes with usage-based insurance (UBI). During the CEO Panel at the Insurance Brokers Association of Ontario (IBAO)’s annual convention, panelists agreed […]
By Canadian Underwriter | October 23, 2015
6 min read
With the five-year review of the federal Bank Act due in 2017, it is “critical” for the Insurance Brokers Association of Ontario (IBAO) to “maintain” its position on banks selling insurance, IBAO President Michael Brattman said Wednesday at the association’s annual members’ general meeting. Relationships with government are “critical” to “maintain our position with respect […]
By Canadian Underwriter | October 22, 2015
With insurers and customers alike still not fully understanding cyber risk and how damaging it could prove, Paul Schiavone suggests pre- and post-event services associated with cyber policies are becoming increasingly important to customers. “Unlike other insurance products that we sell, cyber is quite unique in that I find what customers gravitate most to are […]
By Canadian Underwriter | October 16, 2015
4 min read
A new report from Guy Carpenter & Company LLC includes an analysis of underwriting performance, reserve development risk and correlation concerns of the United States property & casualty insurance industry. Guy Carpenter – the reinsurance intermediary of New York City-based Marsh McLennan Companies – released Thursday its 2015 Insurance Risk Benchmarks Report, titled Risk and […]
By Canadian Underwriter | October 15, 2015
Using big data analytics to improve understanding and reduce the potential for unexpected market shock could help reduce dangerous liability risk accumulation, suggests a new report from Lloyd’s of London, the world’s specialist insurance market. The report Emerging Liability Risks: Harnessing big data analytics, commissioned by Lloyd’s and released on Thursday, presents an “innovative approach […]
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