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Travelers increases its net income in the second quarter

by

Charles Mathieu

25 July 2019 11:30

Photo : Freepik

Travelers reported net income of $ 557 million during the second quarter of 2019. The insurer displays a progression of 6 % compared to the second quarter of 2018, the year in which its net income was $ 524 million.

The volume of direct premiums written increased 4 % to $ 7,45 billion. In addition, the rate of renewal premiums in insurance business increased by 6.7 %, its highest since 2014, says the company.

The combined ratio increases

However, the combined ratio of the company increased compared to the previous year, from 98.1 % to 98.4 %. This shows that the income related to the premiums in relation to claims is down compared to 2018, but that the whole remains profitable.

“While catastrophe losses were lower than in the same quarter of the previous fiscal year, the losses caused by the weather conditions overall were slightly higher,” said Alan Schnitzer, president and chief executive officer of Travelers.

Travelers renews its support brokerage canadian

After the publication of the financial results of the insurer, Travelers Canada has renewed its support for the Program of promotion of the broker from theinsurance brokers Association of Canada (IBAC) as a full-fledged partner.

ACTA maintains that the whole will help to launch the campaign There is quiet, which aims to educate the insured with the ” important value that insurance brokers bring them “.

“In a constantly changing market, the brokers and insurers have an important role to play with consumers who need assistance to understand insurance products more complex. The Programme for the promotion of the broker, dealer or other programs of the same kind have a key role to play in relation to the value-added services that our industry can provide Travelers Canada and is pleased to lend its support again this year in the ACAC, ” says Heather Masterson, president and ceo of Travelers Canada.

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