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Global organizations will spend US$1.2 trillion on “digital transformation technologies” in 2017: International Data Corporation

February 24, 2017 by Canadian Underwriter

Global organizations will spend US$1.2 trillion on digital transformation this year, with the fastest growth coming from insurance, banking, retail and healthcare providers, International Data Corporation (IDC) said on Thursday. A new update to IDC’s Worldwide Digital Transformation Spending Guide

News Commercial LinesEarnings / RatingsInsurancePersonal Lines

RSA Group reports record 2016 underwriting profit of 380 million pounds and record combined ratio of 94.2%

February 24, 2017 by Canadian Underwriter

RSA Group has reported a record Group underwriting profit of 380 million pounds for 2016 – up 73% from 220 million pounds in 2015 – and a record Group combined ratio of 94.2% compared to 96.9% in 2015. RSA also

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMarkets / CoveragesTechnology

RSA Canada posts solid underwriting profit despite nat-Cat events in 2016

February 24, 2017 by Angela Stelmakowich

RSA Canada witnessed increased underwriting profit and a solid combined ratio for 2016 despite what can only be described as a challenging year that featured Canada’s most costly insurable nat-Cat ever and a host of other adverse weather events. “We’re

News Commercial LinesEarnings / RatingsInsuranceReinsurance

Combined ratio up 8 points for PartnerRe

February 23, 2017 by Canadian Underwriter

PartnerRe Ltd., which has a Toronto branch office, reported an eight-point deterioration in its combined ratio, from 85.6% in 2015 to 93.6% in 2016, while the net loss in Q4 2016 was US$173.7 million. In addition to reinsurance, Hamilton, Bermuda-based

News CatastrophesCommercial LinesInsurance

Crop insurance coverage levels in Saskatchewan increasing to a record $217 per acre this year

February 23, 2017 by Canadian Underwriter

Crop insurance coverage levels in Saskatchewan are increasing to a record $217 per acre in 2017, up from $216 per acre in 2016. A joint press release from Saskatchewan Crop Insurance Corporation (SCIC) and Agriculture and Agri-Food Canada on Thursday

insPRESS Insurance

-30- Forensic Engineering’s Jiwan Thapar Presents Full Day Course at Toronto Construction Association on Feb 28, 2017

February 23, 2017 by -30- Forensic Engineering

Construction disputes can be complex as they have multiple layers of cost, time and quality components. Majority of the construction claims originate from poor/inadequate management, unanticipated project events and other circumstances which prevent work from being performed as originally planned.

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

Ontario Securities Commission, U.K. regulator sign co-operation agreement on fintech businesses

February 23, 2017 by Canadian Underwriter

The Ontario Securities Commission (OSC) and the United Kingdom’s Financial Conduct Authority (FCA) have signed a new agreement under which fintech businesses in both jurisdictions will be able to seek support from their financial regulators as they look to operate

News InsuranceLegal

Supreme Court rules on admissibility of police drug recognition experts in criminal impaired driving trials

February 23, 2017 by Canadian Underwriter

An Ontario motorist charged with impaired driving is facing a third trial now that the Supreme Court of Canada has ruled that a judge did not have to hold a voir dire before admitting opinion evidence from a police drug

News CatastrophesInsurancePersonal Lines

PERILS puts initial loss estimate for extra-tropical cyclone Egon at 212 million euros

February 23, 2017 by Canadian Underwriter

PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has put the initial loss estimate for extra-tropical cyclone Egon at 212 million euros. The low pressure system associated with Egon developed as a secondary low from a large

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

Swiss Re reports 2016 net income of US$3.6 billion, P&C Re net income of US$2.1 billion

February 23, 2017 by Canadian Underwriter

Swiss Re has reported full-year 2016 net income of US$3.6 billion, including Property & Casualty Reinsurance net income of US$2.1 billion. Swiss Re said that its net income in P&C Re was US$2.1 billion last year compared to US$3 billion

News AppointmentsInsurance

Mike Robinson named chairman of Canadian Broker Network

February 23, 2017 by Canadian Underwriter

Mike Robinson, president and CEO of PBL Insurance Limited, has been named chairman of the Canadian Broker Network (CBN), a network of independent insurance brokers. Robinson takes the reins from Tim Miller, president of Capri Insurance Services, who as chairman,

News CatastrophesClimate ChangeConstructionInsuranceMarkets / Coverages

Two U.S. dams illustrate challenge of maintaining older designs

February 22, 2017 Michael R. Blood - THE ASSOCIATED PRESS

LOS ANGELES – Twelve years ago, widespread destruction from Hurricane Katrina on the Gulf Coast helped compel federal engineers 2,000 miles away in California to remake a 1950s-era dam by constructing a massive steel-and-concrete gutter that would manage surging waters