Keyword
Commercial Risk Management
Most U.S. insurance boards of directors don’t know questions to ask about IT: Novarica study
March 3, 2016 by Canadian UnderwriterEighty-nine per cent of insurers in the United States polled for a recent Novarica, Inc. study have said that their board of directors doesn’t know the right questions to ask about IT, presenting a risk to the industry. “Due to…
Cybersecurity risk becoming a mainstay in annual audit plans: Protiviti
March 3, 2016 by Canadian UnderwriterNearly three out of four (73%) organizations surveyed include cybersecurity risk in their internal 2016 audits, a 20% increase year-over-year, according to a new Protiviti Inc. report. The 2016 Internal Audit Capabilities and Needs Survey report, titled Arriving at Internal…
Carriers with saturated lines, digital-based players expected suitors for U.S. small commercial insurance market: McKinsey
March 3, 2016 by Canadian UnderwriterRepresenting one of the few bright spots in the U.S. property and casualty market growth over recent years, small commercial insurance has become the focus of intense competition that is expected to intensify in the near future, suggests a report…
Gore Mutual makes capital investment in tech start-up BrokerLift
March 2, 2016 by Canadian UnderwriterGore Mutual Insurance Company announced on Wednesday that it has made a capital investment in Toronto-based technology start-up Brokerlift Inc., an eCommerce platform designed specifically to enable brokers to compete effectively with other online distribution channels. As part of their…
Effective software vendor selection key to eSignatures benefits, broker forum hears
March 2, 2016 Jason Contant, Online EditorCareful selection of an eSignatures software vendor can help improve adoption rates and provide immediately noticeable benefits, a speaker suggested on Tuesday during a presentation at the Insurance Canada Broker Forum. Amanda Ketelaars, operations manager at Mitchell & Whale Insurance…
Desjardins General Insurance Group’s combined ratio improves 4.6 points in Q4 2015 from Q4 2014
March 2, 2016 by Canadian UnderwriterDesjardins General Insurance Group (DGIG), a Desjardins Group subsidiary specializing in property and casualty insurance, has reported a combined ratio of 88% for the fourth quarter of 2015, ending Dec. 31, 2015, down from 92.6% in the same quarter of…
Emerging connected technologies breaking thresholds of insurance business models: report
March 2, 2016 by Canadian UnderwriterThe continued evolution of the Internet of Things (IoT) is among the multiple threats pushing the insurance industry toward massive disruption, notes a report released Tuesday by Capgemini and Efma. IoT, combined with changing behaviours and preferences from Gen Y…
XL Group proposes to relocate from Ireland to Bermuda
March 1, 2016 by Canadian UnderwriterTen months after it completed its acquisition of Catlin Group Ltd., insurance carrier XL Group plc is proposing to change its place of incorporation to Bermuda. XL’s principal offices are currently in Dublin, Ireland. In Canada, XL’s coverages include commercial…
British Columbia proposes amendments to spill preparedness and response legislation
March 1, 2016 by Canadian UnderwriterBritish Columbia’s Ministry of Environment announced on Monday amendments to the Environmental Management Act (EMA), which, if passed, will establish a “world-leading” spill preparedness and response regime to address environmental emergencies in the province. The proposed spills regime will ensure…
No insurance until summer, so Uber says it will suspend Edmonton operations
March 1, 2016 The Canadian PressEDMONTON – Uber officials say they are suspending operations in Edmonton for now after the Alberta government announced it will make insurance available to drivers, but likely not until the summer. Ramit Kar, the general manager for the ride-booking company…
JLT Group’s underlying profit down 7% to 170.1 million in 2015
March 1, 2016 by Canadian UnderwriterPlanned investment in its United States business contributed to Jardine Lloyd Thompson Group plc’s underlying profit before tax falling 7% to £170.1 million in 2015, preliminary results show, but the company reports its overall momentum was sustained despite the challenging…
B.C. invests in earthquake early warning systems
March 1, 2016 by Canadian UnderwriterThe province of British Columbia has provided a $5 million investment to Ocean Networks Canada to increase the development and use of earthquake early warning systems in the province. The one-time project funding could enhance the safety of British Columbians…