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The Weather Company predicts 14 named storms for the 2016 tropical season

April 30, 2016 by Canadian Underwriter

The Weather Company, an IBM Business, has issued their first tropical forecast for the 2016 season, which includes a total of 14 named storms. Of those named storms, eight will be hurricanes and three will be major hurricanes, The Weather

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Allowing both telematics program discounts, surcharges could secure a solid future for telematics in Canada: speaker

April 30, 2016 by Angela Stelmakowich, Editor

Allowing both discounts and surcharges for all telematics programs are among the changes that could help ensure telematics has a bright future in Canada, Donald Light, director of Celent’s North America property casualty practice, suggested Thursday at Insurance Telematics Canada

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FSCO issues warning over mystery shopper scam

April 29, 2016 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) is warning consumers and insurers that two companies are conducting a “mystery shopper scam.” FSCO issued the warning on Thursday over My Shop Ltd. (using the email address info@myshopltd.org) and Mystery Global Survey

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Regulatory change demands that insurers show regulators using telematics data for claims management would help consumers

April 28, 2016 by Angela Stelmakowich, Editor

The Financial Services Commission of Ontario (FSCO) has drawn a line in the sand when it comes to using telematics data for claims management, but it is not a given that line will always be in place, Blair Currie, vice

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Alberta, TransAlta reach agreement to protect Calgary and other Bow River communities from flood and drought

April 28, 2016 by Canadian Underwriter

The province of Alberta has entered into a five-year agreement with power generation and wholesale marketing company TransAlta that will provide flood protection to Calgary, reduce the impacts of drought and help communities adapt to a changing climate. The five-year

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Combined ratio up 0.5 points for Arch Capital

April 28, 2016 by Canadian Underwriter

Arch Capital Group Ltd. reported Wednesday a 0.5-point increase in its combined ratio, a 4.2% increase in first-quarter gross written premiums in insurance and a 0.8% drop in Q1 gross written premiums in reinsurance. Pembroke, Bermuda-based Arch released Wednesday its

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U.S. commercial auto insurance “a chronic underperformer”: Fitch Ratings

April 28, 2016 by Canadian Underwriter

Commercial auto insurance in the United States has evolved into a “chronically underperforming product segment” for P&C insurers in the country, according to Fitch Ratings. While the P&C industry has reported three consecutive years of significant underwriting profits, the commercial

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Global IT spending in insurance to grow to US$184.9 billion in 2016: Celent

April 28, 2016 by Canadian Underwriter

Global IT spending in insurance will grow to US$184.9 billion this year, according to a report released on Thursday by Celent, a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. The report, titled

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Revenue for U.S./Canada Marsh division of Marsh & McLennan Companies up to US$701 million in Q1 2016 from US$638 million in Q1 2015

April 28, 2016 by Canadian Underwriter

Revenue for the United States/Canada Marsh division of Marsh & McLennan Companies, Inc. (MMC), was up to US$701 million for the first quarter of 2016 ending March 31, from US$638 million in the first quarter of 2015, the global professional

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XL Group combined ratio up 3.6 points in Q1 2016

April 28, 2016 by Canadian Underwriter

XL Group plc has reported a P&C combined ratio of 92.5% for the first quarter of 2016 ending March 31, up from 88.9% in the prior-year quarter. Dublin, Ireland-based XL Group released its financial results on Wednesday, noting that the P&C

Risk
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Only a quarter of respondents say their enterprises monitor business partners at least quarterly: anti-corruption research

April 28, 2016 by Canadian Underwriter

Just 27% of the 330 respondents taking part in a recent online survey monitor business partners at least quarterly or more often, note findings from the 2016 Anti-Corruption Survey Report, released this week. Findings in the report from Dow Jones

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Fed keeps key rate unchanged; no hint on timing of next hike

April 27, 2016 by Martin Crutsinger - THE ASSOCIATED PRESS

WASHINGTON – The Federal Reserve kept a key interest rate unchanged Wednesday against the backdrop of a slowdown in U.S. and global growth and provided no hint of when its next rate hike may occur. In a statement after its