News
Insurers must tap into technology to improve customer experience
March 13, 2013 by Canadian UnderwriterImproving the customer experience, especially through leveraging data analytics, is among the key issues facing the property and casualty industry in the coming year, notes a new report from PricewaterhouseCoopers in the U.S.. The popularity of mobile technology and e-commerce…
Requiring accredited medical experts to examine whiplash claims part of U.K. insurers’ proposals
March 13, 2013 by Canadian UnderwriterThe Association of British Insurers (ABI) today released proposals to foster what it characterizes as a fair, independent and objective approach to help the United Kingdom shake its title as whiplash capital of Europe. “Our proposals will ensure better medical…
Ontario NDP urges government to release details on auto insurance industry profits
March 12, 2013 by Angela Stelmakowich, EditorOntario’s New Democratic Party is calling on the provincial government to provide more details on what the Financial Services Commission of Ontario (FSCO) is doing to address the issue of insurance industry profits and driver premiums. “Ontario drivers are paying…
Forecasters predict higher than normal Ontario thunderstorm threat
March 12, 2013 by Canadian UnderwriterWeather forecasters are predicting higher than normal amounts of precipitation in parts of southern Ontario this spring, though the temperature in March will not reach last year’s records highs. In a blog post Tuesday, AccuWeather predicted temperatures this spring will…
FSCO too involved in auto insurance price setting, says PC critic
March 12, 2013 by Harmeet Singh, Online EditorAllowing auto insurers to change their rates faster, without going through the current steps mandated under the Financial Services Commission of Ontario, would go a long way in fixing the province’s flawed system, the PC Party’s auto reform critic says.…
FSCO nears halfway point of mediation backlog pilot initiative
March 12, 2013 by Harmeet Singh, Online EditorThe Financial Services Commission of Ontario is reaching the midway point of a six-month pilot aimed at streamlining part of its mediation process and saving mediators’ time. Effective Jan. 2, the pilot program allows the parties involved in mediation who…
Higher prices across all account sizes for standard commercial lines in U.S.: Towers Watson
March 12, 2013 by Canadian UnderwriterCommercial insurance prices in aggregate increased by almost 7% for 2012 Q4 in the United States, with price increases observed across all account sizes for standard commercial lines, notes a new survey from Towers Watson. The company’s most recent Commercial…
Zurich announces five-year alliance with Red Cross for flood resilience program
March 11, 2013 by Canadian UnderwriterZurich Insurance Group has announced a five-year partnership with the International Federation of Red Cross and Red Crescent Societies (IFRC), with the company putting 21 million Swiss francs (roughly $22.7 million) into the alliance. The partnership is part of Zurich’s…
Bermuda insurers will cover more than $2.5 billion of Sandy claims
March 11, 2013 by Canadian UnderwriterBermuda insurers will cover more than $2.5 billion of claims resulting from last fall’s Hurricane Sandym the Association of Bermuda Insurers and Reinsurers (ABIR) said late last week. Loss estimates from the storm are around $18 billion, with about half…
U.S. insurers, regulators urged to prepare for climate change: Ceres
March 11, 2013 by Canadian UnderwriterAlmost half of the United States insurers taking part in a Ceres survey say the effect of current extreme weather events on operations, revenue and profitability is a motivator of action on climate change. “The exposure of the company’s operations,…
Aon Benfield forecasting arm introduces new cat scenario models
March 11, 2013 by Canadian UnderwriterImpact Forecasting, the catastrophe model development arm of Aon Benfield, announced Monday several new scenario models to generate loss estimates for specific historical or hypothetical events, including storm surge from last fall’s Hurricane Sandy. The massive flooding in Thailand in…
Court rules against Insurance Corporation of B.C. in fatal truck collision
March 11, 2013 by Canadian UnderwriterA British Columbia court last week ruled against the provincial government’s auto insurance provider, which was sued by a commercial client whose accident claim was denied. In a decision released March 5, Madam Justice Lauri Ann Fenlon ruled that Streeper…