News
Fraud detection software a good investment – if claims staff know how to use it
March 7, 2013 by Greg Meckbach, Associate EditorInsurance carriers are starting to invest in analytics software to detect fraud, but what’s even more important is having claims staff who are good at using it, educating policy makers and preventing fraudsters from buying policies in the first place,…
Drought events increasing, but still an underestimated risk: Munich Re
March 7, 2013 by Canadian UnderwriterDroughts are increasingly becoming one of the most destructive of natural catastrophes worldwide, with the number of loss-producing droughts doubling since the 1980s, but it remains an underestimated risk, notes a new report from Munich Re. Still, droughts remain an…
Intact remains full partner in IBAC’s Broker Identity Program
March 7, 2013 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) has announced that Intact Insurance has maintained its support of the Broker Identity Program (BIP) at the Full Partner level, IBAC’s branding program aimed at conveying the value of the broker channel. The…
SAP to acquire Toronto-based Camilion Solutions
March 7, 2013 by Canadian UnderwriterTechnology giant SAP announced Thursday plans to acquire Toronto’s Camilion Solutions, a provider of insurance product development, product lifecycle and underwriting products and services aimed at helping insurance companies get to market faster. The acquisition will broaden SAP’s presence in the…
Aviva plc writes down billions in 2012 but increases operating profit in Canada
March 7, 2013 by Canadian UnderwriterAviva plc released Thursday its financial results for 2012, recording a worldwide after-tax loss of 3.05 billion pounds, with a 276-million pound operating profit in Canada. “Our general insurance business in Canada delivered another strong performance with an improvement in the…
Applied Systems to acquire IVANS P&C business
March 7, 2013 by Canadian UnderwriterInsurance software provider Applied Systems has announced an agreement to acquire the property and casualty business of IVANS, a data exchange solution provider based in the United States, for an undisclosed amount. “Applied Systems has a longstanding partnership with IVANS…
PEI adopts significantly higher car insurance levy in 2013
March 7, 2013 by Canadian UnderwriterPrince Edward Island has increased the levy charged to companies providing auto insurance to more than $32 per vehicle to help with recovering health care costs associated with auto accident victims. It is anticipated the increase, which took effect Jan.…
Homeowners, businesses in U.S. warned of mould dangers in wake of Sandy
March 6, 2013 by Canadian UnderwriterWarming temperatures are expected to shed light on what the president of H&H Environment Construction and Consulting Inc. calls one the most pernicious issues residents of homes damaged by Hurricane Sandy will face – mould infiltration. Warming temperatures will reveal…
65% of firms in U.K. fear a cyber attack in 2013: survey
March 6, 2013 by Canadian UnderwriterSixty-five percent of polled organizations report being extremely concerned or concerned about a cyber attack in 2013, notes a new survey from the Business Continuity Institute (BCI) and the British Standards Institution (BSI). Horizon Scan 2013 Survey Report, released earlier…
SCOR reports net income of 418 million euros for 2012
March 6, 2013 by Canadian UnderwriterSCOR Global has reported gross written premiums of €9.51 billion for 2012, an increase of 25.2%. The company reported a net income of €418 million for the year, up by 26.7% on a published basis. At print time, €1 was…
U.S. winter storms cause $100 million in economic losses in February
March 6, 2013 by Canadian UnderwriterFebruary was marked by severe winter storms in the United States, with states of emergency being declared in at least six states, notes the latest Global Catastrophe Recap report from Aon Benfield. A powerful Nor’easter brought 102 cm of snowfall…
Ontario PC party continues push to let private insurers compete with workers’ compensation program
March 6, 2013 by Canadian UnderwriterAn Ontario Progressive Conservative politician is continuing to press the ruling minority Liberals to allow private insurance firms to compete with the Workplace Safety Insurance Board (WSIB) in providing coverage for workers in case they are injured. Last Thursday, PC…