News
Summer storm damage costs for Intact could reach $130 million
September 5, 2012 by Canadian UnderwriterDamage costs from severe weather across Canada are expected to reach between $110 million and $130 million after taxes, net of reinsurance, Intact Financial Corp. reports. The company is serving about 20,000 of its customers following severe storms in July…
Global reinsurance capital reaches record levels
September 5, 2012 by Canadian UnderwriterTotal global reinsurer capital totalled a record $480 billion (all figures U.S.) at the mid-year point of 2012, notes a new report by Aon Benfield, the intermediary and capital advisor of Aon. That number represents a 5% increase from year-end…
SCM Insurance Services launches new company to offer better information tools
September 5, 2012 by Canadian UnderwriterSCM Insurance Services has launched a new company to answer what it sees as increased industry demand for better business intelligence tools and enhanced access to risk information. Opta Information Intelligence will provide underwriters, brokers, corporate risk managers and municipalities…
Towers Watson teams with Hughes Telematics on UBI
September 5, 2012 by Canadian UnderwriterTwo leading firms in the insurance telematics space have formed a strategic alliance to provide personal lines auto insurers with data and solutions for usage-based insurance (UBI) programs. Towers Watson and Hughes Telematics, Inc. (HTI) will use the partnership to…
Global reinsurance outlook stable, pricing to stagnate: Fitch Ratings
September 4, 2012 by Canadian UnderwriterFitch Ratings reports its outlook for the global reinsurance sector remains stable, with further strengthening of already-strong capitalization and continued premium growth into 2013. Underwriting and operating trends are expected to support reinsurers’ current ratings over the next one to…
RSA appoints Glen Bates and Rosalind Staples-Simpson to senior leadership roles
September 4, 2012 by Canadian UnderwriterRSA has announced two new appointments to its senior leadership team in Canada to support the company’s growth strategy in Quebec and Atlantic Canada. The company has named Glen Bates as vice president in Quebec, as part of its plans…
Distracted drivers not getting the message: ICBC
September 4, 2012 by Canadian UnderwriterA survey of B.C. drivers conducted for the Insurance Corporation of British Columbia (ICBC) shows that 44% of respondents believe driving is a complex task, yet 40% of those who own cellphones admit they have used hand-held devices while behind…
Economical continues preparations as it awaits draft demutualization regulations
September 4, 2012 by Canadian UnderwriterThe hope was that draft federal regulations around demutualization would have been available by now, but the wait for this pivotal stage has not slowed Economical’s preparations for either an initial public offering (IPO) or a sponsored transaction with one…
Telematics get more buy-in from U.K. men than women
September 4, 2012 by Canadian UnderwriterMen seem more willing than women in the United Kingdom to have vehicles fitted with telematics devices that can monitor driving behaviour and set insurance premiums, note findings from a poll commissioned by Towers Watson. The poll of 1,930 people…
Gulf states clean up in wake of Hurricane Isaac
September 4, 2012 by Canadian UnderwriterAfter Hurricane Isaac was downgraded to a tropical storm late Aug. 29 and then a tropical depression a day later, it began its soggy path north through the mid-United States, crossing into Arkansas, Missouri and expecting to dump rains on…
Oil tank spills lead to $78.58 million in claims: IBC
August 31, 2012 by Canadian UnderwriterAn Insurance Bureau of Canada (IBC) study on oil tank spills in Atlantic Canada shows the events prompted $78.58 million in claims for participating insurance companies from 2008 through 2011. In all, there were 663 domestic oil spill insurance claims…
B.C. commission finds seismic events linked to fracking
August 31, 2012 by Canadian UnderwriterThe B.C. Oil and Gas Commission has penned several recommendations in response to its finding that anomalous seismicity in isolated areas of northeast British Columbia was the result of hydraulic fracturing. “The investigation has concluded that the events observed within…