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Arctic development presents special risks: Lloyd’s

April 13, 2012 by Canadian Underwriter

Climate change is opening up the Arctic to commercial development, bringing with it a unique set of risks and challenges for countries like Canada, Lloyd’s says in a recent Risk Insight report. Environmental issues, particularly oil spills, are a challenge…

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Texting while driving is not as dangerous as drinking and driving: U.S. teens

April 13, 2012 by Canadian Underwriter

Texting while driving is not as dangerous as drinking and driving, according to U.S. teens participating in a 2012 survey commissioned by State Farm. Harris Interactive conducted a telephone survey of 652 U.S. teens between the ages of 14 and…

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Industrial Alliance launches pay-as-you-drive program for young drivers

April 13, 2012 by Canadian Underwriter

Quebec-based Industrial Alliance is introducing a new way of insuring younger drivers that tracks behaviour behind the wheel. Based on the pay-as-you-drive model, “Mobiliz” uses telematics technology to monitor distance travelled as well as three driving behaviours: speeding, forced acceleration…

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Reinsurers lose capital, increase premiums in 2011

April 13, 2012 by Canadian Underwriter

Substantial catastrophe losses led to a 3% reduction in total global reinsurer capital last year, according to a report from Aon Benfield. The Aon Benfield Aggregate analysis, which examines results from the world’s top 28 reinsurers, notes that reinsurer capital…

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Kanetix offers commercial auto insurance

April 13, 2012 by Canadian Underwriter

Alberta businesses can now obtain commercial auto insurance through Kanetix.ca, an online comparison service. Two services from SGI Canada are new to Kanetix.ca’s online roster. First, customers need only complete a short online form to view commercial insurance quotes for…

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Burns & Wilcox Canada opens new office in St. John’s, Newfoundland

April 13, 2012 by Canadian Underwriter

Burns & Wilcox Canada is opening a new office in St. John’s, Newfoundland, as the first step in the company’s plans to build a strong presence in Atlantic Canada. Burns & Wilcox Canada offers more than 300 products to the…

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Denial-of-service attacks surge in 2012

April 12, 2012 by Canadian Underwriter

A wave of distributed denial-of-service attacks plagued financial services companies during the first quarter of this year, according to a report from Prolexic Technologies Inc. A distributed denial-of-service attack is one in which several compromised systems attack a single target,…

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Insured losses from Texas tornadoes could reach $500 million

April 12, 2012 by Canadian Underwriter

Tornadoes that hit the Dallas-Fort Worth area on Apr. 3 may result in up to $500 million in insured losses, according to the Southwestern Insurance Information Service (SIIS). Insurers have already reported $300 million in claims, according to the service,…

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Adopting Corporate Responsibility Standards (CSR) can help reduce a company’s political risk in emerging economies: lawyer

April 12, 2012 by Canadian Underwriter

More than just a “philanthropic” exercise, international Corporate Social Responsibility (CSR) standards can help a company gain valuable “intelligence” that may in fact reduce the risk of a business failure in emerging economies. Avril Cole, associate at Norton Rose Canada…

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USGS examines correlation between “fracking” and low-level earthquakes

April 12, 2012 by Canadian Underwriter

Maybe not all earthquakes are “natural” disasters. The U.S. Geological Survey (USGS) has issued a report suggesting “strong spatial and temporal correlations” existed between low-level earthquakes in Oklahoma in January 2011 and a nearby hydraulic fracturing project engaged in process…

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Customer retention is key for North American insurers: Gartner

April 12, 2012 by Canadian Underwriter

The top priority for information technology leaders at insurance companies is keeping the clients they have, Gartner Inc. said in a recent report. In a survey of IT professionals from five Canadian and 57 U.S. property and casualty insurers, 81%…

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Moody’s warns of interest rate risk for American insurers

April 11, 2012 by Canadian Underwriter

An upward surge in interest rates could spell trouble for U.S. property and casualty insurer investments, Moody’s rating agency said in a recent report. Insurers are facing increased interest rate risk due to their large fixed income holdings, which account…