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CSIO launches time and cost savings calculator for eDocs

May 16, 2014 by Canadian Underwriter

The Centre for the Study of Insurance Operations (CSIO) has launched a new tool for brokers to calculate their daily, monthly, and yearly cost savings from implementing eDocs. “Since its launch in 2012, the CSIO eDocs Standard has seen a

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Aviva plc’s 2014 Q1 financial results ‘reassuringly calm and stable’

May 15, 2014 by Canadian Underwriter

Aviva plc posted results in the first quarter of 2014 that were “reassuringly calm and stable, in marked contrast to the weather and regulatory developments,” the company reported Thursday. Overall, operating capital generation (OCG) in 2014 Q1 was £0.4 billion

News CatastrophesInsurance

Tornado confirmed near Mildmay, Ont.; house and 2 barns damaged by storm

May 14, 2014 The Canadian Press

MILDMAY, Ont. – Environment Canada says Ontario has its first confirmed tornado of the 2014 season. An Environment Canada survey team investigated wind damage from severe thunderstorms that roared across the Mildmay area southwest of Owen Sound on Tuesday afternoon.

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Crawford Canada CEO urges industry to work with competitors on overland flooding

May 14, 2014 by Canadian Underwriter

Insurance professionals need to be prepared in case natural catastrophes affect their own homes, and they also need to collaborate with competitors in order to develop an industry-wide solution for overland flooding, the head of a claims management firm’s Canadian

News InsuranceMergers and Aqcuisitions

‘Quiet revolution’ in technology innovation changing insurance distribution: Swiss Re

May 14, 2014 by Canadian Underwriter

There is a “quiet revolution” occurring in the way consumers interact with insurers, as technology has helped fuel customer centricity in distribution, Swiss Re says in its latest sigma study.  The internet and mobile devices have allowed consumers to research

News Climate ChangeInsuranceMergers and Aqcuisitions

New Brunswick government says damage from spring flooding now tops $14 million

May 14, 2014 THE CANADIAN PRESS

FREDERICTON – Damage to homes, businesses and public infrastructure from spring flooding in New Brunswick is estimated by the provincial government to have exceeded $14 million. Public Safety Minister Bruce Northrup says more than 715 properties have reported flood damage

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Horwath blasts Liberals on Ontario auto insurance; wants cuts passed on immediately

May 13, 2014 Colin Perkel, THE CANADIAN PRESS

TORONTO – Insurance companies have cut payouts by billions of dollars over the past several years but motorists have seen little benefit by way of lower premiums, New Democrat Leader Andrea Horwath said Tuesday. Election campaigning at a mall in

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

ICLR to showcase homes demonstrating wildfire, flood risk reduction methods

May 13, 2014 Greg Meckbach, Associate Editor

The Institute for Catastrophic Loss Reduction (ICLR) is aiming to “influence” the construction of new homes in Canada and plans to demonstrate loss mitigation methods on two homes this year in Western Canada. In May 2013, ICLR showed the public

News InsuranceLegalMergers and Aqcuisitions

Collision avoidance systems can decrease accidents 44%: preliminary findings

May 12, 2014 by Canadian Underwriter

Insurance claim frequency in Israel dropped by approximately 44% for privately owned vehicles equipped with collision avoidance systems (CAS) compared to those without, suggests preliminary findings of a study commissioned by Israel’s Ministry of Finance and carried out by Ron

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Poor weather affects RSA financial results in Canada

May 8, 2014 by Canadian Underwriter

RSA Insurance Group plc released Thursday an interim management statement for the first three months of 2014, reporting rate increases in Canada while premiums dropped. “Poor weather in the U.K., Ireland and Canada negatively impacted first quarter profit,” RSA Group

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Q1 net income up for Industrial Alliance Insurance and Financial Services

May 8, 2014 by Canadian Underwriter

Industrial Alliance Insurance and Financial Services Inc. has posted net income attributed to common shareholders of $82.9 million in 2014 Q1, up 4% from $79.7 million in the first quarter of 2013. The net income attributed to shareholders was also

News CatastrophesClimate ChangeInsurance

Major drop in net income for Economical Insurance in Q1 after severe winter weather

May 7, 2014 by Canadian Underwriter

Economical Insurance’s first quarter 2014 net income of $1 million declined dramatically over the same period of 2013, when it saw a $26.9 million result. Severe winter weather also caused the Waterloo, Ont.-based insurer’s combined ratio to increase to 105.5%