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Insurer use of predictive models growing: Towers Watson

March 21, 2014 by Canadian Underwriter

Property and casualty insurers have increased their use of predictive modeling across nearly every line of business over the past year, suggests a new survey from Towers Watson. Despite that, most of those businesses still lack a comprehensive, company-wide approach

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Munich Re profit target for 2014 down as low interest rate challenge continues

March 20, 2014 by Canadian Underwriter

Munich Re ended last year with a profit of 3.3 billion euros, the third-best result in its history, but is aiming for a lower profit of 3 billion euros this year, the company reported Thursday. Overall in 2013, the group

News InsuranceLegalMarkets / CoveragesMergers and Aqcuisitions

Auto insurance regulators outside of Quebec ‘have to change’ their approach to telematics, exec says

March 19, 2014 Greg Meckbach, Associate Editor

Canada’s provincial auto insurance regulators are relatively cautious in their approach to telematics, but this is changing, suggested speakers at an insurance technology conference this week. “If we want this to transform the industry, our regulators will have to let

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

New Co-operators program with UBI technology aims to reward safe drivers in Ontario

March 17, 2014 by Canadian Underwriter

The Co-operators announced Monday it is introducing a program in Ontario that employs usage-based insurance (UBI) technology to allow for more customized auto insurance and lower premiums for safe drivers. The en-route Auto Program – which uses UBI technology developed

News Climate ChangeInsuranceMarkets / Coverages

Hannover Re reports net income of 895.5 million euros for 2013

March 11, 2014 by Canadian Underwriter

Hannover Re has reported a group net income of 895.5 million euros for 2013, up 5.4% over the prior year, despite expensive natural catastrophe events in Canada and Germany. The group’s combined ratio also improved to 94.9% from 95.8% in

News InsuranceMarkets / Coverages

Commercial insurance prices in U.S. increase 5% in 2013 Q4: Towers Watson

March 11, 2014 by Canadian Underwriter

Commercial insurance prices increased by 5% in aggregate during the fourth quarter of 2013 and 6% on average for the entire year, note survey results released Monday by global professional services company Towers Watson. The 2013 increase marks the third

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Sprint partners with Ontario ‘connected car’ company on usage based insurance

March 5, 2014 by Canadian Underwriter

U.S. telecom giant Sprint announced Wednesday that a usage-based insurance offering through IMS UBI Intelligence, is now available through its insurance solutions portfolio for auto insurance customers. The offering is provided by Intelligent Mechatronic Systems (IMS), a Waterloo, Ont.-based company

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Traditional reinsurers must remain relevant to survive challenging market dynamics: Willis Re

March 5, 2014 by Canadian Underwriter

Traditional reinsurers must remain relevant and be mindful of areas into which they are looking to diversify in the face of increased competition from the influx of capital markets capacity, Willis Re president Paddy Jago cautions in a video blog

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Momentum building for more insurance M&A activity in 2014: Deloitte

February 28, 2014 by Canadian Underwriter

Despite a lower number of merger and acquisition deals in the insurance industry last year, and several economic and regulatory challenges, industry observers are “cautiously optimistic about 2014,” notes a new report from Deloitte. In its 2014 Insurance M&A Outlook

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Municipal infrastructure, condos with washing machines among major issues for insurers covering water damage

February 25, 2014 by Canadian Underwriter

The resources dedicated by Canadian insurance carriers to auto rate filings, the tendency of condominium units to have dishwashers and washing machines, climate change and the current state of municipal infrastructure are all major issues for property insurers covering water

News Climate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

Lower cat losses boost results for U.S. homeowners’ insurance sector

February 21, 2014 by Canadian Underwriter

Last year, the homeowners’ insurance sector in the United States will have had its first statutory underwriting profit since 2007, benefitting from a decline in natural catastrophe losses, among other factors, according to a new report from Fitch Ratings. Increasing

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Saskatchewan Government Insurance asks to hike vehicle rates by 5.2%

February 11, 2014 THE CANADIAN PRESS

REGINA – Insurance costs could go up an average of $49 a year for most vehicles, if a request made by Saskatchewan Government Insurance is approved. SGI has submitted a proposal to the Saskatchewan Rate Review Panel for a net