Topic
Markets / Coverages
Reduced No Fault injury coverage now available for motorcycle owners, SGI says
April 5, 2016 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) has implemented a Reduced No Fault coverage for motorcycle owners. The third option for coverage from SGI offers a basic package of injury benefits at a lower cost, since there are fewer benefits, SGI said in…
Global insurance telematics market expected to grow to US$2.21 billion in 2020 from US$857.2 million in 2015
April 5, 2016 by Canadian UnderwriterThe global insurance telematics market size is expected to grow from US$857.2 million in 2015 to US$2.21 billion in 2020, at a compound annual growth rate (CAGR) of 20.9%, according to a report by ReportLinker, a market research technology company…
Bleak outlook for energy insurers could lead to withdrawals from the market: Willis Towers Watson
April 5, 2016 by Canadian UnderwriterAn oversupply of capital and falling demand from buyers, caused by cost-cutting in the wake of the oil price crash, is heaping pressure on insurers to the extent that they may eventually consider exiting the energy insurance market, or at…
Aon to launch new global reinsurer trading platform
April 5, 2016 by Canadian UnderwriterAon Benfield will launch its new global reinsurer trading platform Apr. 11, a move meant to enhance placements with real-time data when ABConnect Placements goes live for July 1 treaty placements, the global reinsurance intermediary and capital advisor of Aon…
Cyber risk data ‘not all that robust,’ Willis Re speaker tells ICRMC
April 4, 2016 Greg Meckbach, Associate EditorCyber insurance has evolved considerably since 1999 but commercial insurers lack standardization in cyber policies and there is not a lot of data available for underwriters, a speaker suggested at a recent conference. For cyber risk, “the data is not…
Non-compliance with Payment Card Industry standard can result in host of issues for insurers: ICRMC speaker
April 4, 2016 Jason Contant, Online EditorFailure to comply with the Payment Card Industry (PCI) Data Security Standard can potentially result in a host of “nasty things” happening to those without coverage, attendees to the 2016 International Cyber Risk Management Conference (ICRMC) heard last week. Matthew…
Global reinsurer capital down 2% in 2015 relative to 2014: Aon Benfield
April 4, 2016 by Canadian UnderwriterGlobal reinsurer capital stood at US$565 billion at Dec. 31, 2015, a reduction of 2% relative to the end of 2014, according to the latest edition of the Aon Benfield Aggregate (ABA) report. Aon Benfield, the global reinsurance intermediary and…
Cyber insurance process becoming more rigorous for certain industry sectors, cyber risk conference hears
April 4, 2016 Jason Contant, Online EditorThe process to obtain cyber insurance may be more rigorous than it has been just a few years ago, even if it is a renewal, a speaker suggested last week at the 2016 International Cyber Risk Management Conference (ICRMC) in…
Reinsurance demand uptick despite price softening, reinsurers may not grant more concessions: Willis Re
April 4, 2016 by Canadian UnderwriterEncouraging signs for reinsurers are coming to light despite reinsurance rates falling for the fourth consecutive year at the Apr. 1, renewals, suggests Willis Re suggests in its latest 1st View Reinsurance Renewals report. “Amidst a gloomy picture of sustained…
Moves and Views
April 1, 2016 by Canadian Underwriter1 Ryan Michel [1] took on duties as president and chief executive officer of Allstate Insurance Company of Canada and its subsidiary companies January 11. Michel succeeds John O’Donnell, now senior vice president with Allstate Insurance Corporation in the United…
Sharing economy an opportunity for insurers, government should focus on objectives: OMIA speaker
April 1, 2016 by Angela StelmakowichRegulators would do well to resist taking a “whack-a-mole” approach to the sharing economy – something that could result in a $20 billion market in Canada within the next decade – and, instead, consider their ultimate objectives, Sunil Johal, policy…
Cyber insurance underwriters may want to consider less “absolute” questionnaires: ICRMC speaker
April 1, 2016 Jason Contant, Online EditorInsurers who underwrite cyber insurance may want to consider less “absolute” questions during their coverage questionnaires, a speaker suggested on Thursday at the 2016 International Cyber Risk Management Conference (ICRMC), held in Toronto. “I was the one that completed the…