Topic
Markets / Coverages
Cat model firm RMS adds Singapore office to expand in Asia-Pacific
June 11, 2014 by Canadian UnderwriterCatastrophe modeling firm RMS is stepping up its presence in the Asia-Pacific market with a new office in Singapore. The office, led by Paul Burgess, senior director of client development, is the newest addition to RMS’ other Asia-Pacific locations, which include…
U.K. motor insurance market turns first underwriting profit in 20 years
June 11, 2014 by Canadian UnderwriterThe United Kingdom’s motor insurance industry achieved a profit in 2013 – the first in two decades – expected to post a net combined ratio (NCR) of 98.5%, Ernst & Young noted in an update Tuesday. Analysis of the year-end…
U.S. commercial insurance prices up 4% year-over-year in Q1 2014
June 9, 2014 by Canadian UnderwriterA recent survey found no price decreases in any “standard commercial lines” of property and casualty insurance in the United States in the first three months of 2014, Towers Watson reported Monday. The firm released its latest Commercial Lines Insurance…
Aspen Insurance to ‘carefully review’ takeover offer by Endurance
June 9, 2014 by Canadian UnderwriterAspen Insurance Holdings Ltd., whose British subsidiary writes insurance in Canada, announced Monday it is advising its shareholders to “take no action at this time” on a US$3.2-billion takeover offer by Endurance Specialty Holdings Ltd. Hamilton, Bermuda-based Aspen provides primary…
Alberta government has provided more than $191 million in disaster assistance since 2013 floods
June 9, 2014 by Canadian UnderwriterThe Alberta government reports that it has provided more than $191 million to date in disaster assistance to municipalities and First Nations to begin rebuilding in the wake of last June’s devastating flooding, a event that has since become the…
Severe storms in U.S. this week should remind insurers to look at reinsurance for hail events, RMS says
June 6, 2014 by Canadian UnderwriterCatastrophe modeling firm RMS is warning that hail is causing considerable losses in the United States and Canada and that insurers should be considering reinsurance for such storm events. This year’s severe storm season has been relatively quiet so far,…
Easy website navigation a top draw for young insurance shoppers
June 3, 2014 by Canadian UnderwriterInsurance pricing tends to be less important for Generations X and Y as it is to Boomers, while older shoppers don’t see easy navigation as the most important aspect of an insurer’s website, a recent survey out of the United…
Downward pressure on reinsurance pricing on the rise since last June
June 3, 2014 by Canadian UnderwriterContinued competitive pressure from alternative markets, strong reinsurer balance sheets and low loss experiences have combined to increase downward pressure on reinsurance pricing since the June 1, 2013 renewal, reports Guy Carpenter & Company, LLC. In its June 2014 renewal…
Leveraging Data
June 1, 2014 Nicolas Michellod, Senior Analyst, Insurance, CelentPredictive analytics to address issues such as claims fraud, underwriting and customer segmentation can help leverage business intelligence tools to create predictive models to more effectively and accurately make business decisions.
Brokers ‘will be inundated with information from different insurers’ about telematics, ORBiT speaker warns
May 30, 2014 Greg Meckbach, Associate EditorThe use of telematics, to set auto insurance rates based on driving behaviour, presents both an opportunity and a risk for brokers, speakers suggested at a recent technology conference for brokers. “One of the things that you folks have that…
Commoditization of usage based insurance offerings taking place
May 30, 2014 Angela Stelmakowich, EditorThe current regulatory environment is fuelling commoditization of usage-based insurance (UBI) offerings, something that could be at odds with how open consumers are to exploring different options, Colin Wright, principal of Corner 2 Consulting, suggested during a presentation Thursday. “Because…
Alberta regulator’s decision on UBI coming by end of year
May 29, 2014 Harmeet Singh, Online EditorThe Office of the Superintendent of Insurance in Alberta will make its decision on the approval of usage based auto insurance in that province by the end of this year, but is stressing that privacy must be top of mind…