Keyword
Ratings/Research
A.M. Best conducting stress tests on insurers after U.S. terrorism insurance act passes
January 12, 2015 by Canadian UnderwriterA.M. Best will continue to conduct stress tests on insurers to evaluate the effect terrorism exposures will have on balance sheets, the rating agency reiterated following last week’s Congressional action to reauthorize the Terrorism Risk Insurance Act. The Terrorism Risk…
Ratings outlook for global reinsurance sector remains negative: A.M. Best
January 6, 2015 by Canadian UnderwriterSignificant ongoing market challenges that will hinder the potential for positive rating actions over time, and may translate into negative rating pressures, have contributed to A.M. Best maintaining its negative outlook for the global reinsurance sector. Having revised its rating…
Old and New
January 1, 2015 Angela Stelmakowich, EditorChange can be exciting, it can be progressive and, as the saying goes, it can be good. But the head-over-heels love affair with change occasionally needs to be tempered by feet-on-the-ground reminders that change also comes with potential risks. The…
Water Watch
January 1, 2015 Karen Hopkins-Lee, Chief Underwriter, Canadian Direct InsuranceWater damage has become the most common insurance claim in Western Canada. Despite the number of such claims, a recent survey of tenants and homeowners in Alberta and British Columbia shows that water is a peril that continues to be underestimated and overlooked.
Federal funds provided to Quebec company to advance development of technology to forecast severe weather events
December 1, 2014 by Canadian UnderwriterThe Government of Canada, through the Canadian Space Agency (CSA), will invest $650,000 to support cutting-edge severe weather forecasting technology being developed at the National Optics Institute (INO). The contract was awarded to INO to further develop and test a…
Tropical storm insured losses below average in 2014: Munich Re
December 1, 2014 by Canadian UnderwriterInsured losses from tropical storms in 2014, as of November, were much lower than the 10-year average but the United States is likely to have a “more active tornado season” in the spring of 2015, Munich Re reported Monday. Insured…
Retention Attention
December 1, 2014 Michael A. Costonis, Managing Director, Accenture Property and Casualty Insurance ServicesResearch from Accenture shows that claims experience is a key determinant in customer retention. That experience plays a powerful role in influencing customers’ decisions to switch providers, but other factors, such as customer service and technology, are also important and must be considered.
Approaching Critical Mass?
December 1, 2014 Craig Beattie, Senior Analyst, Insurance Practice, CelentSurveyed consumers in the United States and the United Kingdom are already collecting more data about themselves – and many are willing to share in exchange for a benefit. Beyond discounts, though, are consumers ready for a different kind of engagement and to collect new data for data-driven models?
Challenges remain to align risk management frameworks, culture and talent: Deloitte Global
November 28, 2014 by Canadian UnderwriterFinancial services organizations are still struggling to align risk management frameworks with their organization, culture and talent to achieve change, notes a report issued this week by Deloitte Touche Tohmatsu Limited (Deloitte Global). Findings detailed in Risk, Culture and Talent…
Insurers’ investment in technology focusing on modernizing core systems: SMA
November 13, 2014 by Canadian UnderwriterThere is pressure to innovate in today’s fast-paced and changing insurance environment and insurers are responding by focusing their investments in technology on modernizing core systems, notes a research report released Wednesday by Strategy Meets Action (SMA). The report, Innovation…
Still Movement
November 1, 2014 Greg Meckbach, Associate Editor; Harmeet Singh, Online Editor; and Angela Stelmakowich, EditorAs always, things are changing on both the insurance and reinsurance fronts. Players in the Canadian market need to consider conditions at home and abroad to get a complete picture of things that remain the same and those poised to change.
Turbulent Stability
October 1, 2014 Angela Stelmakowich, EditorThe outlook for Canada’s property and casualty insurance industry may be stable, as has been the case for the last few years, but that does not mean things are standing still. Changes are afoot for both the country’s p&c and reinsurance sectors that demand notice and response.