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Ratings/Research
Major oil spill could cost Vancouver’s economy $1.2 billion: city report
May 22, 2015 Laura Kane - THE CANADIAN PRESSVancouver’s economy could suffer a $1.2-billion blow in case of a major oil spill caused by Kinder Morgan’s Trans Mountain pipeline expansion, concludes a new report released by the city. The report, by the University of B.C.’s Fisheries Economics Research…
Technology a strategic differentiator in carriers’ distribution effectiveness: Celent
May 21, 2015 by Canadian UnderwriterCarriers looking to grow their books are expanding channels, adding distributors, moving into new territories and working to optimize their existing distribution channels to improve customer acquisition and retention, notes a new report issued this week by Celent. While approaches…
April northern hemisphere sea surface temperature was 0.63 degrees warmer than 20th Century average: NOAA
May 20, 2015 by Canadian UnderwriterWhile parts of Eastern Canada had a cooler than normal April this year, last month was the fourth-warmest April in 136 years worldwide, the United States National Oceanic and Atmospheric Administration (NOAA) suggested in a recent report. In its state…
Severe winter weather likely to push Q1 GDP down: CSIO speaker
May 15, 2015 Greg Meckbach, Associate EditorSevere winter weather likely resulted in a dip in gross domestic product in the first quarter in both Canada and the United States, the Bank of Montreal’s chief economist suggested Thursday to insurance professionals in Toronto. Douglas Porter, chief economist…
Regulation, capital standards top concerns for North American insurers: EY study
May 14, 2015 by Canadian UnderwriterRegulation and capital standards were seen as the biggest risk challenges facing the insurance industry, according to an Ernst & Young LLP (EY) study of senior risk executives from 20 North American insurance companies. A focus on value creation and…
Drone manufacturers likely to face potential product liability issues: A.M. Best
May 11, 2015 by Canadian UnderwriterAerial drone manufacturers themselves are likely to face potential product liability issues, suggests a new Best’s Briefing released on Monday by rating agency A.M. Best Company. “Operator skills or shortcomings in product training could also inevitably lead to greater risk…
Swiss companies underestimate the threat posed by cybercrime: KPMG study
May 6, 2015 by Canadian UnderwriterSwiss businesses are ill prepared for cyberattacks, much too reactive in their approach and rely too heavily on technology while neglecting the human factor, according to a KPMG study released on Wednesday. The study, titled Clarity on Cyber Security, found…
Made in Canada Trends
May 1, 2015 Greg Horn, Vice President, Industry Relations, Mitchell InternationalVehicle-buying preferences in Canada and the United States differ, with the former favouring compact over the latter’s love of mid-size. Preferences related to model year and vehicle size, however, can have a big impact on claims cost, total loss rate and alternate parts use.
Managing Cyber Threats
May 1, 2015 Peter Hohman, President and Chief Executive Officer, Insurance Institute of CanadaA new report by the Insurance Institute of Canada takes a broad look at cyber risk and suggests how Canadian property and casualty insurance organizations can bolster their own cyber security and protect themselves in cyberspace.
Modern App-roach
May 1, 2015 Ted Hellard, Founder, AppColony; and Paul Mlodzik, Vice President, Marketing and Communications, The Co-operatorsTechnology offers great promise, but the reliance that people now have on their phones has had the unfortunate effect of contributing to distracted driving, now a leading cause of vehicle collisions.
Information security professionals concerned about technology sprawl: global survey
April 21, 2015 by Canadian UnderwriterTwo-thirds of surveyed information security professionals report being concerned about the addition of multiple security technologies – often referred to as sprawl – but cite outsourcing as one method being used to combat the issue, note results of (ISC)2’s latest…
Personal injury lawyers’ referral, contingency fee arrangements should be filed with Superintendent of Insurance: IBC
April 16, 2015 by Canadian UnderwriterReferral fee and contingency fee arrangements from personal injury lawyers should be filed with the Superintendent of Insurance for review of the impact on auto premiums in Ontario, suggested Ralph Palumbo, vice president, Ontario, with the Insurance Bureau of Canada.…