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Australia
Insurance Corporation of B.C. financial condition ‘seriously compromised,’ Basic Autoplan needs redesign: EY
July 25, 2017 by Canadian UnderwriterThe premiums charged by British Columbia’s government-run monopoly provider of basic auto insurance are “not high enough” to cover claims, the system is not sustainable and the cost of the average minor bodily injury claim has risen well beyond the…
Canada’s fintech adoption rate doubles in last 18 months: EY report
July 25, 2017 by Angela StelmakowichCustomer wants, needs and demands are guiding players in Canada’s fintech space toward developing simpler, more transparent and customer-centric financial services products, with insurance expected to see a big increase in uptake in future, suggests new research released Tuesday by…
Some CEOs, enterprises missing the boat on mobile technology: SOTI study
July 7, 2017 by Canadian UnderwriterEfforts to manage mobile transformation continues to be a struggle for some interviewed enterprises, with almost a third reporting they are not investing in mobile technology, notes a new study released Thursday by SOTI Inc. Commissioned by SOTI and conducted…
Cat bonds with coverage for Canada in the first half of 2017 totalled $2.7 billion: PCS
July 5, 2017 by Canadian UnderwriterSponsors completed six catastrophe bonds with coverage for Canada in the first half of 2017, raising $2.7 billion through transactions that included Canada, Property Claim Services (PCS) said in its PCS H1 2017 Catastrophe Bond Report. The first cat bond,…
Majority of global financial institutions to ramp up transformation initiatives over next year, Accenture survey finds
June 26, 2017 by Canadian UnderwriterAn Accenture survey of nearly 800 financial services executives across Europe, Asia and North America found that more than half of financial institutions plan to increase their investments in major corporate transformation initiatives, or “change programs,” over the next 12…
Canada second most expensive country for data breaches: IBM and Ponemon Institute study
June 20, 2017 by Canadian UnderwriterCanada was the second most expensive country for data breaches, costing an average of $255 per lost or stolen record in 2017, according to a new report sponsored by IBM Security and conducted by the Ponemon Institute. Released on Tuesday,…
Canadian building standards meant to guard against fires like London blaze
June 16, 2017 Michelle McQuigge - THE CANADIAN PRESSTORONTO – Canadian building standards should theoretically prevent the sort of blaze that engulfed a London apartment tower earlier this week, but at least one expert says flouting those regulations can put people in serious danger. Exterior panelling known as…
Hannover Re Group net income down 2.4% to 264.8 million euros in 2017 Q1 compared to 2016 Q1
May 10, 2017 by Canadian UnderwriterGroup net income for Hannover Re contracted to 264.8 million euros in the first quarter of 2017, but was in line with the prior-year quarter’s exceptionally good results, positioning the reinsurer well for achieving its financial targets this year. Group…
Flooding in Ontario and Quebec in April and May estimated to cost “well into the millions” in U.S. dollars: Aon Benfield
May 9, 2017 by Canadian UnderwriterFlooding in multiple communities in southern Ontario and Quebec in April and into May is estimated to cost “well into the millions of dollars (USD)” in economic losses, Impact Forecasting said on Tuesday in its Global Catastrophe Recap report for…
PERILS estimates property market loss for Cyclone Debbie at AU$1,116 million
May 9, 2017 by Canadian UnderwriterTropical Cyclone Debbie – the initial loss estimate for which PERILS AG puts at AU$1,116 million – “underpins the need for reliable natural catastrophe insurance data for Australia,” suggests Darryl Pidcock, head of PERILS Asia-Pacific. Debbie affected the Australian states…
Canada lacks ‘commercially widely available wildfire models,’ Aviva Canada reinsurance VP warns
May 2, 2017 Greg Meckbach, Associate EditorInsurers have no “meaningful way of modelling wildfire” losses, a senior executive for Swiss Re Ltd. recently suggested to industry professionals. “If you look at it globally speaking, usually about half of the total insured losses globally are unmodelled perils,”…
Combined ratio up 3.1 points for Allied World
May 1, 2017 by Canadian UnderwriterAllied World Assurance Company Holdings AG, which is expected to have a new Canadian corporate parent, recently reported a 3.1-point deterioration, year over year, in its first-quarter combined ratio, nearly a month after Cyclone Debbie hit the north shore of…