Keyword
Claims
U.S. company launches cloud for insurance, brings drone platform to p&c sector
June 22, 2017 by Canadian UnderwriterCalifornia-based Kespry is moving deeper into vertical markets with its formal entry into the insurance sector south of the border. The move follows extensive field tests and insurance-specific improvements designed together with customers and industry leaders, reports the aerial intelligence…
Number of lightning-related homeowners insurance claims in the U.S. up in 2016, but average cost for insurers down: I.I.I.
June 16, 2017 by Canadian UnderwriterThe number of homeowners insurance claims from lightning strikes and electrical surges in the United States rose in 2016, compared with 2015, but the average cost that insurers paid on those claims fell, according to a new analysis by the…
Loss adjusting innovation emerging in light of insurance claims for forest fires: Cunningham Lindsey
June 6, 2017 by Canadian UnderwriterGreater complexity in insured losses sparked by forest fires has produced a bright spot: innovation in how loss adjusters are tackling these events, suggests a new review from Cunningham Lindsey. Released Tuesday, the company’s 2017 Major and Complex Loss Review…
Cat claims out West create stress for home insurers, proactive communications can bolster customer satisfaction: J.D. Power
June 6, 2017 by Canadian UnderwriterA spike in major claims resulting in record losses from catastrophic disasters across Canada over the last few years has created significant challenges for insurance carriers in 2017, a situation that has had an impact on customer satisfaction with the…
Innovation-based disruption in personal lines insurance will drive new business models: Conning
May 31, 2017 by Canadian UnderwriterTechnology-focused investments are pushing business model changes across industries, and insurance is not immune to these pressures, a new study by global investment management firm Conning suggested. Released on Wednesday, the study examines the changes that are underway in personal…
Source of leaks causing home water damage ‘can go undetected for years,’ warns Allstate
May 29, 2017 by Canadian UnderwriterBurst water pipes are a frequent cause of large claims in Quebec, Allstate Insurance Company of Canada suggested Monday. In a press release, Allstate shared some findings from the Allstate Insurance Safe Homeowners Study. In the study of household incident…
More data-based use cases likely offers greater shot at success for insurers exploring connected insurance: expert
May 24, 2017 by Canadian UnderwriterThe greatest value to insurance industry players and their customers will likely not be realized without expanding the number of data-based use cases, Matteo Carbone, founder and director of the Connected Insurance Observatory, recently suggested. “Connected insurance is about gathering…
Resource risk top concern for wind energy sector: GCube Underwriting
May 23, 2017 by Canadian UnderwriterResource risk has surpassed mechanical and electrical breakdown to become the number one potential source of financial losses for onshore wind energy developers, owners and operators globally, suggests a new report from GCube Underwriting Ltd. Despite continued development and improvement…
Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings
May 16, 2017 by Canadian UnderwriterFitch Ratings expects demand for cyber insurance protection will increase in the wake of the slew of recent ransomware cyber attacks in 150-plus countries, but cautions against aggressive expansion that could prove credit-negative. “Growth in corporate anxiety from cyber-related threats…
Economical Insurance posts net income of $5.3 million in 2017 Q1, down from $28.5 million in prior-year quarter
May 8, 2017 by Canadian UnderwriterAuto lines, catastrophe and weather-related losses served as a drag on underwriting results which, in turn, contributed to Economical Insurance posting net income of $5.3 million in 2017 Q1 compared to $28.5 million in 2016 Q1. “Higher investment income was…
Confusion, frustration common to BI claims can be lessened: RIMS survey
April 26, 2017 Angela StelmakowichPHILADELPHIA – Quantifying business interruption losses continues to be a big challenge, reported by almost six in 10 RIMS members taking part in a recent survey, but a well-conceived approach by risk managers can help to clear any hurdles. “By…
Justices turn away GM appeal over ignition switches
April 24, 2017 The Associated PressWASHINGTON – The Supreme Court on Monday turned away an appeal from General Motors Co. seeking to block dozens of lawsuits over faulty ignition switches that could expose the company to billions of dollars in additional claims. The justices without…