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U.S. p&c insurers can expect a challenging 2016, need to emphasize underwriting discipline: p&c forum
January 20, 2016 by Canadian UnderwriterProperty and casualty insurers in the United States can expect a challenging 2016, speakers said at the recent 20th annual Property/Casualty Joint Industry Forum, as the diminishing tailwinds of reserve releases struggle against headwinds of low interest rates. Panel members…
U.K. government task force recommends tougher regulation of claims management companies
January 20, 2016 by Canadian UnderwriterThe government of the United Kingdom’s Insurance Fraud Taskforce has recommended tougher regulation of claims management companies (CMC) in the nation. The value of detected fraud in U.K. is in excess of £1 billion and undetected insurance fraud is estimated…
China new frontier for mutuals; insurers to focus on whole population, not just high net worth market
January 19, 2016 by Canadian UnderwriterThe International Cooperative and Mutual Insurance Federation (ICMIF) is looking to make use of a recent Chinese law allowing mutual insurers to set up shop in the country, a move ICMIF maintains can enhance protections against losses from, among other…
Manitoba Public Insurance completes first nine months of 2015 with net income of $10.9 million
January 18, 2016 by Canadian UnderwriterManitoba Public Insurance (MPI) completed the first nine months of the 2015 fiscal year with a net income of $10.9 million and total earned revenues that were $51.1 million higher than over the same period last year. “The positive financial…
Manitoba Public Insurance and partners raising awareness about high-collision intersections in Winnipeg
January 15, 2016 by Canadian UnderwriterManitoba Public Insurance (MPI), the City of Winnipeg, the Winnipeg Police Service and CAA Manitoba have joined forces for a two-year pilot program designed to enhance motorists’ awareness of Winnipeg’s “Top 5” collision intersections. Nearly 10,000 collisions have taken place…
Initial U.K. loss estimate is 717 million for flooding following December storm: PERILS
January 15, 2016 by Canadian UnderwriterThe United Kingdom losses for Desmond – the December storm that brought record-breaking rainfall and subsequent flooding to parts of the U.K. – have been estimated at £717 million, PERILS AG reported Friday. Representing the first of four loss estimates…
Cyber security must be viewed as a business issue, not a technology-only issue: PwC Canada
January 14, 2016 Angela Stelmakowich, EditorCanadian companies are taking steps towards establishing holistic, integrated safeguards against cyber security attacks, progress that will need to continue as the number of breaches increases, the threat landscape becomes more complicated and attacks grow sophisticated, suggests PwC Canada. Adopting…
Infrastructure monies to be earmarked for disaster preparation, Goodale says
January 14, 2016 Jim Bronskill - THE CANADIAN PRESSOTTAWA – The federal public safety minister says the government will open its wallet to help Canadians prepare for natural catastrophes spawned by extreme weather linked to climate change. Devoting a portion of planned infrastructure spending to disaster readiness will…
Ontario motorists issued “Winter Ready” reminder
January 13, 2016 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC), along with the Ontario Road Builders’ Association (ORBA), the Infrastructure Health and Safety Association (IHSA) and Canadian Tire, have launched a new Winter Ready campaign. The campaign, online at www.winterready.ca and under the Twitter…
Institute for Catastrophic Loss Reduction to host workshop on IBC’s new flood maps
January 13, 2016 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) announced on Wednesday that its next Friday Forum series will focus on the Insurance Bureau of Canada’s (IBC) new flood maps. The workshop will be held from 10 a.m. to 11:30 a.m. on…
Overland flood template preferred option over inconsistent offerings: Cook
January 13, 2016 by Canadian UnderwriterAngela Stelmakowich, Editor
Openings set to begin in first trial stemming from GM ignition switch recall lawsuits
January 12, 2016 The Associated PressNEW YORK – Opening statements are ready to begin in the first trial to result from hundreds of federal lawsuits brought against General Motors after faulty ignition switches led to massive recalls. The attorney for an Oklahoma man hurt in…