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Competition

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Endeavour, Advent Claims partner to support Lloyd’s coverholders in Canada

September 7, 2017 by Canadian Underwriter

Advent Claims will provide its claims management system to Lloyd’s broker, Endeavour Insurance Services, as part of a new partnership arrangement meant to support London market coverholders operating in Canada. Advent Claims is a technology-led claims third-party administrator; Endeavour Insurance

News InsuranceLegislation / RegulationMarkets / Coverages

Making ICBC a co-op one option for B.C., competition must be part of any option selected: taxpayers federation

August 25, 2017 by Canadian Underwriter

The British Columbia government has options at its disposal to address auto insurance problems in the province – ranging from leaving the Insurance Corporation of B.C. (ICBC) to shuttering the insurer – but all should include reintroduction of competition, concludes a new report commissioned by the Canadian Taxpayers Federation (CTF). CTF argues that “fast and furious changes” are needed in light of the “looming 30% hike to car insurance,” a figure noted in an Ernst & Young LLP (E&Y) report made public last month. Among its many observations, the…

News CatastrophesInsuranceMergers and Aqcuisitions

U.S. p&c industry’s reserve adequacy relatively stable in 2016, auto takes hit: Conning

August 10, 2017 by Canadian Underwriter

The reserve adequacy of the property and casualty industry south of the border was relatively stable last year, with 2016 marking the 11th consecutive year of favourable development from prior-accident years, Conning notes in a study issued this week. “The

News InsuranceTechnology

Some CEOs, enterprises missing the boat on mobile technology: SOTI study

July 7, 2017 by Canadian Underwriter

Efforts 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

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and AqcuisitionsProducts

Government of Newfoundland and Labrador conducting comprehensive review of auto insurance system

July 5, 2017 by Canadian Underwriter

The Government of Newfoundland and Labrador has announced the start of a comprehensive review of the auto insurance system in the province. Perry Trimper, Minister of Service NL, announced the review in a statement on Tuesday. As part of the

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

Global premiums up in 2016, growth lower but outlook still positive: Swiss Re

July 5, 2017 by Canadian Underwriter

The 3.7% increase in global insurance premiums on the non-life side in 2016 was driven by expansion among the emerging countries and exceptional performance in China, although growth weakened in advanced economies, Swiss Re Institute suggests in its latest sigma

News InsuranceTechnology

Damage to reputation/brand gets social, cyber jumps higher on risk list: Aon survey

April 24, 2017 by Angela Stelmakowich

PHILADELPHIA – Social media is amplifying the impact of the top-ranked risk for businesses – damage to reputation and brand – while cyber risk has fully entrenched itself in the Top 10, becoming the number one risk for respondents in

News AssociationsInsuranceTechnology

Consumers starting to expect zero friction, omni-channel offering key: CIAA event speakers

April 18, 2017 by Angela Stelmakowich

Insurance is among the services that must offer an omni-channel experience if it expects to address the expectations of consumers as the complexity of their demands shift, Duncan Stewart, director of technology, media and telecommunications research for Deloitte Canada, suggested

News InsuranceLegislation / RegulationMarkets / CoveragesReinsurance

“New normal” may be emerging in global energy insurance markets: Willis Towers Watson

April 12, 2017 by Canadian Underwriter

The energy sector is still beset by some significant challenges, including low oil prices, but there may also be a “new normal” emerging in the global energy insurance market, according to global advisory, broking and solutions company Willis Towers Watson

News CatastrophesClimate ChangeInsuranceReinsuranceTechnology

Reinsurers face challenging market conditions, technology to play important role: Novarica

January 31, 2017 by Canadian Underwriter

Reinsurers can expect huge losses from man-made and natural catastrophes, open-ended liabilities like asbestos and terrorism, and developing creative technology solutions to become increasingly important in future, Novarica notes in a new report. The new challenges are in the wake

News AssociationsInsuranceLegislation / RegulationMergers and AqcuisitionsTechnology

Wider mandate for Ontario’s auto insurance regulator would be welcomed

January 19, 2017 by Angela Stelmakowich

A wide mandate for the body regulating Ontario’s auto insurance sector – one that promotes competition, innovation and responsiveness – would be welcomed, Karin Ots, senior vice president of regulatory and government relations for Aviva Canada, suggested Thursday during a

News CatastrophesClimate ChangeInsuranceMergers and AqcuisitionsReinsuranceTechnology

Thinking outside the box key to keeping p&c industry relevant, responsive: Cook

January 12, 2017 by Angela Stelmakowich

Those in Canada’s property and casualty insurance industry must think outside the box and understand the importance of coupling new products with new delivery methods to meet ever-increasing and ever-changing customer expectations, Philip Cook, CEO of Omega Insurance Holdings Inc.,