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“Nearly all” U.K. drivers paying record amounts for car insurance: Association of British Insurers

July 10, 2017 by Canadian Underwriter

Drivers in nearly all age groups in the United Kingdom are paying record amounts for their car insurance and could face further increases unless the government takes action to reduce claims costs, the Association of British Insurers (ABI) warned recently.

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and AqcuisitionsTechnology

Insurance industry ‘struggling to be more agile:’ analytics summit speaker

July 7, 2017 Greg Meckbach, Associate Editor

Insurance providers need to use technology to improve their customers’ experience, but sometimes regulation gets in the way, speakers suggested at a recent conference. The insurance industry is “struggling to speed up the process of being more agile,” said Paul

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 InsuranceMergers and AqcuisitionsTechnology

Insurance Analytics Canada Summit speaker explains how brokerage caters to ‘need for speed demographic’

July 3, 2017 Greg Meckbach, Associate Editor

There are “all sorts of insights” that an insurance brokerage can get from customer data, but that data needs to be trustworthy, the head of an online commercial insurance brokerage told attendees at a recent conference. “If you don’t have

News CatastrophesConstructionInsuranceMarkets / CoveragesMergers and Aqcuisitions

Insured losses from Tropical Cyclone Debbie reach nearly AU$1 billion: Insurance Council of Australia

June 30, 2017 by Canadian Underwriter

Insured losses from Tropical Cyclone Debbie have reached nearly AU$1 billion as of June 28, the Insurance Council of Australia (ICA) said on Thursday. As of June 28, insurers had received more than 58,000 claims stretching from North Queensland to

News InsuranceLegislation / RegulationMarkets / CoveragesProfessional Development

Aviva Canada urges Quebec government to maintain 20% ownership limit of brokerages by insurers

June 29, 2017 by Canadian Underwriter

Aviva Canada said earlier this week that is urging the Government of Quebec to maintain the 20% ownership limit of insurance brokerages by insurers in order to “reduce the potential for any conflict of interest and to enhance consumer confidence

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Canadians “greatly overestimate” their financial literacy skills, including those related to auto insurance: survey

June 27, 2017 by Canadian Underwriter

More than two-thirds (67%) of polled Canadians responded incorrectly when asked if an expensive car always costs more to insure that a cheaper car, according to a new survey on Canadians’ financial literacy. Commissioned by Toronto-based LowestRates.ca, which provides a

News Earnings / RatingsInsuranceMarkets / CoveragesMergers and Aqcuisitions

Manitoba Public Insurance requests 2.7% overall rate increase for 2018/19 insurance year

June 19, 2017 by Canadian Underwriter

Manitoba Public Insurance (MPI) has announced that it has requested a 2.7% overall rate increase for the 2018/19 insurance year. MPI requested the rate increase for the 2018/19 insurance year in its general rate application filed with the Public Utilities

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

U.S. consumers embracing connected cars and usage-based auto insurance: Willis Towers Watson survey

June 7, 2017 by Canadian Underwriter

More than half (55%) of drivers in the United States who participated in a usage-based insurance (UBI) survey from Willis Towers Watson (WTW) have reported that they are “likely to buy a new or pre-owned vehicle equipped with new technology

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Intact Insurance launches my Driving Discount program in Alberta

June 5, 2017 by Canadian Underwriter

Good drivers in Alberta will now have access to an Intact Insurance driving discount program that allows them to save as much as 25% on their auto insurance premiums. The my Driving Discount program uses driving data collected by a

News InsuranceMarkets / CoveragesTechnology

36% of polled Canadian firms have no cyber security insurance: FICO

June 1, 2017 by Canadian Underwriter

More than a third of surveyed Canadian firms do not have cyber security insurance, a concerning situation made worse by an incomplete understanding of how premiums are priced and failure to do everything possible to guard against breaches, FICO notes.

News InsuranceLegalMarkets / CoveragesMergers and AqcuisitionsTechnology

Aviva plc reports 9.5% increase in rejected claims due to fraud

May 30, 2017 by Canadian Underwriter

United Kingdom insurer Aviva plc has reported a 9.5% increase in the number of fraudulent claims it declined in 2016, “fuelled by increases in fraud detection across motor bodily injury, household and liability claims.” Aviva said in a press release