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Underwriting
OEMs looking to protect brand, steer process following vehicle collisions, CCIF hears
February 1, 2016 Angela Stelmakowich, EditorOriginal equipment manufacturers (OEMs) are looking to position themselves to take the lead following vehicle collisions – so-called virtual steering – which could have an impact on what follows, including perhaps the choice of repair shop, it was suggested at…
Some insurers expected to adopt standardized first sheet of repairer assignment by mid-2016
January 31, 2016 Angela Stelmakowich, EditorAn initiative born of the need to standardize items appearing on the first notice of loss (FNOL) assignment from the insurer to the repairer – first announced at last year’s Canadian Collision Industry Forum (CCIF) – is kicking into gear,…
Two B.C. MGAs to merge; company will be rebranded as Guardian Risk Managers Ltd.
January 29, 2016 by Canadian UnderwriterTwo Managing General Agents (MGA) in British Columbia have announced their intention to merge into one new organization, effective Feb. 1. Guardian Risk Managers and Chutter Personal Lines Underwriting Services (CPLUS) announced that they would re-brand as Guardian Risk Managers…
Aviva Canada/RBC, Economical announcements will impact broker channel, P&C conference speakers suggest
January 28, 2016 Jason Contant, Online EditorAviva Canada and RBC Insurance’s recently announced 15-year strategic agreement – which includes Aviva’s $582 million purchase of RBC General Insurance Company – will have implications for those selling retail personal insurance from a broker perspective, suggested speakers at the…
Bermuda (re)insurance M&A likely to persist, ratings outlook for U.S. p&c and global reinsurance stable
January 28, 2016 by Canadian UnderwriterThe pace will slow from 2015, but mergers and acquisitions (M&A) activity and consolidation in the Bermuda insurance market will continue in 2016, notes a new report issued this week by Fitch Ratings. “Organic growth options are limited and scale…
Ratings of AIG, its insurance subsidiaries under review with negative implications: A.M. Best
January 28, 2016 by Canadian UnderwriterA.M. Best has placed under review with negative implications the issuer credit rating (ICR) of American International Group, Inc. and the financial strength ratings (FSR) and ICRs of its insurance subsidiaries. “The under review status reflects the strengthening of loss…
InsureMy pilot program geared at shedding light on new driver performance, promoting coaching opportunities
January 27, 2016 by Canadian UnderwriterCalgary-based InsureMy Ltd. is piloting its New Drivers Intelligence (NDI) program – expected to roll out across Alberta and Ontario in early 2016 – geared at exploring young driver performance and providing the information they and their parents need to…
PEI municipalities developing new subdivisions required to use new climate change tool
January 26, 2016 by Canadian UnderwriterAll municipalities in Prince Edward Island (PEI) developing new subdivisions will now be required to use a specific web-based tool for incorporating climate change as part of their design and site evaluation processes. The climate change tool was created by…
Winter storm could become first billion-dollar weather event of 2016 for U.S.
January 26, 2016 by Canadian UnderwriterThe winter storm that delivered record-breaking snow totals and hurricane-force wind gusts – affecting 20 states in the eastern United States and paralyzing a number of major cities – could represent the first billion-dollar weather event of 2016 for the…
Frank Cowan offering road reviews, service to help insured municipalities manage their largest exposure
January 26, 2016 by Canadian UnderwriterFrank Cowan Company is offering insured Ontario municipalities road reviews, the latest addition to the company’s suite of complimentary value-added services, to help municipalities mitigate road liability frequency and severity. “Motor vehicle accidents and road liability incidents have a large…
Energy producers “have struggled” to get insurance covering Gulf of Mexico windstorm: Willis Towers Watson
January 25, 2016 by Canadian UnderwriterEight years after Hurricane Ike damaged most homes in Galveston, Texas, the insurance market’s capacity to cover windstorm for energy firms in the Gulf of Mexico is less than 4% of the actual exposure, while the “vast majority of energy…
Energy, metals & mining issuers placed on review for downgrade: Moody’s
January 25, 2016 by Canadian UnderwriterThe ratings outlook for 120 oil & gas and 55 mining companies is being reconsidered, with Moody’s Investors Service announcing Friday that it has placed the ratings on review for downgrade. The reviews “reflect a mix of declining prices that…