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Canada second largest energy and power insurance market globally, with US$1.77 billion in premiums in 2014: Finaccord
September 23, 2015 by Canadian UnderwriterCanada was the second largest energy and power insurance market in the world with US$1.77 billion in premiums in 2014, suggests new research from Finaccord, a market research, publishing and consulting company specializing in financial services. Published on Wednesday, Finaccord’s…
U.S. p&c insurers must be careful investors: A.M. Best
September 22, 2015 by Canadian UnderwriterProperty and casualty insurance companies in the United States have demonstrated continued interest in equity holding, but are advised to be prudent and careful investors by managing the risk of their invested premium dollars, A.M. Best suggests in a special…
Global auto insurance market sees 2.9% growth since 2010 to US$669.7 billion in 2014, more growth expected
September 21, 2015 by Canadian UnderwriterThe global market value of auto insurance premiums last year rose to US$669.7 billion in gross written premiums GWP) and is expected to continue growing in most countries up to 2018, notes a new report issued Monday by U.K.-based Finaccord.…
Growing popularity of laneway homes raises questions about adequacy of insurance
September 21, 2015 Alexandra Posadzki - THE CANADIAN PRESSTORONTO – Soaring real estate costs are pushing some Canadian cities to embrace laneway housing, touted as the future of affordable living in urban centres. But as the properties become more popular and balloon in value, questions are beginning to…
Marsh managing director to replace Stauffer as Oil Insurance CEO
September 18, 2015 by Canadian UnderwriterBermuda mutual energy insurer Oil Insurance Ltd. announced that chief executive officer Robert Stauffer will retire this January and be replaced by Bertil Olsson, who will join OIL from Marsh & McLennan Companies Inc. Olsson held the position of managing…
Lien bonds, building contractors’ trust funds are two separate remedies in Manitoba: Supreme Court of Canada
September 18, 2015 by Canadian UnderwriterUnder Manitoba’s Builders’ Liens Act, a construction contractor could access both a lien bond and a trust claim if there is a dispute over payment because a firm could have a trust claim independent of a lien claim, the Supreme…
U.S. study explores ways to build resilience to wildfire, recommends developing a sustainable strategy: Swiss Re
September 18, 2015 by Canadian UnderwriterMost states in the United States lack a sustainable financial strategy to respond to the changing climate landscape, including wildfires, notes a study released Thursday by Swiss Re and Johns Hopkins School of Advanced International Studies (SAIS). “Although individual decision-makers…
Companies like Uber, Lyft blurring the lines between U.S. personal and commercial insurance coverage: A.M. Best
September 18, 2015 by Canadian UnderwriterTransportation network companies (TNCs) are raising questions about insurance coverage – and gaps in that coverage – but represent a potential area of growth for insurers if protective measures are taken, notes a briefing from A.M. Best. The demand for…
Chile quake’s estimated losses high, damage to several coastal towns
September 18, 2015 by Canadian UnderwriterThe U.S. Geologic Society is reported to have made a loss estimate from the 8.3-magnitude earthquake in Chile on Sept. 16 – emphasizing it is early on and the range is far from concrete – of as much as US$1…
Insurance sector knows innovation important to being competitive, but struggling to innovate: KPMG
September 17, 2015 by Canadian UnderwriterSurveyed insurance executives understand the importance of innovation to drive future competitive advantage and growth, but most are struggling with making that goal a reality, reports KPMG International. A new report released Thursday, A new world of opportunity: The insurance…
Rain barrels an old-fashioned solution to modern water damage problem: IBC
September 16, 2015 by Canadian UnderwriterOld is new again when it comes to rain barrels and how they can be used to help combat the modern problem of increasing water damage, suggests Insurance Bureau of Canada (IBC). Insurance claims for water damage have soared in…
Cyber insurance market could increase to at least $7.5 billion by 2020, cyber resilient approach urged: PwC
September 16, 2015 by Canadian UnderwriterThe global demand for cyber insurance presents a huge commercial opportunity for insurers and reinsurers – estimated to be at least US$7.5 billion by the end of the decade – but with that opportunity comes risks that could be potentially…