DETROIT – Volkswagen has been ordered to pay a $2.8 billion criminal penalty in the United States for cheating on diesel emissions tests. Federal Judge Sean Cox in Detroit followed the deal negotiated by VW and the U.S. Justice Department.…
Ontario-based BlackBerry Limited is growing its footprint in the insurance industry through a new initiative with Allied World Assurance Company Holdings in which the latter’s U.S. cyber policyholders will gain direct access to the former’s cyber security expertise through an…
The global insurance industry is likely to see slightly increased growth by 2018, Munich Re reported on Thursday. Munich Re said in a press release that better economic prospects in the United States and in many emerging markets will offset…
The Centre for Study of Insurance Operations (CSIO) has announced that Optimum General Inc. has obtained CSIO certification for commercial lines eDocs. Optimum is now CSIO eDocs-certified for both of its lines of business, as the company obtained certification for…
With the exception of Millenials, all other generational groups in the United States are becoming more skeptical of self-driving technology, posing a threat to car manufacturers and technology developers, a new study from J.D. Power has found. The J.D. Power…
Insurance carriers need to more seriously consider the potential that exists in episodic insurance and how such an approach could alter offerings, Mukul Ahuja, leader of insurance strategy and innovation at Deloitte Canada, suggested Thursday. “Not nearly enough carriers are…
OPTIS Partners has likened recent mergers and acquisitions (M&A) activity among U.S. and Canadian agencies selling p&c insurance and employee benefits to an explosion, with the 178 reported transactions in 2017 Q1 dwarfing the 115 deals in the prior-year quarter.…
Sponsors completed one catastrophe bond with coverage for Canada in the first quarter of 2017 (Galilei Re), according to Property Claim Services’ (PCS) first-quarter cat bond report released on Wednesday. As it was a large transaction, capital raised by cat…
DETROIT – Hyundai and Kia are recalling 1.4 million cars and SUVs in the U.S., Canada and South Korea because the engines can fail and stall, increasing the risk of a crash. The recall covers some of the Korean automakers’…
The Fort McMurray wildfire and other large weather events combined with the lowest return on investment (ROI) in decades to produce a very difficult year for Canada’s p&c insurance industry in 2016, David McGown, senior vice president of strategic initiatives…
While the mergers and acquisitions (M&A) market for insurance distribution and services “cooled slightly” in 2016 from the prior year, market conditions continue to support high levels of M&A activity going forward, according to a new study from Hartford, Conn.-based…
Worldwide spending on security technology is forecast to reach US$81.7 billion this year, according to a recently released guide from International Data Corporation (IDC), a global provider of market intelligence, advisory services and events for the information technology, telecommunications and…