News
Western Financial makes deal to buy B.C. insurance services firm
May 16, 2013 by Canadian UnderwriterInsurance brokerage Western Financial Group announced Thursday it has reached an agreement to purchase Coast Capital Insurance Services Ltd. (CCIS), a subsidiary of the country’s largest credit union by membership, for an undisclosed amount. CCIS, a subsidiary of Coast Capital…
Neuroscience, behavioural studies suggest hands-free texting still distracted driving risk
May 16, 2013 by Canadian UnderwriterVoice recognition technology that lets users operate smartphones without typing does not eliminate the risk of distracted driving, a recent report suggests. “The crash risk associated with hands-free texting while driving is not as well understood because in-car voice-to-text technology…
Losses from disasters will stay “out of control” unless disaster risk management made core part of business strategies: UN
May 16, 2013 by Canadian UnderwriterDirect losses from disasters are approximately $2.5 trillion to date this century, according to a report from The United Nations Office for Disaster Risk Reduction (UNISDR). The United Nations has issued a stark warning to the world’s business community that…
Federal government renews funding for boat safety projects
May 16, 2013 by Canadian UnderwriterThe Canadian federal government has renewed a funding program for boating safety, aimed at limiting injuries and property damage related to boating incidents. Under Transport Canada’s Boating Safety Contribution Program (BSCP), the government has set aside roughly $1.8 million over…
Liability claims costs for dog bites on the rise
May 16, 2013 by Canadian UnderwriterClaims costs related to dog bites are on the rise, accounting for a third of homeowners insurance liability claim dollars paid out in 2012, costing more than $489 million, according to the Insurance Information Institute in the United States. The…
Guarantee COO advises carriers, brokers to diversify as world becomes “full of extremes”
May 15, 2013 by Greg Meckbach, Associate EditorWith extreme weather patterns, protests that shut down cities and sudden economic downturns, it’s becoming more important for insurance carriers and their brokers to offer a wider variety of coverage, suggests Bob Dempsey, president and chief operating officer The Guarantee…
Consumers willing to embrace vehicle tech for lower insurance, maintenance costs: survey
May 15, 2013 by Canadian UnderwriterConsumers are showing openness to using technology for better tracking of vehicle maintenance needs and potential lower insurance costs, notes a new report from networking giant Cisco Systems. In its Customer Experience Report on vehicle buying and driving experience, the…
44% of countries measured at risk of terrorist attack: Aon
May 15, 2013 by Canadian UnderwriterA continued threat of a terrorist attack or political violence exists according to an updated mapping of 200 countries and territories globally, highlighting a risk to global business growth. Forty-four percent of countries measured in Aon’s 2013 Terrorism and Political…
U.S. safety board recommends states lower blood alcohol limits
May 15, 2013 by Canadian UnderwriterAn independent federal agency in the United States has issued recommendations for the country to help eliminate impaired driving, including reducing state blood alcohol content levels. On Tuesday, all five members of the National Transportation Safety Board unanimously voted on…
Alberta government accepts emergency response recommendations from Slave Lake review
May 15, 2013 by Canadian UnderwriterThe Alberta government is promising to improve its disaster response and emergency planning based on recommendations from an independent report on the handling of the May 2011 Slave Lake wildfires. The 237-page report from KPMG looked at how the devastating…
E-signatures, commercial lines among CSIO’s upcoming focus areas
May 15, 2013 by Canadian UnderwriterThe Centre for Study of Insurance Operation (CSIO) is working to build on the progress it has made over the past year to transform its vision to improve broker channel efficiencies and deliver leading-edge technology standards from words to concrete…
Losses increase for Kingsway Financial as it winds down Amigo Insurance in Florida
May 14, 2013 by Canadian UnderwriterKingsway Financial Services Inc. of Toronto, whose holdings include non-standard auto insurance carriers in the United States, has released its financial results for the first quarter of 2013, recording a net loss of $17.34 million on revenues of $33.63 million.…