News
Some Prairie communities on alert as spring flooding takes hold
May 2, 2013 by Canadian UnderwriterA number of communities in Saskatchewan have declared states of emergency in the wake of spring flooding that has hit some parts of the province hard. For example, the Village of Borden, about 50 km northwest of Saskatoon, noted in…
Cyber threats and security breaches forcing companies to re-evaluate risk management
May 1, 2013 by Canadian UnderwriterRisk managers are being forced to reconsider how they protect company data and proprietary information because of cyber threats and security and privacy breachs, according to a recent survey from Towers Watson. The Risk and Finance Manager Survey examined how North…
Most insurers using social media tools, but many lack a strategy
May 1, 2013 by Canadian UnderwriterThe majority of insurers are now using social media in some way, although more than a third don’t have an established social media strategy, according to a report released Tuesday by research and consulting firm Celent. Eighty percent of insurers…
Study finds increase in teen driving deaths during summer months in U.S.
May 1, 2013 by Canadian UnderwriterDespite the introduction of graduated licencing programs in many American states, an average of eight teens per day were killed during the summer months over the past five years combined, and that trend is likely to continue in the United…
Demand for terrorism coverage remains strong: Marsh
May 1, 2013 by Canadian UnderwriterMarsh has recommended that United States Congress reauthorize the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) in light of ongoing strong demand for terrorism risk insurance and the possibility that opting not to reauthorize the program could lead to price…
100 grass fires already reported in New Brunswick this year
May 1, 2013 by Canadian UnderwriterAbout 100 grass fires have already been reported in New Brunswick this year, with at least one causing substantial damage to a home, the provincial government said Tuesday. Other fires have also spread to cause a number of forest fires,…
Net written premiums up at CNA Financial
April 30, 2013 by Canadian UnderwriterCNA Financial Corp. released Monday its financial results for the three months ending March 31, recording net written premiums of $1.776 billion, up 10% year-over-year from $1.608 billion in the first quarter of 2012. The Chicago-based commercial insurance firm attributed…
Gender neutral pricing in EU results in 32% increase in premiums for young women
April 30, 2013 by Canadian UnderwriterWomen aged 17 to 20 are seeing a 32% increase in average comprehensive motor insurance premiums over the last six months in the United Kingdom, according to the latest Confused.com/Towers Watson Car Insurance Price Index. Because of the transition to…
Insurers growing more optimistic about investment opportunities this year
April 30, 2013 by Canadian UnderwriterWhile last year was challenging for the insurance industry in terms of economic uncertainty and persistent low interest rates, insurers are optimistic about investment opportunities and many are willing to take on more portfolio risk, according to a recent survey.…
Demand for new claims management modules strong, Gartner says
April 30, 2013 by Canadian UnderwriterOverall demand for new claims management modules is strong, but those vendors moving toward suite offerings are poised for more new customer wins than those without such offerings, according to a recent market report from research and analysis firm Gartner.…
U.S. report links rise in disaster relief spending to climate change
April 30, 2013 by Canadian UnderwriterThere is a need to build community resiliency and awareness in light of the apparent link between climate change and the rise in disaster relief spending in the United States, concludes the Washington, D.C.-based Center for American Progress (CAP). “As…
Ontario government proposes changes to meet 15% auto insurance premium reduction
April 30, 2013 by Canadian UnderwriterThe Ontario Liberal government said Tuesday it will be introducing legislation that, if passed, would reduce auto insurance premiums by 15% on average, a figure first proposed by the NDP in the province. The government, which is set to deliver…