News
Hartford Steam Boiler introduces new cyber coverage for small businesses
April 29, 2013 by Canadian UnderwriterHartford Steam Boiler Inspection and Insurance Co., part of Munich Re, has introduced a new cyber risk coverage offering for small businesses. Dubbed HSB CyberOne, the coverage is part of the company’s ongoing effort to offer products and services to…
Data variety and velocity seen as main challenges of big data: Celent
April 29, 2013 by Canadian UnderwriterThe major challenge for insurers in the era of big data appears to relate at this time less to volume than to data velocity and variety, note survey findings released last week by Celent. The survey of 276 Celent insurance…
Fewer customers shopping around for auto insurance, but nearly half who do switch insurers: survey
April 29, 2013 by Canadian UnderwriterThe percentage of auto insurance shoppers has hit a six-year low, but the percentage of those shoppers who select a new insurer is at a six-year high, according to the J.D. Power and Associates 2013 U.S. Insurance Shopping Study. The…
Ontario court rules farmer driving uninsured ATV on road not foreclosed from claiming income replacement
April 29, 2013 by Canadian UnderwriterA recent court ruling against a Perth, Ont. mutual insurance firm has made at least one insurance lawyer nervous. Last Wednesday, the Ontario Superior Court of Justice ruled that Arthur Matheson and his family are not barred from making a…
Many Canadians unaware of a home renovation’s impact on insurance policy
April 29, 2013 by Canadian UnderwriterAs the days get longer and weather warms, Canadians may be in the beginning stages of renovation projects, but results from a recent survey suggest many homeowners aren’t aware of how their upgrades can impact their insurance policies. According to…
Court rules in favour of RSA and broker after liability client demands payment for defence costs
April 29, 2013 by Canadian UnderwriterAn Ontario court ruled last week in favour of the Royal & Sun Alliance Insurance Company of Canada and Jones Brown Insurance Brokers & Consultants over a liability policy with an organization that spent more than $100,000 defending itself from…
Canadian businesses divided on telecommuting policies: BMO
April 26, 2013 by Canadian UnderwriterCanadian businesses are divided on whether telecommuting (working remotely) is good for productivity and employee morale, although some are taking steps to make their workplaces more flexible, according to BMO Bank of Montreal. Research firm Pollara surveyed a sample of…
Climate change impact on Australian premiums not significant to 2070: actuaries
April 26, 2013 by Canadian UnderwriterAustralia’s Actuaries Institute projects the premium increase from climate change will not be significant to 2070 – with hikes being small relative to the annual insurance industry premium pool and the impact of inflation – but government should take a…
Chubb reports solid Q1 results with net income of $656 million
April 26, 2013 by Canadian UnderwriterThe Chubb Corp. has released its first quarter earnings, reporting $656 million for the three months ending March 31, up from $506 million in the same quarter last year. The company’s operating income, which is defines as net income excluding…
Guarantee CEO shares theories on decline of foreign P&C carriers in Canada
April 26, 2013 by Greg Meckbach, Associate EditorDomestic insurance carriers have nearly doubled their combined share of the Canadian property and casualty market in the quarter-century Alister Campbell has been in the industry, and on Thursday he offered some theories as to why. Campbell, CEO of The…
Aon reports increased net income for Q1
April 26, 2013 by Canadian UnderwriterNet income attributable to Aon plc (NYSE: AON) shareholders was $261 million for the first quarter of the year, up from $238 million reported in the same quarter last year. “Our first quarter results reflect a solid start to the year…
Co-operators reports net income of $58.1 million for Q1
April 26, 2013 by Canadian UnderwriterThe Co-operators General Insurance Co. has released its financial results for the first quarter of the year, reporting a consolidated net income of $58.1 million, down from $66.5 million for the same quarter in 2012. “We are pleased with our…