News
Insured losses from Texas plant explosion estimated at $100 million
April 25, 2013 by Canadian UnderwriterInsured losses from the April 17 Texas fertilizer plant explosion that damaged surrounding property will likely be around $100 million, the Insurance Council of Texas said Wednesday. About 140 homes in West, Texas were destroyed after the blast, which caused…
U.K. government lends support to smaller organizations to tackle cyber attacks
April 25, 2013 by Canadian UnderwriterThe United Kingdom government is offering small businesses both advice and incentives in a bid to help them better protect themselves from data breaches, which climbed more than 10% in the last year. Findings in the 2013 Information Security Breaches…
Voice-to-text apps no safer than manual texting while driving: study
April 24, 2013 by Canadian UnderwriterA new study out of the United States suggests that voice-to-text mobile apps have roughly the same distracted driving impact as manual texting and doesn’t prove to be any safer. The study, led by researchers at the Texas A&M Transportation…
Risks for directors and officers higher than ever, but often aren’t fully understood: report
April 24, 2013 by Canadian UnderwriterThe risk for directors and officers to be in hot water is especially high right now, as regulators and other authorities are increasingly scrutinizing those at the top of the ladder, according to a new report from Willis. In a…
Applied Systems announces general availability of Epic 7 broker management system
April 24, 2013 by Canadian UnderwriterInsurance software provider Applied Systems announced Wednesday the general release of Epic 7, the latest version of the company’s broker management system. This is the first time Applied’s Epic system has been commercially available to brokerages in Canada. Earlier this…
U.S. government publishes guidelines to curb distracted driving
April 24, 2013 by Canadian UnderwriterNew distraction guidelines issued by the National Highway Traffic Safety Administration (NHTSA) encourage automobile manufacturers to limit the distraction risk connected to electronic devices built into vehicles. The voluntary guidelines include recommendations to limit the time a driver must take his…
U.K. tech company acquires Toronto-based iter8
April 24, 2013 by Canadian UnderwriterQuindell Portfolio Plc, a United Kingdom-based technology provider for the insurance industry, has entered the North American insurance market by acquiring Iter8 Inc., a Toronto-based provider of software-as-a-service for property and casualty brokers and agents. The agreed valuation of the…
Customer’s age not necessarily best indication of how they want insurance quotes: survey
April 24, 2013 by Canadian UnderwriterA prospective customer’s age is not necessarily a good way of predicting whether they want to get insurance quotes online, but agents need to become adept at using mobile devices and online services such as blogs and social media, a…
Need to shift focus from cat model to cat risk
April 23, 2013 by Angela Stelmakowich, EditorA new approach to catastrophe modelling is required to ensure companies and organizations using the tools gain a better understanding of risks, Karen Clark, president and CEO of Karen Clark & Company, told Canadian Underwriter in advance of speaking at this…
Heavy rain, storms cause flood damage to homes in U.S. Midwest
April 23, 2013 by Canadian UnderwriterResidents in the United States’ Midwest states are still feeling the effects of flooding, after heavy rainfall and severe thunderstorms occurred in the region last week. While much of the rainfall events have passed, many rivers in the region are…
Sichuan earthquake could affect Chinese manufacturers: EQECAT
April 23, 2013 by Canadian UnderwriterA new report from catastrophe modeling firm EQECAT Inc. suggests there is “large potential” for damage to manufacturing plants in China’s Sichuan province, where an earthquake occurred last Saturday. The epicenter of the April 20 earthquake, which measured measured 6.6…
Customer satisfaction down in U.S. auto claims experience: J.D. Power
April 23, 2013 by Canadian UnderwriterOverall satisfaction with the auto claims experience is down, according to the J.D. Power and Associates 2013 Auto Claims Satisfaction Study — Wave 2. Overall satisfaction has declined by 11 points to 850 on a 1,000 point scale, compared top…