News
More activity, consolidation expected for Canada’s P&C industry: PwC official
March 25, 2013 by Angela Stelmakowich, EditorSome property and casualty carriers are deploying multi-prong distribution strategies, which is putting pressure on the marketplace and resulting in activity on the mergers and acquisitions (M&A) front, Allan Buitendag, a partner and Canadian insurance consulting leader at PwC Consulting,…
Harsh winter weather top cause for U.K. business disruption, many companies unprepared: survey
March 25, 2013 by Canadian UnderwriterBad weather, particularly in winter, is the leading cause of disruption to businesses in the United Kingdom, notes a new report from the Chartered Management Institute there. Over the last 12 months, 77% of the organizations included in a survey…
Losses increase for auto carrier Kingsway Financial
March 25, 2013 by Canadian UnderwriterKingsway Financial Services Inc. of Toronto, which last year announced the restructuring of its American underwriting subsidiaries, announced last week it lost $53 million in 2012. In a press release Friday, Kingsway said it recorded net premiums earned in 2012…
Applied Systems announces rebranding
March 25, 2013 by Canadian UnderwriterInsurance industry technology provider Applied Systems has undergone a branding change, reflecting its recent expansion and an upcoming acquisition for the 30-year old company. The branding change, which includes a new logo, comes after the company has seen fast growth…
Shipwreck costs increasing pressure on reinsurers: Lloyd’s
March 25, 2013 by Canadian UnderwriterPublic concern about pollution, the multitude of regulatory agencies and the increased capacity of container ships are all increasing the costs to insurers and reinsurers of removing shipwrecks, a recent Lloyd’s report suggests. Last week Lloyd’s published The Challenges and…
SAP application takes aim at US$3.5 trillion of fraud worldwide
March 22, 2013 by Canadian UnderwriterSAP has introduced a new analytic application to help companies around the world address what the Association of Certified Fraud Examiners has estimated at US$3.5 trillion worth of fraud annually. The SAP Fraud Management for Insurance analytic application – powered…
24% of Americans in poll say claims padding is okay
March 22, 2013 by Canadian UnderwriterNew research suggests that 24% of Americans believe it’s okay to increase an insurance claim by a small amount to make up for their deductibles, although that percentage has declined over the past decade. In a 2002 telephone survey, 33%…
Tredd Group announces merger in Calgary
March 22, 2013 by Canadian UnderwriterThe Tredd Group of Companies has negotiated a merger with The BKI Group of Companies, Brian Kane Insurance Agencies Ltd. and BKI Financial Strategies Ltd. in Calgary, Alberta, effective March 20. The move will help Tredd, an independent brokerage, strengthen its…
Superstorm Sandy cost global marine market $2.5 billion to $3 billion: IUMI
March 22, 2013 by Canadian UnderwriterSuperstorm Sandy’s hit to the global marine market effectively wiped out 2012 marine premiums for the United States, note figures released this week by the International Union of Marine Insurance (IUMI). “The cost of Superstorm Sandy to the global marine…
Federal government pledges $53.5 billion over next decade for infrastructure
March 22, 2013 by Canadian UnderwriterThe federal government has pledged $53.5 billion over the next decade for infrastructure across the country, a move that the Insurance Bureau of Canada has commended. The 2013 budget, delivered Thursday, set out the amount for provincial, territorial and municipal…
Personal lines results key to 2012 growth for Canadian P&C market
March 21, 2013 by Canadian UnderwriterThe Canadian property and casualty insurance market saw substantial growth in premiums in 2012, largely because of growth in personal lines, including improvement in Ontario auto results, according to preliminary data from MSA Research. The industry’s combined ratio for the…
Honda, Toyota vehicles top most stolen list
March 21, 2013 by Canadian UnderwriterLoJack Corp. of Canton, Mass. released Thursday its fourth annual vehicle theft recovery report, noting Honda Accords and Civics are the most stolen and recovered vehicles with LoJack products. The report, which uses data from 27 American states, is specific…