News
Global insurance IT spending to reach $140.2 billion this year
March 18, 2013 by Canadian UnderwriterTotal insurance IT spending worldwide will hit about $140.2 billion this year and will continue to grow into 2015, says research firm Celent. In 2015, insurance industry IT spending will be around $154.5 billion, “a cautious but encouraging indicator of…
B.C. Court of Appeal rules against motorcycle accident victim denied claim for loss of earnings
March 18, 2013 by Canadian UnderwriterThe British Columbia Court of Appeal last week dismissed an appeal from a man who was hurt in several motorcycle accidents and awarded damages for pain and suffering and special damages, but was not awarded any money for loss of…
Canadians concerned about possible water damage from storms, but may not be prepared for it: survey
March 18, 2013 by Canadian UnderwriterNinety percent of Canadians say they believe an extreme weather-related disaster is possible in their community, but few are prepared for the consequences that excess water from such events can have on their homes, notes a new report from Royal…
Canada, Manitoba recognize new professorship in agricultural risk management and insurance
March 18, 2013 by Canadian UnderwriterThe federal and Manitoba governments have lent their support to the recently created Guy Carpenter Professorship in Agriculture Risk Management and Insurance, citing the importance of advancing risk management in agriculture, which serves as economic driver in the province and…
U.S. group pans proposed bill to create a national catastrophe fund
March 18, 2013 by Canadian UnderwriterNew Jersey Congressman Albio Sires has reintroduced legislation to support the creation of a national catastrophe fund, a move that was quickly and strenuously criticized by SmarterSafer.org, a coalition of insurers and environmental groups. The Homeowners and Taxpayers Protection Act…
P&C industry profit up, but declining investment income a concern: Fitch
March 15, 2013 by Canadian UnderwriterOperating profits for the property and casualty industry generally improved last year, although several individual companies’ performances were “below par,” says Fitch Ratings. The company’s analysis of full year earnings from 48 publicly traded insurers and reinsurers suggests a 75%…
Semitrailer underride guards put passenger vehicle occupants at risk in certain crashes: U.S. institute
March 15, 2013 by Canadian UnderwriterMost trailers on modern semitrailers fail to prevent incidents where a passenger vehicle slides underneath the rig in collisions involving only a small portion of the truck’s rear, indicate new crash test results from the Insurance Institute for Highway Safety…
Economical to begin pilot implementation of eDoc XML standard with select brokers
March 15, 2013 by Canadian UnderwriterEconomical Insurance has announced that on March 25 it will begin a pilot implementation of the Centre for Study of Insurance Operations (CSIO) eDoc XML standard with select brokers. Brokers that use Economical’s broker management systems (BMS) The Agency Manager,…
U.S. transportation insurance market hardening, but still not classic hard market: survey
March 15, 2013 by Canadian UnderwriterRates in the United States transportation market remain high despite showing signs of levelling off, notes a new survey of transportation insurance brokers, wholesalers and underwriters south of the border. The Transportation Insurance Pricing Survey (TIPS) – released Wednesday by…
More organizations inquiring about D&O liability insurance: survey
March 15, 2013 by Canadian UnderwriterDirectors and officers of organizations responding to a recent survey were more likely to inquire last year than in 2011 about the scope of liability insurance coverage, a Towers Watson survey suggests. The New York-based professional services firm recently released…
Saskatchewan throttles back motorcycle insurance premium increases
March 14, 2013 by Canadian UnderwriterSaskatchewan General Insurance (SGI) announced Thursday it plans to revise its proposed premium hikes for motorcycle owners after an earlier proposal spawned a backlash against the ruling Saskatchewan Party government. “Under SGI’s revised proposal increases for motorcycles with annual rates…
Demand for transactional risk insurance up last year: report
March 14, 2013 by Canadian UnderwriterThe demand for transactional risk insurance increased significantly last year, notes a new report from Marsh. Demand for the coverage among its clients grew 41% last year over 2011 globally, notes the report, M&A Transactional Risk Solutions: Global Review 2012, issued…