News
Munich Re posts $4.3 billion profit for 2012, satisfied with renewals
February 6, 2013 by Canadian UnderwriterGlobal reinsurance giant Munich Re has posted a profit of €3.2 billion ($4.3 billion) for 2012, up from €0.71 billion in 2011, saying it is satisfied with its renewals going into this year. For 2012, the company posted an operating…
Half of employees think taking company IP when leaving their job is okay: survey
February 6, 2013 by Canadian UnderwriterHalf of employees who left or lost their jobs last year took confidential data with them when the departed, with 40% planning to use that data in their new job, findings from a new global survey suggest. The report from…
Intact reports net income of $587 million for 2012
February 6, 2013 by Canadian UnderwriterIntact Financial Corp., Canada’s largest provider of property and casualty insurance, has reported a jump in its earnings for the last quarter of 2012, as well as for the entire year compared to 2011 results. The company reported Wednesday a…
Claims managers must remember importance of customer service, good faith
February 6, 2013 by Greg Meckbach, Associate EditorCarriers may deny claims on occasion, but speakers at a conference Tuesday advised claims professionals to never forget their first job is to provide customer service business and to take heed to judges’ rulings on what constitutes good faith. “It’s…
Industry could see more M&A activity this year, outlook report says
February 5, 2013 by Canadian UnderwriterThe Canadian insurance industry could see more merger and acquisition activity in 2013, in part because of continuing low investment returns, suggests a new outlook report from Aon Risk Solutions. Overall, the market will remain stable in 2013, and insurers…
Professional education allows for more career success, better customer service: poll
February 5, 2013 by Canadian UnderwriterA majority of Canadians believe keeping up with professional education helps most people in their careers and allows insurance professionals to deliver better service, suggests findings from a new poll commissioned by the Insurance Institute of Canada. Results from the…
Dynamic risk management needed to address mining’s threat landscape: Willis
February 5, 2013 by Canadian UnderwriterGlobal insurance broker Willis Group Holdings plc advises that more dynamic risk management will be necessary to answer an unprecedented threat landscape in the mining industry. Its report, Mining Market Review, highlights key challenges facing the global mining industry in…
Marine risk experts invited to bid on federal hazardous materials spill preparedness study
February 5, 2013 by Canadian UnderwriterThe federal government announced Monday it is looking for a contractor with expertise in marine risk to conduct a risk assessment on spills, from ships and oil handling facilities, of hazardous substances in Canadian waters. “The completion of this pan-Canadian…
IBC says Ontario NDP’s plan to reduce auto insurance rates “arbitrary”
February 4, 2013 by Canadian UnderwriterResponding to Ontario NDP leader Andrea Horwath’s proposal to reduce auto insurance rates in the province by 15%, the Insurance Bureau of Canada said Monday that the proposal misses the mark. “…(B)and aid solutions may score political points, but for…
How insurance regulatory reform can help with disaster recovery in Asia Pacific
February 4, 2013 by Canadian UnderwriterAsian Development Bank recently published a report which suggests the Asia Pacific region could benefit from legislative reforms targetting the insurance sector. ADB, based in Manila, aims to reduce poverty in the Asia Pacific region through loans, grants and technical…
Hub International makes two Canadian acquisitions
February 4, 2013 by Canadian UnderwriterHub International Limited announced Monday that it has acquired a group home and auto insurance program book of business for members of Actra Fraternal Benefits Society (AFBS), a Toronto, Ont. based firm. The book of business was acquired from Dale…
Campaign on vehicle safety features launched after poll suggests most Canadians don’t fully understand them
February 4, 2013 by Canadian UnderwriterThe Traffic Injury Research Foundation (TIRF) and the Toyota Canada Foundation have launched a new education program to teach the public more about vehicle safety features, as the groups suggest that only a third of Canadians understand how such features…