News
Many companies in Europe do not give sufficient attention to cyber risks: survey
January 31, 2013 by Canadian UnderwriterApproximately three-quarters of surveyed respondents, almost all in Europe, reported that information security and privacy have become more significant areas of concern in the past three years. “Many companies still do not devote sufficient attention to cyber risks, despite an…
Intact takes new step in business intelligence capabilities
January 31, 2013 by Canadian UnderwriterCanadian insurance giant Intact Financial has taken a new step in its analytics capabilities and its implementation of FellowDSS Accelerator business intelligence tool. The company has acquired the FellowDSS Framework version, which will provide it with access to intellectual property…
Everest Insurance Canada appoints new CEO
January 31, 2013 by Canadian UnderwriterEverest Insurance Company of Canada (EvCan) has appointed David A. Crozier to the position of chief executive officer, effective Jan. 21. Crozier was most recently senior vice president of operations for Economical Mutual Insurance Company with responsibility for oversight of…
U.S. court accepts plea resolving criminal claims against BP
January 31, 2013 by Canadian UnderwriterThe U.S. District Court for the Eastern District of Louisiana has accepted BP’s plea resolving all federal criminal charges against the company stemming from the Deepwater Horizon accident, oil spill and response, the company reports. Pursuant to the previously announced…
Canadian insurance market stable for 2013, possible rate increases in second half: Marsh
January 30, 2013 by Canadian UnderwriterThe Canadian insurance market is likely going to see continued stability this year, although the industry could see modest rate increases in the second half of 2013, suggests an outlook report from Marsh. Overall, the Canadian insurance industry outperformed the…
Teen-made safe driving PSAs to be distributed throughout U.S.
January 30, 2013 by Canadian UnderwriterTire company Bridgestone Americas, along with the U.S. Department of Transportation, has released several safe driving public service announcements geared toward teenagers, made by teenagers, that will be distributed across the country. The 2012 Teens Drive Smart Video Contest allowed…
Global microinsurance sector to double by 2020, industry network says
January 30, 2013 by Canadian UnderwriterThe global microinsurance sector is expected to double by 2020, potentially providing coverage to 1 billion people by that time, suggests one industry network. Over the past decade, governments, insurance companies and providers have been widening their geographic scope and…
Revenue up for brokerage firm Arthur J. Gallagher
January 30, 2013 by Canadian UnderwriterBrokerage and risk management firm Arthur J. Gallagher & Co. released Tuesday its financial results for 2012, reporting net earnings of $195 million on revenues of $2.52 billion, up from net earnings of $144.1 million on revenues of $2.13 billion…
Use of rating factors causing “safe” drivers in U.S. to pay more: consumer group
January 30, 2013 by Canadian UnderwriterA 12-city examination involving the five largest auto insurers in the United States indicates that use of rating factors results in insurers frequently charging higher premiums to “safe” drivers than to those who have had an at-fault accident within the…
Collision repair centres grapple with vehicle electronics, lightweight materials
January 30, 2013 by Greg Meckbach, Associate EditorVehicle electronic systems, lightweight materials and collision avoidance systems will be challenging to insurers and the repair shops who fix damaged vehicles, speakers at two recent conferences suggest. Moreover, a slight majority of professionals attending last Saturday’s Canadian Collision Industry…
Most severe flooding in eastern Australia seems to have passed: AIR Worldwide
January 30, 2013 by Canadian UnderwriterDozens of flood warnings in eastern Australia remain in effect, although heavy rainfall associated with ex-tropical cyclone Oswald and enhanced by a monsoon trough has receded, and the most severe flooding seems to have passed, AIR Worldwide reports. The monsoon…
Consultant’s report predicts Toronto climate in 2040s, forecasting more intense rain storms
January 29, 2013 by Canadian UnderwriterSummer storms in Toronto are going to be more intense 30 years from now and warmer weather will increase the demand for air conditioning, according to a consultant’s report discussed Tuesday at the city council’s parks and environment committee. “The…