News
Information technology, complex supply chains among risk concerns for European businesses
October 23, 2012 by Canadian UnderwriterGlobalization, increasingly complex supply chains and the rise of social media on the Internet are among the risks identified in a survey of European business managers in a recent report by Commercial Risk Europe magazine of London. The Risk…
Four insurance companies reach tentative agreement on 1998 ice storm lawsuit
October 23, 2012 by Canadian UnderwriterFour of the 19 insurance companies named in a class action lawsuit launched by consumer association Option consommateurs following the 1998 ice storm in Ontario and Quebec have agreed to pay $12.5 million, without admitting liability. The tentative agreement was…
Economical cuts 145 jobs across Canada as part of streamlining efforts
October 22, 2012 by Canadian UnderwriterEconomical Insurance has cut 145 positions across 14 of its Canadian offices, the company announced Oct. 22. “Constant evaluation and adjustment is necessary for the long-term health of any business. In the increasingly competitive Canadian property and casualty insurance industry,…
U.S. insurance industry sees slight year-over-year increase in net premiums written in first half
October 22, 2012 by Canadian UnderwriterThe financial performance of the United States property and casualty insurance market improved year-over-year during the first six months of 2012, as net reported catastrophe losses dropped, according to A.M. Best Company Inc. In its six-month financial review announced Monday,…
Burns & Wilcox to open Calgary office
October 22, 2012 by Canadian UnderwriterDetroit area insurance firm Burns & Wilcox, which has expanded into Canada with the acquisition of Chesterfield, is planning to open a Calgary office within six months. “Oil and energy is something we are very interested in pursuing, to the…
New product aims to help small businesses avoid heavy commercial vehicle legal costs
October 22, 2012 by Canadian UnderwriterSpecialty legal expense insurer DAS Canada has launched a new product to help protect small businesses from major legal costs associated with their commercial vehicles. DAStransport is meant to “fill the gaps in traditional commercial vehicle insurance coverage,” the company…
Heavy rain drenches parts of southern New Brunswick
October 22, 2012 by Canadian UnderwriterSouthern New Brunswick was hit by heavy rainfall on Oct. 20, with Environment Canada estimating that precipitation in some regions could exceed 70 mm. “These conditions could lead to localized flooding, particularly where normal drainage systems are overwhelmed,” noted a…
Predictive analytics valuable to brokers if they can explain benefits: insurance CEOs
October 19, 2012 by Canadian UnderwriterInsurance brokers need to make more use of predictive analytics computer software to offer better rates to lower-risk customers but the industry hasn’t done a good job of explaining the benefits to customers and policymakers, according to the heads of…
Taking steps to avoid water damage should be rewarded: CEO
October 19, 2012 by Canadian UnderwriterHomeowners should be rewarded if they do their part and install equipment to help mitigate insurable water damage, a growing concern given the increase in extreme weather events believed to be linked to climate change, Maurice Tulloch, president and CEO…
How top P&C CEOs are taking on the challenge of an ageing workforce
October 19, 2012 by Canadian UnderwriterFor Alister Campbell, CEO of the Guarantee Company of North America, a good underwriter is the complete opposite of a new car. “Underwriters get better with mileage,” he said during a CEO panel at the 2012 Insurance Brokers Association of…
CARSTAR appoints new regional manager for Quebec
October 19, 2012 by Canadian UnderwriterCARSTAR has appointed a new regional manager in Quebec. In his new role, Patrick Joly will act as a main contact for the company’s current franchise partners in Quebec, working closely with regional director Yves Robichaud and Rémi Michaud, CARSTAR’s…
Concerted effort key to winning online consumer: IBAO
October 18, 2012 by Canadian UnderwriterAdopting a collaborative approach that focuses on common initiatives, as opposed to company-specific efforts, represents the best way for brokers to win the online client, Rick Orr, president of the Insurance Brokers Association of Ontario (IBAO), said during the IBAO’s…