News
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…
European financial crisis still most significant challenge for insurers: A.M. Best
October 18, 2012 by Canadian UnderwriterDespite some improved profitability and strong capital among some European countries’ non-life insurance sectors, the Eurozone financial crisis still presents a major barrier to growth for that industry moving forward, suggests a recent report from A.M. Best. Based on “stress…
ACE to buy Mexican insurer from Ally Financial
October 18, 2012 by Canadian UnderwriterACE Ltd., the parent company of ACE Group, has announced its plans to acquire Mexican personal lines insurer ABA Seguros from Ally Financial Inc. for about $865 million. Based in Monterrey, ABA Seguros is Mexico’s sixth largest property and casualty…
Commercial insurance growth higher in emerging markets, liability lines: Swiss Re
October 17, 2012 by Canadian UnderwriterCommercial insurance premiums are growing faster in emerging markets than elswhere, although the United States still remains the largest commercial insurance market globally, suggests a new study from reinsurance giant Swiss Re. The U.S. accounts for about 40% of the…
Auto insurance rates in Ontario continued decreasing trend in Q3: Kanetix survey
October 17, 2012 by Canadian UnderwriterAuto insurance rates for consumers in Alberta and Ontario have decreased in the third quarter of 2012 over the same time period last year, suggests a report from insurance website Kanetix.ca. In Q3 2012, rates in Ontario decreased 5.3% and…