News
Climate change, carbon emissions lowering the world’s GDP $1.2 trillion a year
September 27, 2012 by Canadian UnderwriterClimate change and effects from carbon emissions are costing the world 1.6% of its annual gross domestic product, or about $1.2 trillion, a new report suggests. That will double to 3.2% by 2030 if the world fails to act on…
Insurance analytics company hires P&C exec for Canadian expansion
September 27, 2012 by Canadian UnderwriterEagleEye Analytics has expanded its Canadian business by hiring an insurance industry executive to lead business development here. Stephen Halfpenny is based in Toronto and has been working in the industry for more than 35 years. He has held executive…
New “Seaview” survey studies coral reefs and risks from climate change
September 27, 2012 by Canadian UnderwriterThe general public can now have a virtual view of the Great Barrier Reef, as part of a climate change research project sponsored by specialty insurer and reinsurer Catlin Group Ltd. The Catlin Seaview Survey launched earlier this month off…
Towers Watson launches new P&C pricing decision software
September 27, 2012 by Canadian UnderwriterTowers Watson has launched a new software offering for property and casualty pricing and underwriters, available globally. The new Radar software includes four products, the main offering being Radar Base. It allows for modelling and reporting for a variety of…
What would insurer CIOs do with an extra $5 million this year?
September 26, 2012 by Canadian UnderwriterIf chief information officers (CIOs) at insurance companies had an extra $5 million in their budgets, most would target data and analytics as the top areas of spending, says a new report. Novarica, the research arm of consulting firm Novantas,…
Financial services companies confident in their info security, but still have work to do: report
September 26, 2012 by Canadian UnderwriterMost executives in the global financial services industry are confident in their companies’ information security programs, but they may not be as safe as they think, a recent report suggests. The Global State of Information Security Survey 2013, led by…
Homeowner insurance claims costs in U.S. rose rapidly in last 15 years: report
September 26, 2012 by Canadian UnderwriterHomeowner insurance claims costs in the United States have risen rapidly in the past 15 years, mainly because of increased severity and frequency of the claims, a new report suggests. Trends in Homeowners Insurance Claims, a study by the Insurance…
Lloyd’s posts highest interim profit in five years
September 26, 2012 by Canadian UnderwriterLloyd’s of London has reported an interim profit of £1.53 billion (about $2.4 billion) for the first half of 2012 (ending June 30), the highest in five years. This is despite 2011 being what the company calls “the most expensive…
Burns & Wilcox Canada hires new national sales and marketing manager
September 26, 2012 by Canadian UnderwriterBurns & Wilcox Canada has announced Nicole Abraham, BA, CIP, CRM as its new national sales and marketing manager, as part of its expansion strategy here. Abraham has more than 12 years of industry experience. Her most recent roles include business…
FSCO awards medical marijuana costs in catastrophic injury case
September 25, 2012 by Canadian UnderwriterA Financial Services Commission of Ontario arbitrator recently found in favour of a claimant seeking payment for medical marijuana from her insurer, more than a decade after the original auto collision that caused her injuries. A FSCO arbitrator awarded $567.60…
Economical and Junior Achievement of Canada partner for youth program
September 25, 2012 by Canadian UnderwriterEconomical Insurance has partnered with Junior Achievement of Canada for an program that helps grade 8 students develop business-related skills and plan for their futures. Economical is providing $100,000 for volunteer support for the Economics for Success program, an initiative…
XN Financial integrates operations from Canadian Intermediaries Ltd. under special risks brand
September 25, 2012 by Canadian UnderwriterMontreal insurance provider XN Financial Services (Canada) Inc. has integrated staff and operations from Canadian Intermediaries Ltd. under its XN Special Risks brand. “Canadian Intermediaries Ltd. has an established reputation for expertise and solutions delivery, a substantial portfolio of business…