News
Aon Risk Solutions Canada appoints Allan Hetz as manager of large construction and projects
August 31, 2012 by Canadian UnderwriterAon Risk Solutions Canada has named Allan Hetz as its new manager of the National Centre of Excellence, large construction and projects. Hetz will be responsible for team management, broking strategy and product development. His most recent position was as…
P&C insurers in U.S. post healthy results in first half of 2012
August 31, 2012 by Canadian UnderwriterThe operating performance of U.S. p&c insurers improved significantly in the first half of 2012, Fitch Ratings notes in a new report. The aggregate combined ratio of 47 publicly traded property/casualty (re)insurers improved to 96.2% through mid-year 2012 from 107.9%…
Insurers still not ready for “big data”: Gartner
August 31, 2012 by Canadian UnderwriterThe management and utilization of “big data” is critical in competitiveness within the insurance industry, states a recent report from Gartner. However, most insurers struggle with understanding just what big data is, as well as lacking the data governance, information…
Survey says… insurance products a mystery to consumers
August 30, 2012 by Canadian UnderwriterA new survey measuring consumers’ understanding of insurance products indicates a widespread lack of knowledge, signalling the need for more education to ensure individuals are properly protected. The survey, conducted by SOM research in June for Desjardins Group, involved 3,000…
New York’s transportation losses from Irene amount to $65 million
August 30, 2012 by Canadian UnderwriterNew York’s Metropolitan Transportation Authority (MTA) has submitted its Federal Emergency Management Agency (FEMA) and insurance claims to recover $65 million in losses from flood and wind damage to the regional transit infrastructure in the wake of Tropical Storm Irene…
Predictive tool for homeowners’ insurance used for more than a million policies
August 30, 2012 by Canadian UnderwriterA product that allows insurance carriers to use predictive scores to quote homeowners’ policies online in real time has scored almost 1.5 million policies in the U.S. since its launch in March, Denver-based Valen Technologies reports. PropertyRight is a set…
The “price is wrong” for Ontario auto insurance: IBC
August 30, 2012 by Canadian UnderwriterInsurance Bureau of Canada (IBC)’s public awareness campaign on Ontario auto insurance has listened to disgruntled consumers and now aims to promote understanding of the reasons behind stubbornly high rates. “We wanted to find out what Ontarians were thinking about…
Hurricane Isaac could reach $1.5 billion in insured damages
August 30, 2012 by Canadian UnderwriterAfter coming ashore in southeastern Louisiana late Aug. 28, Hurricane Isaac has dropped substantial rain and brought maximum sustained winds of 80 mph to the region. Catastrophe modelling firm Eqecat has made the first initial disaster estimate of insured losses…
RIMS outlines global reinsurance market policy positions
August 29, 2012 by Canadian UnderwriterThe Risk and Insurance Management Society, Inc. (RIMS) is reiterating its opposition to draft legislation that would place significant restrictions on domestic insurers that cede reinsurance to their foreign affiliates. That view was offered in an official comment letter to…
Fake auto insurance appears to be on the rise: police
August 29, 2012 by Canadian UnderwriterRoutine traffic stops by members of the Southern Georgian Bay auxiliary unit of the Ontario Provincial Police (OPP) are revealing an increase in fraudulent insurance documents. “Unsuspecting consumers are being targeted by fake insurance companies selling auto insurance in Ontario,”…
Crop losses in the U.S. will result in “substantial” losses: Moody’s
August 29, 2012 by Canadian UnderwriterThe massive drought parching the U.S. Midwest is likely to result in substantial gross insured losses for crop insurers and reinsurers and possibly their first overall loss in 10 years, Moody’s Investors Service notes in a recent profile of the…
XL Group’s reinsurance operations appoints Tim Fisher as Canadian branch manager
August 29, 2012 by Canadian UnderwriterXL Group plc’s reinsurance operations in Bermuda recently announced the appointment of Tim Fisher as senior vice president and Canadian branch manager. Fisher, who has more than 25 years of experience in the reinsurance industry, will be responsible for leading…