News
Economical continues preparations as it awaits draft demutualization regulations
September 4, 2012 by Canadian UnderwriterThe hope was that draft federal regulations around demutualization would have been available by now, but the wait for this pivotal stage has not slowed Economical’s preparations for either an initial public offering (IPO) or a sponsored transaction with one…
Telematics get more buy-in from U.K. men than women
September 4, 2012 by Canadian UnderwriterMen seem more willing than women in the United Kingdom to have vehicles fitted with telematics devices that can monitor driving behaviour and set insurance premiums, note findings from a poll commissioned by Towers Watson. The poll of 1,930 people…
Gulf states clean up in wake of Hurricane Isaac
September 4, 2012 by Canadian UnderwriterAfter Hurricane Isaac was downgraded to a tropical storm late Aug. 29 and then a tropical depression a day later, it began its soggy path north through the mid-United States, crossing into Arkansas, Missouri and expecting to dump rains on…
Oil tank spills lead to $78.58 million in claims: IBC
August 31, 2012 by Canadian UnderwriterAn Insurance Bureau of Canada (IBC) study on oil tank spills in Atlantic Canada shows the events prompted $78.58 million in claims for participating insurance companies from 2008 through 2011. In all, there were 663 domestic oil spill insurance claims…
B.C. commission finds seismic events linked to fracking
August 31, 2012 by Canadian UnderwriterThe B.C. Oil and Gas Commission has penned several recommendations in response to its finding that anomalous seismicity in isolated areas of northeast British Columbia was the result of hydraulic fracturing. “The investigation has concluded that the events observed within…
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…