News
Price shopping brings mixed blessings for U.K. auto insurers
April 9, 2012 by Canadian UnderwriterThe rapid evolution of Internet-driven direct response insurance models in the United Kingdom has created competitive pricing for consumers, but also some problems for insurers, research firm Celent says in a new study. Swift changes in the British market towards…
‘Digital Natives’ likely to switch seamlessly (and often) between technology platforms
April 9, 2012 by Canadian UnderwriterPeople who grew up with mobile technology as part of their everyday lives are likely to switch their attention between a variety of media platforms, suggesting a multi-platform sales approach may be the best way to engage these consumers. Time…
Reinsurance renewals up in April: Guy Carpenter
April 9, 2012 by Canadian UnderwriterGlobal reinsurers have raised rates in key regions and lines of business after huge catastrophe losses in 2011. Asia-Pacific and Japan, in particular, experienced higher reinsurance pricing in property catastrophe and casualty lines at the “significant renewal date” of Apr.…
Ongoing auto insurance projects figure prominently in FSCO’s 2012 draft priorities
April 9, 2012 by Canadian UnderwriterAuto insurance comprises a large chunk of the Financial Services Commission of Ontario (FSCO)’s priorities for 2012. Certainly within the auto insurance file, FSCO has a lot of irons in the fire right now. These include steps to reduce auto…
The Guarantee Company of North America celebrates its 140th anniversary
April 9, 2012 by Canadian UnderwriterThe Guarantee Company of North America celebrated its 140th anniversary on Apr. 9. “After 140 years, our company philosophy is still based on the original principle that product specialization and financial strength are key factors in building a successful business,”…
Below-average Atlantic hurricane activity predicted
April 9, 2012 by Canadian UnderwriterForecasters expect a relatively mild season for Atlantic hurricanes this year because of cooler tropical waters and the potential development of El Niño conditions. Weather experts at Colorado State University (CSU) predict 10 named storms during hurricane season, which starts…
OSFI proposes changes to guidelines on corporate board structures, management practices
April 5, 2012 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) is proposing to update its 2003 Corporate Governance Guideline to encourage relevant financial industry experience on corporate boards, third-party reviews of management practices and the separation of risk and audit committees.…
Unauthorized electronic access to North American credit card payment processor’s system exposes data of up to 1.5 million cards
April 5, 2012 by Canadian UnderwriterGlobal Payments Inc., a provider of payment processing services for retailers and financial institutions, reported an unauthorized access into its payment processing system in April, exposing card data for up to 1.5 million card numbers. It is unknown if the…
Elliott Special Risks appoints Andre Paradis to manage Montreal office
April 5, 2012 by Canadian UnderwriterElliott Special Risks LP (ESR), a Markel International company, has appointed Andre Paradis as vice president and branch manager of the Montreal office. Paradis has more than 25 years of experience in the insurance industry. He began his career in…
A.M. Best affirms ‘A+’ financial strength rating for Intact
April 5, 2012 by Canadian UnderwriterA.M. Best has affirmed Intact Insurance Group’s financial strength rating of ‘A+’ after its acquisition of AXA Canada. The ratings agency announced it has removed from under review with negative implications and affirmed the financial strength ratings (FSR) of A+…
EQECAT launches new cat modeling platform
April 5, 2012 by Canadian UnderwriterRisk modeling firm EQECAT is releasing a new catastrophe software platform called RQE (Risk Quantification & Engineering) version 13. The platform, which will go live this fall, is “the single largest release of its kind,” according to EQECAT. It will…
Everyone in the insurance industry – including the broker sales force – has a role to play in educating consumers about the use of credit scoring: IBC
April 5, 2012 by Canadian UnderwriterEveryone in the insurance industry, including the broker workforce, has a role to play in educating consumers about the use of insurance-based credit scores, the Insurance Bureau of Canada (IBC) said on Apr. 4. The IBC was responding to a…