Canadian property and casualty insurers need to collaborate with Canadian governments to paint a kind of ‘pre-Day of Reckoning’ picture of what earthquake damage might look like, in order to better inform Canadians about the role of insurance in reconstruction…
The emergence of “big data” poses both an opportunity and a challenge for the property and casualty insurance industry, according to a recent report from PricewaterhouseCoopers LLP. It defines big data as a combination of (a) sophisticated technologies and devices,…
Ontario plans to update how the Financial Services Commission of Ontario (FSCO) regulates the insurance industry as part of an effort to “transform public services.” In the provincial budget tabled Mar. 27, Finance Minister Dwight Duncan said the government will…
Increased transparency across the organization and improved project results are two key benefits of adopting a social media strategy, states a new report from research firm Celent. It notes insurers are using social media technology for internal staff, external partners…
CORRECTION: An earlier version of this story incorrectly stated the decision came from the Competition Bureau. The decision was in fact from the Competition Tribunal. Canadian Underwriter apologizes for the error. Also, the version below contains updated content, including a…
A cross-border shopper living in Ontario has been allowed to proceed with her slip-and-fall claim in the Ontario Superior Court, even though her injury occurred in a Home Depot outlet located in the United States. The defendant, Home Depot, moved…
The Insurance Brokers Association of Ontario (IBAO) says a new CSIO XML standard will bring greater efficiency to broker-insurance company communications through electronic documents. The development of “E-Docs” allows brokers to see electronic copies of policies automatically attached to their…
Lloyd’s of London recorded an annual loss of £516 million ($818 million) last year due to a huge spike in natural disaster losses. The loss compares to a profit of £2.2 billion ($3.5 billion) in 2010. The U.K.-based insurance market…
Ontario announced new initiatives to crack down on insurance fraud in yesterday’s budget, which were welcomed by industry groups. The budget also indicates the province intends to propose administrative monetary penalties, for which the industry has advocated over the past…
Thomas Cook Financial Services has enhanced its travel insurance product. “We are extremely pleased to introduce the new Thomas Cook Travel Insurance product,” said Kevin McAdam, director of financial services at Thomas Cook North America. “Pets, golf green fees and…
The safety record of the modern maritime shipping industry has improved dramatically, but the majority of losses are still caused by human error, according to a report by Allianz Global Corporate & Specialty. Allianz noted that marine transport is one…
Swiss Re Capital Markets announced the first catastrophe bond combining the risks of two primary insurers into a single transaction. The securitization, which provides $200 million in multi-peril annual aggregate indemnity protection, will help backstop the U.S. perils of severe…