News
Risk managers list economic uncertainty, increased regulation and growing competition as Top 3 risks
March 23, 2012 by Canadian UnderwriterRisk managers and corporate executives identified intensifying economic uncertainty, increasing regulations and growing competition as the top three risks facing their organizations in a recent poll by PricewaterhouseCoopers LLP (PwC). The survey, which tapped more than 1,000 executives and risk…
Growth should rebound this year for U.S. insurers: Moody’s
March 23, 2012 by Canadian UnderwriterAfter a challenging 2011 that featured record-setting catastrophe losses, stagnant investment income and thin reserve margins, U.S. property and casualty insurers should see improved results and stronger growth in 2012, according to Moody’s Investor Services. In a report released Mar.…
Personal lines insurers encouraged to consider policy exclusions related to cyber-bullying and “electronic aggression”
March 22, 2012 by Canadian UnderwriterIn an age of “electronic aggression” on the Internet — cyber-bullying, for example — insurers may wish to consider excluding personal injury, bodily injury or property damage from personal lines (homeowner) policies. Swiss Re held an online discussion about the…
Hartford Financial leaving annuity business to focus on P&C Insurance
March 22, 2012 by Canadian UnderwriterU.S.-based Hartford Financial Services Group is exiting the individual life insurance and annuity business to concentrate on property and casualty insurance, group benefits and mutual funds. The company said in a statement that it is placing its individual annuity business…
Ontarians lack knowledge to report fraud: IBC
March 22, 2012 by Canadian UnderwriterOntario residents understand the frequency of insurance fraud, but don’t necessarily know how to blow the whistle on perpetrators, a consumer poll by the Insurance Bureau of Canada (IBC) shows. Conducted by Pollara, the survey found 83% of Ontarians believe…
Arbitrator allows insurer to respond to arbitration application more than five months after 20-day deadline
March 22, 2012 by Canadian UnderwriterAn Ontario arbitrator has allowed an insurer a mulligan after the insurer was more than five months late in filing a response to an application for arbitration. A Financial Services Commission of Ontario (FSCO) arbitrator made an order allowing Pilot…
FIFA To insure soccer players on national teams
March 22, 2012 by Canadian UnderwriterSoccer’s international association will now insure players who represent their countries in tournaments. The Fédération Internationale de Football Association (FIFA) will pay for “total insurance coverage” for international players, according to president Sepp Blatter. “This is an insurance coverage for…
Canadian P&C companies report profit of $4.53 billion in 2011: MSA Research
March 21, 2012 by Canadian UnderwriterCanadian property and casualty (P&C) companies reported a profit of $4.53 billion in 2011, according to figures released by MSA Research Inc. MSA Research’s aggregate industry totals are derived from the individual results of 220 Canadian property and casualty insurers.…
State Farm to pay award for terminating benefits
March 21, 2012 by Canadian UnderwriterState Farm Insurance Company must pay a claimant’s income replacement benefits (IRB) with interest, plus a special award of $23,000 for unreasonably withholding the benefits, an arbitrator from the Financial Services Commission of Ontario (FSCO) has ruled. Arbitrator Denise Ashby…
IBC posts its ‘fraud follies’ for 2012
March 21, 2012 by Canadian UnderwriterWith insurance fraud in the spotlight, the Insurance Bureau of Canada (IBC) recently released its highlights of head-scratching antics by scam artists. “There’s nothing funny about insurance fraud,” the IBC noted. “But sometimes you can’t help but laugh at some…
Desjardins General Insurance Group’s 2011 profit dips slightly, based on weather-related claims costs
March 21, 2012 by Canadian UnderwriterDesjardins General Insurance Group, a Desjardins Group subsidiary specializing in property and casualty insurance, posted a net income of $128.2 million in 2011, dipping slightly from a $132.8-million profit in 2010. The 2011 result reflects an increase in commercial and…
Insurer technology investments to increase
March 21, 2012 by Canadian UnderwriterInsurance companies plan to spend more on information technology in 2012, according to research firm Celent. Globally, IT spending will increase by 6.4% over 2011, reaching more than $140 billion. In North America, which together with Europe accounts for 75%…