Segment
Brokers
Customers not reporting high rate of positive experiences for digital interactions with insurers
February 26, 2014 by Canadian UnderwriterThe expense ratio of Canada’s non-life insurance industry increased from 2011 to 2012, due in part to the cost of upgrading and replacing legacy computer systems, while worldwide, customers “do not report a high rate of positive experience” when interacting…
Municipal infrastructure, condos with washing machines among major issues for insurers covering water damage
February 25, 2014 by Canadian UnderwriterThe resources dedicated by Canadian insurance carriers to auto rate filings, the tendency of condominium units to have dishwashers and washing machines, climate change and the current state of municipal infrastructure are all major issues for property insurers covering water…
Tough catastrophe year contributes to lower 2013 net income for Economical Insurance
February 24, 2014 by Canadian UnderwriterEconomical Insurance saw its full-year net income fall from $151 million in 2012 to $87.7 million in 2013 in the wake of the worst catastrophe year in the insurer’s history. The net income for 2013 was significantly impacted by weather-related…
Insurance Institute to hold National Education Week, offer weather preparedness seminars
February 21, 2014 by Canadian UnderwriterThe Insurance Institute of Canada will be celebrating National Education Week from Feb 24 to 28, with regional chapters holding professional development events for industry professional. Events and seminars hosted across Canada on topics specific to the insurance industry, as…
Intact to acquire Newfoundland-based P&C company
February 21, 2014 by Canadian UnderwriterIntact Financial Corporation announced Friday that it has signed a definitive share purchase agreement to acquire Newfoundland and Labrador-based Metro General Insurance Corporation Limited. Terms of the transaction were not disclosed. The deal is expected to close later this year…
ICBC selects Guidewire Software to help modernize policy administration system infrastructure
February 14, 2014 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has selected Guidewire Software Inc.’s new underwriting and policy administrative solution in a move expected to help ICBC enhance operational efficiencies and make it easier to do business with its brokers and customers.…
Saskatchewan Government Insurance asks to hike vehicle rates by 5.2%
February 11, 2014 THE CANADIAN PRESSREGINA – Insurance costs could go up an average of $49 a year for most vehicles, if a request made by Saskatchewan Government Insurance is approved. SGI has submitted a proposal to the Saskatchewan Rate Review Panel for a net…
One in three policyholders would consider giving information on usage or lifestyle: survey
February 10, 2014 by Canadian UnderwriterMore than one-third of insurance customers surveyed are willing to give carriers access to information on their “usage or behavior” if they can get lower rates, about one in eight would consider buying from car dealers and nearly half “would…
Insurance carriers developing mobile capabilities need to focus on agents as well as customers
February 7, 2014 by Canadian UnderwriterThe under-30 generation expects “highly personalized service” over smart phones and they need help with insurance buying decisions, but property and casualty carriers who focus their mobile computing efforts more on customers than on agents are making a mistake, suggests…
Intact to launch usage-based auto insurance in Ontario in April
February 5, 2014 by Canadian UnderwriterIntact Financial Corp. stated Wednesday it plans to launch usage-based insurance in Ontario in April and will drop rates, by 5% on average, by targetting discounts to safe drivers. In the management discussion and analysis of its 2013 financial results…
Desjardins’ State Farm Canada combo a ‘distribution play around financial services’ former Dominion CEO Cooke says
February 3, 2014 Greg Meckbach, Associate EditorThe acquisition by Desjardins Group of the Canadian operations of State Farm is not just about insurance, a former chief executive officer of The Dominion of Canada General Insurance Company said Friday. “It’s going to be a play of some…
New York’s Starr Insurance to directly write commercial lines in Canada after OSFI order
February 3, 2014 by Canadian UnderwriterNew York-based Starr Companies will begin directly writing a variety of commercial lines in Canada, after receiving regulatory approval. A federal order from the Office of the Superintendent of Financial Institutions has approved Starr Insurance & Reinsurance Ltd., the firm…