Larger liability claims expected to become more expensive, complex: AGCS
March 30, 2017 by Canadian UnderwriterThere is increasing potential for “larger liability claims to become more expensive, complex and international, demonstrating the pervasive and long-term nature of liability losses,” suggests a new global claims review released Thursday by Allianz Global Corporate & Specialty (AGCS). Industrial,…
Multi-line brokerage Andrew Agencies Ltd. announces acquisition of McCracken Insurance M.I.L. Ltd.
March 24, 2017 by Canadian UnderwriterMulti-line brokerage Andrew Agencies Ltd. announced on Thursday the acquisition of Airdrie, Alta.-based McCracken Insurance M.I.L. Ltd. Andrew Agencies will acquire McCracken Insurance on April 3, the former said in a press release. The new Airdrie location will be the…
Israeli tech firms revving up engines for self driving cars
March 17, 2017 Josef Federman - THE ASSOCIATED PRESSJERUSALEM – As the world moves toward an era of self-driving cars, Israel is positioning itself to be the Detroit of the future. The country has emerged as a global leader in the fast-growing field of driverless cars, as illustrated…
Intel to acquire driver assistance systems manufacturer Mobileye
March 13, 2017 by Canadian UnderwriterMobileye N.V., whose vehicle-mounted technology is designed to anticipate collisions, has agreed to be acquired by microprocessor manufacturer Intel Corp. Intel said Monday that one of its subsidiaries “will commence a tender offer” to acquire Mobileye shares for US$63.54 in…
Broker ‘still a valuable partnership’ for Economical Insurance despite Sonnet launch: CIO
March 2, 2017 by Canadian UnderwriterEconomical Insurance’s recently-launched direct writer, Sonnet, is one example of “disruptive innovation” in the Canadian industry, a speaker told insurance professionals at a recent conference, though a senior executive of Economical suggested there is a “significant segment” of the market…
Canadian auto sales hit all time monthly high for February, led by Fiat Chrysler
March 2, 2017 The Canadian PressRICHMOND HILL, Ont. – DesRosiers Automotive Consultants says Canadian auto sales hit a new monthly high for February. The consulting firm says sales of cars and light trucks totalled 123,032 last month, up 3.2 per cent from the same month…
ICTC speaker urges insurers to be ‘more receptive to the better mousetrap’
March 1, 2017 Greg Meckbach, Associate EditorThere are many ways in which technology can help insurers, but they need to be able to respond quickly and not be so “old school,” panelists at a recent conference told industry professionals. “I think there is lots of room…
Fintech firms can ‘get to market quickly,’ ICTC speaker warns
February 28, 2017 Greg Meckbach, Associate EditorCompetitors outside the property & casualty industry are trying to “bite away” at the P&C market, while fintech is starting to “emerge in spaces where banking isn’t,” a senior executive with a major insurer told industry professionals Tuesday. “Over the…
Takata pleads guilty in air bag scandal, agrees to pay $1B
February 28, 2017 Tom Krisher and Ed White - THE ASSOCIATED PRESSDETROIT – Japanese auto parts maker Takata Corp. pleaded guilty to fraud Monday and agreed to pay $1 billion in penalties for concealing an air bag defect blamed for at least 16 deaths, most of them in the U.S. The…
Auto executive warns U.S. Congress it will be ‘pretty hard’ to make autonomous vehicles ‘safe in all conditions’
February 15, 2017 by Canadian UnderwriterCompanies aiming to deploy autonomous vehicles in the next few years are “typically” referring to vehicles that are only autonomous under certain conditions, such as good weather, a Toyota executive suggested this week to a subcommittee of the United States…
8.4 billion “connected things” will be in use in 2017, up 31% from 2016: Gartner
February 14, 2017 by Canadian UnderwriterIT research and advisory company Gartner, Inc. is forecasting that 8.4 billion “connected things” will be in use worldwide in 2017, up 31% from 2016, and reaching 20.4 billion by 2020. The company added in a press release last week…
Free windshield chip repair to be included in ICBC optional coverage
February 8, 2017 by Canadian UnderwriterInsurance Corporation of British Columbia announced Wednesday it will offer optional coverage for windshield repair for private passenger vehicles as well as some commercial light vehicles. “Starting this spring, customers who purchase ICBC’s optional comprehensive coverage will be able to…