Skills deficiencies impeding effectiveness of smart technologies: Accenture
September 20, 2017 by Canadian UnderwriterWhile large financial institutions have made progress applying smart technologies like cloud, biometrics and big data analytics to their risk management functions, two-thirds (66%) of executives say skills deficiencies are impeding the effectiveness of the function as these technologies evolve,…
M&A insurance buoyant as premiums and retentions fall, JLT Specialty survey finds
September 19, 2017 by Canadian UnderwriterThe mergers and acquisitions (M&A) insurance market is facing “significant growth” linked to falling rates and lower retention levels as a result of increasing competition, a new report from specialist insurance broker and risk consultant JLT Specialty Limited has found.…
Irma losses in U.S. and Caribbean could reach $50 billion while Jose could cause ‘minor to moderate coastal flooding’ in New England
September 18, 2017 by Canadian UnderwriterAs the United States National Weather Service warns of the possibility of more than 125 mm of rain over two days in southern Rhode Island and southeast Massachusetts, Munich Re is suggesting two recent North Atlantic hurricanes might cause it…
Wave of new digital technology confronting most insurance sectors: report
September 14, 2017 by Canadian UnderwriterA wave of new digital technology is confronting most insurance sectors and, while disruptive, the insurtech movement presents more technology-related opportunities than witnessed before, according to the 2017 World Insurance Report (WIR). The report, released on Wednesday by Capgemini and…
Hub International acquires Saskatchewan-based Delisle Agencies Ltd.
September 13, 2017 by Canadian UnderwriterJust days after acquiring P&C brokerage Integro (Canada) Ltd., Hub International Limited announced it has acquired Saskatchewan brokerage Delisle Agencies Ltd. Terms of the acquisition were not disclosed. Based in Delisle, Sask., the brokerage specializes in personal lines and government…
Hurricane Harvey highlights magnitude of insurance protection gap: Aon Benfield
September 12, 2017 by Canadian UnderwriterFlood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of…
New rating methodology from A.M. Best expected in Q4
September 8, 2017 Greg Meckbach, Associate EditorA.M. Best Company Inc. expects its new methodology – which will yield five different scores for capital adequacy ratio – will become effective early in the fourth quarter but will not be a “fundamental change” to how the ratings firm…
Hub International acquires Integro (Canada) Ltd.
September 8, 2017 by Canadian UnderwriterHub International Limited announced on Friday that is has acquired P&C brokerage Integro (Canada) Ltd. Terms of the acquisition were not disclosed, Hub noted in a press release. With offices in British Columbia, Ontario and Quebec, Integro Canada is a…
Total property damage from Hurricane Harvey’s flooding estimated at between US$65-75 billion: AIR Worldwide
September 7, 2017 by Canadian UnderwriterProperty losses from flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between US$65 billion and US$75 billion, catastrophe modelling firm AIR Worldwide estimated in a press release issued late Wednesday. The estimate includes damage to all properties…
‘Persistent low interest rate environment’ among factors affecting Canadian P&C financial performance in 2016: A.M. Best
September 6, 2017 Greg Meckbach, Associate EditorAs the Bank of Canada announced Wednesday its second rate hike in less than two months, an analyst with A.M. Best Company Inc. suggested to industry professionals that a 2.1-point increase in the industry-wide operating ratio in the Canadian property…
Getting younger people into broker channel as a career remains challenging: incoming IBAO president
September 6, 2017 Jason Contant, Online EditorGetting younger people to choose the broker channel as a career remains a challenge, the incoming president of the Insurance Brokers Association of Ontario (IBAO) told Canadian Underwriter in a recent interview. “In the high schools is where it really…
NFIP losses from Hurricane Harvey estimated to reach US$7-10 billion: RMS
September 5, 2017 by Canadian UnderwriterGross losses accrued in the National Flood Insurance Program (NFIP) from Hurricane Harvey will be between US$7-10 billion, Pete Dailey, vice president of product management with Risk Management Solutions, Inc. (RMS), suggested in a blog posted on Friday. About 40%…