Industry
Insurers are falling further and further behind the current technology and digital capabilities and will require a major transformational improvement, speakers suggested on Thursday at the Insurance Brokers Association of Ontario’s (IBAO) Convention 2015. Speaking during the CEO Panel at the Sheraton Centre in downtown Toronto, Karen Gavan, president and CEO of Economical Insurance, suggested […]
By Canadian Underwriter | October 23, 2015
4 min read
The global property & casualty “run-off” market developed to meet insurers’ need to divest noncore operations and has become an important extension of the insurance markets in recent years, according to a new study by Conning Inc., an investment management company for the global insurance industry. “The property-casualty insurance run-off markets have evolved rapidly in […]
By Canadian Underwriter | October 20, 2015
2 min read
While more than half of North American consumers are aware they can make payments through their mobile phones, fewer than one in five (18%) use these phones to make at least one payment a week, according to a report released on Tuesday by Accenture, a global management consulting, technology services and outsourcing company. The report, […]
3 min read
Despite a six-point increase, from 2013 to 2014, in the Ontario auto accident benefits claims ratio, a new study commissioned by the Ontario Trial Lawyers Association still concludes consumers “likely overpaid” by $702 million for auto insurance in 2014. Last April, OTLA released a study it commissioned – titled Returns on Equity for Automobile Insurance […]
By Canadian Underwriter | October 19, 2015
5 min read
Ontario’s Ministry of Finance announced on Wednesday that the province is “moving forward with its plan to help lower auto insurance rates” by requiring all provincial insurance companies to provide a discount for drivers who buy and install winter tires, starting Jan. 1, 2016. “Individual insurers will determine the amount of the discount they offer […]
By Canadian Underwriter | October 14, 2015
Nearly half of Albertans don’t fully understand all aspects of their auto insurance policy and about one-third want to manage their insurance online, according to a recent Esurance-sponsored survey. The survey, released on Wednesday, found that more than half of Albertans are already leveraging the Internet to shop for auto insurance; however, there’s a gap […]
The province of Ontario announced on Tuesday that it is launching a new pilot program to allow for the testing of automated vehicles on roads in the province. Beginning on Jan. 1, 2016, “Ontario will lead Canada as the first province to test automated vehicles and related technology on-road,” the Ministry of Transportation said in […]
By Canadian Underwriter | October 13, 2015
Prices charged on commercial lines policies underwritten during the second quarter of 2015 increased 1.1% for the same coverage during the second quarter in 2014, according to the latest Towers Watson Commercial Insurance Pricing Survey – Canada. Once per quarter, participating companies provide premium volume, changes in prices for the latest quarter for each of […]
Recently released figures from Canada’s eight licensed trade credit insurers, including Crown corporation Export Development Corporation (EDC), show a marked increase in incurred losses on Canadian policies, according to brokerage firm PBL Insurance. Russ Parker, vice president of trade credit risks at Toronto-based PBL Insurance, said in a press release on Friday that official numbers […]
By Canadian Underwriter | October 9, 2015
The value of global property insurance premiums in 2014 was US$360.5 billion, with homeowners’ policies making up 54% of the total, according to a survey by Finaccord, a market research, publishing and consulting company specializing in financial services. The global property insurance market size has risen at a nominal compound annual growth rate of 4.7% […]
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