Industry
Plenty of global capacity and few low insured loss activity contributed to commercial insurance rates decreasing globally across all regions and in most major lines of business during the second quarter of 2015, Marsh reports. Released Thursday, Marsh’s latest Global Insurance Market Quarterly Briefing states that “competitive market conditions – characterized by an abundance of […]
By Canadian Underwriter | August 14, 2015
3 min read
VANCOUVER – Kinder Morgan Canada’s president says 145 draft conditions affecting the company’s proposed expansion of its Trans Mountain pipeline are rigorous but achievable. Ian Anderson’s comments come one day after the National Energy Board released conditions involving the company’s $5.4-billion plan to triple the bitumen-carrying capacity of the pipeline between Edmonton and Metro Vancouver. […]
By The Canadian Press | August 13, 2015
1 min read
Pilot reports of unmanned aircraft in the United States have increased dramatically over the past year, from a total of 238 sightings in all of 2014, to more than 650 by Aug. 9 of this year, the Federal Aviation Administration (FAA) said on Wednesday. “The FAA wants to send out a clear message that operating […]
By Canadian Underwriter | August 13, 2015
Co-operators General Insurance Company is strengthening its presence in the Ottawa area with the announcement Thursday that its wholly owned subsidiary has purchased Carleton Insurance Brokers Ltd. for an undisclosed amount. “We’re pleased to be strengthening our presence and growing our agency distribution system in Ottawa and across the country, which is part of our […]
Canadian insurers continue to be committed to the mining industry despite lower premium volume stemming from market competition and reductions in insurable values, primarily decreases in business interruption (BI) values, according to Marsh LLC’s Mid-Year Mining Market Update released on Wednesday. The report on the global insurance marketplace for mining risks said that, in Canada, […]
2 min read
The Toronto Insurance Conference (TIC) issued a reminder Thursday that applications from broker members and industry partners for TIC’s university scholarships program must be submitted by Sept. 11. The program – managed by the Insurance Institute of Ontario – seeks to raise awareness of the rewarding and dynamic career opportunities available within the commercial insurance […]
Aviva Canada Inc. announced on Wednesday that it is offering new cross-border insurance coverage designed to provide a simple solution for Canadian domiciled companies who also have United States plated vehicles. “With the U.S. accounting for over three-quarters of Canada’s trade, and the two countries sharing the world’s largest trading relationship, a simple, widely available […]
By Canadian Underwriter | August 12, 2015
A new study out of the United Kingdom indicates that affinity schemes for non-life commercial lines insurance there are continuing to expand, with penetration growing, especially among professional associations. The Finaccord study shows affinity schemes are on the rise as brokers and underwriters strive to grow market share and profitability in a tough market, notes […]
The automotive usage-based insurance (UBI) market will account for 21.7 million policyholders worldwide in 2015, says a recent report from visiongain, a London, United Kingdom-based business intelligence provider. According to Automotive Usage-Based Insurance (UBI) Market Report 2015-2025: Insurance Telematics and the Connected Car, the policyholders projected for this year represent a “significant increase” over the […]
By Canadian Underwriter | August 11, 2015
Personal and commercial auto insurance lines in the United States are expected to help trigger modest erosion in underwriting profitability in 2015, suggests a new report from Virginia-based SNL Financial. “Higher losses in the private-passenger auto business threaten a two-year streak of underwriting profitability in the personal lines sector,” notes a statement Monday announcing the […]
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