Industry
The Lloyd’s market had a result for the financial year before tax of £3.161 billion, down 1.4% from £3.205 billion in 2013, while the gross amount of claims paid dropped 8.1%, from £13.086 billion in 2013 to £12.028 billion in 2014, Lloyd’s of London said Wednesday in its annual report for the market. The Lloyd’s market […]
By Canadian Underwriter | March 26, 2015
4 min read
A newly released IT survey has ranked virtualization – the creation of a remote and often shared (rather than local and owned) technology resource, such as a server, data storage, platform or application – as the most significant technology-related priority for 2015. Global consulting firm Protiviti’s 2015 IT Priorities Survey, titled Today’s Enterprise – Cyberthreats […]
2 min read
RALEIGH, N.C. – America’s railroads want five more years to stop train wrecks using a high-tech system costing more than $9 billion. An Amtrak train slammed into a tractor-trailer in North Carolina this month, injuring 55 people. But experts tell The Associated Press that it won’t keep trains and trucks from crashing together unless both industries use […]
By Canadian Underwriter | March 25, 2015
5 min read
Quebec’s brokerage industry is the driving model for damage insurance, said a new study released on Wednesday. The study was sponsored by BMO Bank of Montreal and carried out by firm Raymond Chabot Grant Thornton (RCGT). Senior executives with Quebec’s broker association, the Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ) commissioned RCGT to […]
The Insurance Bureau of Canada (IBC) is applauding proposed requirements in Alberta – which received the green light in the provincial legislative assembly Tuesday – that seek to curb distracted driving by beefing up fines and penalties for texting while behind the wheel. Bill 204, the Traffic Safety (Distracted Driving Demerit) Amendment Act, 2014, was […]
Intact Financial Corporation (IFC), Canada’s largest provider of property and casualty insurance in Canada with $7.3 billion in premiums, announced on Tuesday that it has launched Intact Lab – its centre for digital excellence. The Intact Lab will be based in Montreal at the company’s 2020 Robert-Bourassa office and is scheduled to open in May, […]
By Canadian Underwriter | March 24, 2015
The Canadian Association of Mutual Insurance Companies (CAMIC) warned Tuesday that policyholders of mutual property & casualty insurance firms “need to pay close attention” to draft regulations on the demutualization of property & casualty insurance firms, suggesting those proposed rules do not specify what benefits non-mutual policyholders would get in the event of demutualization. Canada […]
3 min read
Global shipping losses for 2014 may be down once again, but mega ship and cyber attacks risks are emerging and pose a threat to the maritime sector, Allianz Global Corporate & Specialty (AGCS) SE cautions in a report issued Tuesday. The good news is shipping losses are continuing their long-term downward trend, with 75 total […]
The cyber threat remains one of the most significant – and growing – risks facing businesses in the United Kingdom, Marsh UK said in a report released on Monday. The report, titled UK Cyber Security – The role of insurance in managing and mitigating the risk, said that 81% of large businesses and 60% of […]
By Canadian Underwriter | March 23, 2015
Despite insurers worldwide increasingly creating value through the innovative use of digital tools and technology, much of the potential value and the most significant opportunities for making digital a competitive advantage remain untapped, argues a new report from McKinsey & Company. Insurers are already demonstrating the value that a digital approach can deliver through improved […]
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