Industry
As part of their information security programs, companies should consider hiring a vendor to test employees at random by asking them for information that should not be shared and raise awareness among the “most vulnerable” employees -such as new hires and senior managers – insurance provider The Chubb Corp. suggested in a paper released Tuesday. […]
By Canadian Underwriter | March 17, 2015
2 min read
The number of transactional risk policies placed in United States and Canada more than doubled last year for commercial insurance broker Marsh Ltd., which suggested in a recent report that carriers in North America are expanding their coverage for policies such as representations and warranties. “Demand for transactional risk insurance, predominantly warranty and indemnity (W&I) […]
Property, casualty and financial and professional liability rates in the United States’ real estate industry are generally expected to soften in 2015, barring unforeseen changes, Marsh LLC said on Monday. [click image above to enlarge] The finding was from Marsh’s US Insurance Market Report 2015, which found that the U.S. real estate industry experienced relatively […]
3 min read
The Caribbean general insurance market remains profitable, albeit challenging, for participants, according to the latest special report by ratings firm A.M. Best. Company Inc. The company’s special report, titled Caribbean-based General Insurers: What Lies Ahead? and released on Monday, states that the region is susceptible to major storm damage, earthquakes and flooding, which can be […]
The Court of Appeal for Ontario recently ruled in favour of the Dominion of Canada General Insurance Company, in a lawsuit over a disputed auto insurance claim, which The Dominion said was barred by a two year limitation period but which the claimant alleged was handled in bad faith. In a decision released Friday, the […]
By Canadian Underwriter | March 16, 2015
4 min read
The introduction of China’s second-generation solvency regime C-ROSS (China Risk Oriented Solvency System) will impact both the fast-growing insurance market itself and beyond, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, said in a report on Thursday. Previously, solvency capital was only decided by an insurer’s size, but now it takes […]
Direct insurance writers in the United States nearly doubled their market share in personal lines over 18 years, but the market share for regional carriers writing through independent agents is on the rise, with some carriers providing instant online quotes through independent agents’ websites, Independent Insurance Agents and brokers of America Inc. suggested in a […]
Pricewaterhouse Coopers LLP (PwC Canada) announced on Monday that it had acquired the Platinum Legal Group (PLG), one of Canada’s leading electronic discovery and litigation support firms. Led by William Platt, PLG will join PwC’s Toronto office, but will continue servicing clients in Calgary, Halifax, Montreal, Ottawa and Vancouver. PLG specializes in electronic evidence management […]
The Ontario legislature has voted to send to committee a bill proposing to expand the range of agricultural products eligible for crop insurance under Ontario’s Agricorp, with one former broker suggesting farmers are talking about the need for coverage for bovine spongiform encephalopathy (BSE), or mad cow disease. “Our province’s inability to offer production insurance […]
By Canadian Underwriter | March 13, 2015
Kingsway Financial Services Inc. of Toronto, whose subsidiaries provide non-standard auto insurance in the United States, announced Friday it lost $11.2 million in 2014 on revenues of $188 million. All figures are in U.S. dollars. Kingsway’s loss in 2014 was down 69% from a loss of $36 million in 2013, when it reported revenues of […]
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