Industry
The use of telematics technology in auto coverage, and the usage-based insurance (UBI) model, will “act as bridges toward an inevitable future” for the industry, in which “non-traditional” companies could “enter and disrupt” the risk management business, Aite Group LLC suggested in a new report. Aite Group announced Thursday the release of Telematics and Usage-Based […]
By Canadian Underwriter | August 14, 2014
3 min read
Calling it a first in Canada, KANETIX reports a free DriveSmart app by KANETIX.ca will help drivers gauge if they would benefit from usage-based insurance (UBI) programs and perhaps save money on their car insurance. UBI programs collect data from a device typically installed in a driver’s vehicle to provide safe drivers with auto insurance […]
By Canadian Underwriter | August 13, 2014
2 min read
ST. JOHN’S, N.L. – Newfoundland and Labrador is launching an external review into hydraulic fracturing after the results of an internal government analysis came back inconclusive. Natural Resources Minister Derrick Dalley says the information gathered through the internal review isn’t enough to make a final decision about fracking in the province. Dalley says an independent […]
By The Canadian Press | August 12, 2014
1 min read
QUEBEC – The owners of a seniors’ home where 32 residents died in a tragic fire are calling for a public inquiry into the disaster. Roch Bernier, one of the co-owners of the Residence du Havre, says people have a right to know the real story behind the Jan. 23 blaze. Bernier is part of […]
Most insurance decision-makers at small businesses responding to a recent survey, who bought coverage from “personal lines-focused” insurers, said they met with their agent in person, market research firm J.D. Power suggested. J.D. Power, a unit of New York City-based McGraw Hill Financial Inc., released Monday its second annual 2014 U.S. Small Business Commercial Insurance […]
By Canadian Underwriter | August 12, 2014
A hacker with access to a Canadian Internet provider hijacked net traffic from large foreign networks to steal more than US$83,000 in virtual currency over a four-month period, a cyber security company said Monday. Researchers with the U.S.-based Dell SecureWorks said the hacker’s attack started last February and stopped in May, after the Canadian Internet […]
Industrial insurance specialist Allianz Global Corporate & Specialty (AGCS) announced on Tuesday the availability of new cyber security coverage in the wake of growing cyber criminality threatening Canadian companies. “The sheer number and evolving sophistication of security threats renders it virtually impossible for any organization to guarantee total security. Thus, effective risk transfer is an […]
Economical Insurance has opened its new national processing centre at the company’s Riverbend facility in Kitchener, Ont., which it calls a “major milestone in its business transformation program.” Hiring for the new centre, which officially opened Monday, began in March to fill more than 140 new jobs, which the insurer says demonstrates its commitment to the […]
By Canadian Underwriter | August 11, 2014
TORONTO – None of Ontario’s utilities use the same model of so-called “smart” meters that has been linked to fires in Saskatchewan, the province’s electricity regulator said Monday. Thirty-six of 77 utilities in Ontario use smart meters from U.S.-based Sensus Inc., but none are the Generation 3.3 model used in Saskatchewan, said Ontario Energy Board […]
By The Canadian Press | August 11, 2014
Consulting firm Optis Partners is predicting “robust” activity in mergers and acquisitions of insurance agencies in Canada and the United States, noting that High River, Alta.-based Western Financial Group Inc. has done 18 transactions from the beginning of 2011 through the first half of 2014, while the eighth most active buyer during that time was […]
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