Industry
Strong current accident year underwriting income excluding catastrophe losses drove an increase in property and casualty underwriting income in 2014 Q2, contributing to ACE Limited’s 4.5% increase in operating income over the same quarter in 2013. Operating income (net of tax) for the quarter ended June 30, 2014 was US$825 million compared to US$790 million […]
By Canadian Underwriter | July 23, 2014
3 min read
The insurance industry is poised to see high performance claims transformation if it takes steps to turn routinely overlooked data into actionable information and knowledge, suggests a report published last week by Aite Group. Aite Group research finds that approximately 15% of loss costs and loss adjustment expense could be saved with the proper use […]
By Canadian Underwriter | July 22, 2014
2 min read
A U.S.-based holding company and a publicly traded Canadian merchant bank have announced an agreement to form a new Florida-based property and casualty insurance carrier to be named Monarch National Insurance Company. The agreement between Federated National Holding Company (FNHC) –authorized to underwrite and/or place through its wholly owned subsidiaries, homeowners’ multi-peril, commercial general liability, […]
The Centre for Study of Insurance Operations (CSIO) has released an eSignatures Vendor Dashboard for researching eSignature offerings within the broker channel. Based on vendor research conducted by CSIO, the new dashboard reviews eight eSignatures solutions available in Canada against the following criteria: “eSignatures technology enables customers to easily sign insurance documents electronically via computers, tablets […]
By Canadian Underwriter | July 21, 2014
1 min read
Zurich Insurance Group is recommending that commercial building managers and risk managers try to avoid the installation or integration of photovoltaic systems onto or into buildings until associated risks are fully understood and addressed. The recommendation is included in Zurich Insurance’s recently released white paper on photovoltaic (PV) solar panel systems, information meant to help […]
MONTREAL – Authorities in Quebec have broken up a ring they allege shipped stolen luxury vehicles to Africa. Canada Border Services Agency and the RCMP began a joint investigation after customs agents discovered vehicles inside shipping containers at the Port of Montreal about one year ago. Police say they’ve arrested four people today and been […]
By The Canadian Press | July 17, 2014
The overwhelming majority, 96%, of surveyed organizations spanning five industries in the United States and Europe experienced a significant IT security incident in the past year, notes a new report issued Wednesday by ForeScout Technologies Inc. The finding is included in the company’s 2014 Cyber Defense Maturity Report, independent research for which was conducted by […]
By Canadian Underwriter | July 17, 2014
TORONTO – Onex Corp. says it has agreed to acquire risk management firm York Risk Services Group Inc. for US$1.33 billion. The Toronto-based private equity firm says the transaction is expected to close in the third quarter. York Risk Services provides property, casualty, and workers’ compensation insurance to more than 6,300 clients in the United […]
By The Canadian Press | July 16, 2014
The cyber risk landscape is evolving rapidly in many areas and those looking to address the risk through insurance should understand that certain policies generally do not provide coverage following an attack, cautions a new white paper released Monday by the Insurance Information Institute (III). “The potential economic fallout from the cyber threat cannot be […]
By Canadian Underwriter | July 15, 2014
4 min read
About one-third of 200 recently polled insurance executives in the United States report that rising consumer expectations are their primary driver for new product development, notes new survey results from SAP SE. In all, 34% of respondents indicated that rising consumer expectations are their primary driver for new product development, followed by changing regulatory demands […]
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