Industry
Limited opportunities for profitable growth combined with a challenging regulatory environment were key considerations in Economical Insurance’s decision to stop writing insurance in Newfoundland and Labrador, the company has announced. In a statement Friday, Waterloo, Ont.-based Economical announced that its decision to stop writing insurance in the province as of Oct. 1, 2014 follows a […]
By Canadian Underwriter | March 24, 2014
2 min read
Household insurance fraud is typically committed by those between 31 and 50 years old, and they’re most likely to make claims for accidental damage, notes a new report by VFM Services. The typical fraudster is also a first-time claimant and their claim is often for under $900 for accidental damage to a computer, TV or […]
By Canadian Underwriter | March 21, 2014
Property and casualty insurers have increased their use of predictive modeling across nearly every line of business over the past year, suggests a new survey from Towers Watson. Despite that, most of those businesses still lack a comprehensive, company-wide approach for using predictive modeling for all “core functions,” the global professional services firm said. Overall, […]
3 min read
Most insurers and reinsurance companies are publishing more about their risk management targets than they were five years ago, and more are using metric-based frameworks to manage capital, according to a new report from Guy Carpenter. In its latest Enterprise Risk Management Benchmark Review report, the firm analyzed at the risk management practices and policies […]
By Canadian Underwriter | March 20, 2014
Fifteen per cent of executives responding to a recent survey do not know whether their company’s insurance will “sufficiently indemnify” them against losses resulting from computer security incidents, while fewer than two thirds have a formal incident response plan. Network security vendor Arbor Networks Inc. of Burlington, Mass. released Tuesday the results of a survey […]
Telematics technology, or usage-based insurance (UBI), gives auto insurance carriers an opportunity to change drivers’ behaviour and offer additional services such as diagnostics, according to executives from carriers offering or planning to offer the technology. Industrial Alliance Home and Auto Insurance Inc. of Quebec City introduced its Mobiliz program, aimed primarily at drivers aged 16 […]
By Canadian Underwriter | March 19, 2014
4 min read
BERLIN – German insurance company Allianz says it has made initial payments in connection with the missing Malaysian Airlines plane. Allianz’s global head of communication Hugo Kidston confirmed Wednesday that the Munich-based insurer and ”other co-reinsurers of Malaysia Airlines aviation hull and liability policy have made initial payments.” Kidston said the payments were in line […]
1 min read
The “digital insurer” must provide cross-channel excellence, which demands not only understanding the customer, but also presenting the same face to that customer regardless of the channel or situation, Scott Laiken, managing director of insurance strategy and transformation at Accenture, suggested Monday. “Digital business is about customer experience. It’s not about being the cheapest provider […]
Aviva Canada has obtained certification for eDocs, the Centre for the Study of Insurance Operations said Tuesday. “After launching a national eDocs program a year ago in both languages, we are proud to receive the CSIO endorsement,” Robert Merizzi, CIO for Aviva Canada said in a press release from CSIO. “The certification reflects our team’s […]
By Canadian Underwriter | March 18, 2014
WINNIPEG – The Manitoba and federal governments are promising $42 million for flood protection measures. The province says $27 million is to go to enhance anti-flood infrastructure in Brandon. The remaining $15 million is to be used to convert temporary protection measures into permanent ones in seven communities. Shelly Glover, Manitoba’s senior federal cabinet minister, […]
By The Canadian Press | March 18, 2014
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