Industry
More than half of consumers included in a new survey say they want certain insurance policy information available through either email or smartphones, but most insurance providers are behind on delivering useful information through mobile technology. In the global survey from predictive analytics firm FICO, 55% of consumers said they want policy renewal reminders delivered […]
By Canadian Underwriter | March 12, 2014
2 min read
As Russian troops setup roadblocks and occupy government buildings in Crimea, a major brokerage firm is suggesting that insurance carriers have stopped writing new political risk coverage in Ukraine and clients face “greater underwriting scrutiny” if they want political risk coverage in Russia. “Insurer concern over the political unrest and country credit ratings in Ukraine […]
MONTREAL – Quebec pension fund manager La Caisse de depot is investing $8 million in commercial insurance broker, BFL Canada. La Caisse says the long-term funds will help the broker grow its presence, with a focus on acquisitions. “With this funding, we are supporting a company that capitalizes on innovative partnership practices to succeed in […]
By The Canadian Press | March 12, 2014
1 min read
Zurich Insurance Group announced Tuesday new plans it says will streamline its global organizational structure, which could lead to the loss of 800 jobs. The move would “remove management layers between Group and the business units,” Zurich said in a press release. The goal is for more profitable growth, and to grow operating earnings, one […]
By Canadian Underwriter | March 11, 2014
A new study out of the United States shows that despite a downward trend in the severity of auto accident-related injuries, medical expenses reported by claimants continue to increase faster than the rate of inflation. Looking at data from 2007 to 2012, the study released Monday by the Insurance Research Council (IRC) found average claimed […]
Commercial insurance prices increased by 5% in aggregate during the fourth quarter of 2013 and 6% on average for the entire year, note survey results released Monday by global professional services company Towers Watson. The 2013 increase marks the third consecutive year of price increases, reports Towers Watson’s latest Commercial Lines Insurance Pricing Survey (CLIPS). […]
The CIP Society has announced the call for nominations for its National Leadership Awards program, which recognizes excellence across the Canadian property and casualty insurance industry. Nominations will be accepted between March 1 and June 1 via the CIP Society’s website. The awards program was launched in 2008, as part of the CIP Society’s 100th […]
By Canadian Underwriter | March 6, 2014
Beacon Underwriting, an insurance managing general agency, announced Wednesday that it has acquired the business of Can-Sure Underwriting, Ltd., a Vancouver-based MGA. Terms of the deal were not disclosed. The Can-Sure operations will add a new office to Beacon’s footprint in Vancouver, Beacon said in a press release. Rick Roberts will now assume the role […]
OTTAWA – Bank of Canada is keeping its low-interest rate policy in place for a while longer, signalling Wednesday that it remains to be convinced the global economy is out of danger – adding Ukraine to its list of worries. “Volatility in global financial markets has increased somewhat, reflecting buoyant market conditions in most advanced […]
By Canadian Underwriter | March 5, 2014
4 min read
U.S. telecom giant Sprint announced Wednesday that a usage-based insurance offering through IMS UBI Intelligence, is now available through its insurance solutions portfolio for auto insurance customers. The offering is provided by Intelligent Mechatronic Systems (IMS), a Waterloo, Ont.-based company that provides “DriveSync,” a “connected car” platform that includes telematics services. Sprint launched its Integrated […]
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