Industry
Aviva Canada officially announced Wednesday its plan to relocate its head office to The Remington Group’s ‘Downtown Markham’ development in Markham, Ontario. The Remington Group held an Aviva Canada head office groundbreaking event at the Downtown Markham location Wednesday, which included an address from Christopher Bratty, president of Land Development and Investments with The Remington […]
By Canadian Underwriter | February 26, 2014
2 min read
The expense ratio of Canada’s non-life insurance industry increased from 2011 to 2012, due in part to the cost of upgrading and replacing legacy computer systems, while worldwide, customers “do not report a high rate of positive experience” when interacting with insurance carriers through “digital channels” rather than through agents, suggests a report released Wednesday. […]
3 min read
DETROIT – General Motors on Tuesday doubled to 1.6 million the number of small cars it is recalling to fix faulty ignition switches linked to multiple fatal crashes. Just two weeks ago, GM announced the recall of more than 780,000 Chevrolet Cobalts and Pontiac G5s. It’s now adding 842,000 Saturn Ion compacts, Chevrolet HHR SUVs […]
WASHINGTON – As the Obama administration raced to meet its self-imposed deadline for online health insurance markets, security experts working for the government worried that state computer systems could become a back door for hackers. Documents provided to The Associated Press show that more than two-thirds of state systems that were supposed to tap into […]
By Canadian Underwriter | February 25, 2014
4 min read
The resources dedicated by Canadian insurance carriers to auto rate filings, the tendency of condominium units to have dishwashers and washing machines, climate change and the current state of municipal infrastructure are all major issues for property insurers covering water damage, a new report suggests. The Canadian Institute of Actuaries (CIA) announced Tuesday the release […]
Less than 30% of respondents to an independent survey of senior investment managers within global insurance companies said they were not concerned about the ability of their current systems to meet their future regulatory requirements, Northern Trust Corporation reported Monday. Commissioned by Northern Trust, the survey involved 250-plus senior investment managers within global insurance companies, […]
MONTREAL – Digitally connected young Canadians have become regular targets of phishing scams – fraudsters trying to steal personal information for financial gain, according to a new survey by Visa Canada. The survey found that 92 per cent of respondents under age 35 confirmed they had been targeted by phishing scams for information such as […]
By Canadian Underwriter | February 24, 2014
Guy Carpenter and Company has launched a new cyber reinsurance practice, focused on addressing what it says are “rapidly increasing” risks related to cyber security. “Rapidly-developing computer technology and the unrelenting evolution of cyber risks presents one of the biggest challenges to the (re)insurance sector today,” Jeremy Platt, co-leader of the new Cyber Solutions Specialty […]
By Canadian Underwriter | February 21, 2014
Intact Financial Corporation announced Friday that it has signed a definitive share purchase agreement to acquire Newfoundland and Labrador-based Metro General Insurance Corporation Limited. Terms of the transaction were not disclosed. The deal is expected to close later this year upon receipt of the appropriate regulatory approvals, Intact said. The company said the acquisition will […]
1 min read
TORONTO – The president of GM North America says high-speed wireless technology will be a big focus for the carmaker this year, as it moves to integrate 4G LTE technology across its 2015 vehicle range. The vehicle line, which will be on sale by July and August, will have all the capabilities of customers’ smartphones, […]
By Canadian Underwriter | February 19, 2014
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