Industry
SAINT JOHN, N.B. – Irving Oil says it will convert its fleet of crude oil railcars to comply with U.S. recommendations for DOT-111 tank cars built after Oct. 1, 2011. The Saint John-based company says it will complete the conversion by April 30 and it will require the removal of older-model railcars from service. Specifications […]
By Canadian Underwriter | February 18, 2014
1 min read
CAA South Central Ontario announced Tuesday the launch of a tool on the Canadian Automobile Association website intended to help senior citizens drive safely. The new CAA web tool “contains assessment instruments to pinpoint areas of improvement, interactive infographics that show common physical changes that affect driving, as well as videos with tips for managing […]
2 min read
The Insurance Corporation of British Columbia (ICBC) has selected Guidewire Software Inc.’s new underwriting and policy administrative solution in a move expected to help ICBC enhance operational efficiencies and make it easier to do business with its brokers and customers. ICBC, a provincial Crown corporation and sole provider of universal compulsory auto insurance in British […]
By Canadian Underwriter | February 14, 2014
DETROIT – General Motors is recalling nearly 780,000 compact cars in North America because the engines can shut down unexpectedly and cause crashes. The company says six people have been killed in crashes related to the problem. The recall affects Chevrolet Cobalts and Pontiac G5s from the 2005 through 2007 model years. U.S. safety regulators […]
By Canadian Underwriter | February 13, 2014
The risk management practices of polled insurers are becoming increasingly reliant on data and analytics, according to new survey results released Wednesday by State Street Corporation. In all, 82% of insurance executives taking part in the survey cited data and analytics as a key strategic priority for their business, notes a press release from State […]
3 min read
REGINA – The Saskatchewan government is giving the green light to recommendations aimed at improving motorcycle safety. Saskatchewan Government Insurance says the province has approved all proposed changes put forward last week by a motorcycle review committee. Changes that kick in this coming season include making new riders show that they can safely handle motorcycles […]
By The Canadian Press | February 12, 2014
Marsh & McLennan Companies reported a net income of $303 million for the fourth quarter last year, up from $259 million in the comparable quarter of 2012. For the full year, net income was $1.4 billion, compared with $1.3 billion in 2012. Operating income rose 14% to $2.1 billion, compared with $1.8 billion in the […]
By Canadian Underwriter | February 11, 2014
REGINA – Insurance costs could go up an average of $49 a year for most vehicles, if a request made by Saskatchewan Government Insurance is approved. SGI has submitted a proposal to the Saskatchewan Rate Review Panel for a net increase of 5.2 per cent on vehicle insurance rates. That means about 84 per cent […]
By The Canadian Press | February 11, 2014
Insurance companies who are modernizing their actuarial systems need to draw up service level agreements between their information technology and actuarial departments, suggests a new report from PwC. PwC released its Top Insurance Industry Issues in 2014 report, which includes a section on actuarial modernization. In that section, PwC lists ten success factors, one of […]
Barring higher than expected catastrophe losses, notes a new report from Marsh, the ample capacity and competition that helped temper firming of commercial insurance rates in the United States in 2013 is expected to continue into 2014. In its U.S. Insurance Market Report 2014, released Monday, Marsh reports that commercial property insurance prices stabilized for […]
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