Industry
Intact Financial Corp. has announced several changes to its executive committee, effective Dec. 1. Louis Gagnon, currently president and COO will become president of service and distribution. In his new role, he will oversee the development and the expansion of the company’s direct operations – belairdirect and Grey Power- as well as the expansion of […]
By Canadian Underwriter | November 15, 2013
1 min read
Despite some movement by European authorities toward hitting the January 2016 target date for implementing the Solvency II regime, an agreement reached late Wednesday is still likely to leave some major insurers dissatisfied, according to Fitch Ratings. On Wednesday in Brussels, the EU Council and the European Parliament reached a provisional agreement on the Omnibus […]
By Canadian Underwriter | November 14, 2013
2 min read
Drivers of high-end luxury brand cars – Lamborghinis and Aston Martins in particular – have a safer driving record than the national average, according to a new report from insurance quote comparison website Kanetix. The site says that 71% of drivers of those vehicles have records free of tickets, claims and accidents, while the national […]
Companies in the renewables market are being exposed to complex new risks as government regulation and volatile fuel prices continue to influence the merits of different types of power generation, suggests the latest Willis 2013 Power Market Review, released Thursday. With the renewables sector continuing to thrive, operators and their underwriters must contend with many […]
3 min read
The Office of the Superintendent of Financial Institutions Canada (OSFI) has announced it will publish a revised Transaction Instruction regarding superintendent approval for reinsurance with a related party on its website by the end of the year. The instruction will set out the general information requirements in support of the application of a federally regulated […]
By Canadian Underwriter | November 13, 2013
Risk and Insurance Management Society (RIMS) Inc. and Miami University’s Farmer School of Business announced this week the results of a study on the effect of using quantification within risk management reports. Risk professionals “must consider the types of risk and underlying data when delivering a risk assessment report to the organization’s leadership,” RIMS stated […]
A bill that proposes to allow six-storey wood frame buildings in Ontario has been referred to a legislative committee, but the province’s municipal affairs and housing minister suggests that in its current form, the proposed law does not address the safety of homeowners. “At the end of the day, the bill doesn’t address something that’s […]
By Canadian Underwriter | November 12, 2013
AmTrust Financial Services Inc., which writes more than US$3 billion a year in insurance, is seeking approval from the Canadian government to have its Cleveland, Ohio-based subsidiary, Technology Insurance Company Inc., offer commercial insurance in Canada, with a chief agent based in Toronto. “We look forward to having a successful business in Canada, comparable to […]
More than 500 underwriters surveyed in the United States regard technology investment as the best way to improve the quality of underwriting in commercial insurance, but say the lack of data integration, process integration and technology training are limiting productivity and efficiencies, Accenture reports. The lion’s share of the 559 underwriters taking part in the […]
Downward pressure on premiums in the airline insurance market is expected to increase, benefiting insurance buyers renewing terms in the last quarter of the year, according to the latest update report from Willis. That’s due to “abundant capacity, high levels of competition, limited loss activity and an aggressive broking community,” Willis says in its latest […]
By Canadian Underwriter | November 11, 2013
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