Industry
Chief financial officers with North American property and casualty insurers believe both those markets are hardening, according to a new survey by professional services firm Towers Watson. Of the 23 CFOs who participated in the survey, 75% characterized the property market as hardening, hard or at the top of the cycle, the firm said. That’s […]
By Canadian Underwriter | October 22, 2013
3 min read
Swiss Re Corporate Solutions has signed an agreement with major flight simulation and training companies, which it says allows its general aviation clients in North America to increase their safety. The program with CAE and Aviation Performance Solutions (APS) will be rolled out globally in 2014, Swiss Re said Monday. The advanced training program, addressing […]
By Canadian Underwriter | October 21, 2013
2 min read
The New Brunswick Insurance Board announced last week that carriers offering auto coverage in the province will not be allowed, when filing rate applications this December for 2014, to include “conversion factors or trends” developed to estimate the effect of a tripling of the cap on minor injury claims. Auto insurers must file rate applications […]
The Centre for Study of Insurance Operations will be releasing its industry standard for delivering telematics data in January 2014. The organization said it has been working for the past several months on delivering the standard for proving a secure way to transmit telematics information among multiple business partners and allowing for data quality and […]
1 min read
Munich Re said Monday it expects prices for its reinsurance business clients to be “largely stable” in the upcoming renewal season, although perhaps not in Germany, which recently experienced high natural catastrophe losses. The reinsurer said that initial estimates indicate natural catastrophe losses in Europe to for around 17 billion euros for the first nine […]
Greg Somerville, part of the Aviva’s Canadian Executive Committee since 2004, has been named Aviva Canada’s new president and CEO. Most recently executive vice president of broker distribution, Somerville has also served as executive vice president of claims and reinsurance, responsible for the technical and strategic direction of Aviva Canada’s national claims and reinsurance operations, […]
Fitch Ratings has cautioned that plans by the International Association of Insurance Supervisors (IAIS) to develop a risk-based global insurance capital standard add further uncertainty for the insurance industry. Applying to approximately 50 internationally active insurance groups (IAIGs), the plan is to have the proposed standard fully implemented for 2019, notes a statement issued Thursday […]
By Canadian Underwriter | October 18, 2013
Several auto collision repair companies and two claims software makers plan to participate in a survey with the intent of providing a “common understanding of key industry metrics” in vehicle repair. Officials with the Canadian Collision Industry Forum (CCIF) released Wednesday a report on its Sept. 28 meeting in Edmonton. Its new business plan “involves […]
By Canadian Underwriter | October 17, 2013
Ontario motorists are covering between 70% and 90% of the costs of maintaining the road network through fees and taxes, according to a new report funded by CAA South Central Ontario. “Motorists in Ontario meet at least a large portion of the costs that they impose on the road infrastructure—and in major urban areas probably […]
By the end of 2015, insurers will abandon 40% of their current customer-facing mobile applications because of inadequate return on investment, according to a forecast report from research firm Gartner. The firm has released several of its top industry predictions for IT organizations and users for next year and beyond that. It also predicts that […]
By Canadian Underwriter | October 16, 2013
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