Industry
Only about half of Canadian “snowbirds” who head south in the winter are verifying their insurance needs before leaving home, according to results from a new TD Insurance poll. Only half of those in the survey of Canadians 50 and older said they checked their travel insurance policy before leaving for vacation, and only 16% […]
By Canadian Underwriter | October 16, 2013
2 min read
The Lloyd’s market reported a 10% decline in pre-tax profit to £1.38 billion for the first half of the year, though gross premiums written rose by 5%, according to the latest market update report from Aon Benfield. The decline in profit was “driven by a reduction in the total investment yield from 1.2% to only […]
1 min read
American International Group (AIG) is looking to address the growing financial impact and frequency of product recalls for food and beverage manufacturers, distributors and importers in the United States and Europe with the launch of a free, web-based service. NOVI – designed to help food and beverage manufacturers make more informed decisions about how to […]
Europe’s major insurers generally experienced growth last year and are seeing improvements in the economic environment, but several challenges remain for the industry there, according to the latest special report from A.M. Best. Overall, total gross premiums written for the 20 largest European insurers (both life and non-life) increased by 2.2% in 2012, the report […]
By Canadian Underwriter | October 15, 2013
The British Columbia Utilities Commission is asking the provincial government’s auto insurance carrier to provide clarification on its claims cost management initiatives and whether B.C.’s compulsory basic public auto plan can meet the minimum capital test without more money from its optional plan or additional basic rate increases. On Oct. 7, BCUC sent a 99-page […]
4 min read
Rating agency A.M. Best is advising insurers to make sure they aren’t over-reliant on whether the United States’ Terrorism Risk Insurance Program is reauthorized, as its future is still up in the air. “A.M. Best continues to request that insurers, especially those heavily reliant on TRIPRA, present detailed plans to be implemented in the event […]
By Canadian Underwriter | October 11, 2013
Marsh’s publicly-traded clients in the United States on average paid 4.9% more for their primary directors’ and officers’ liability (D&O) coverage in the second quarter, the company said Thursday. However, average D&O premiums declined 0.97%, with a median decrease of 4.43%, when normalizing for individual insurance program structure and risk profile differences, according to the […]
Teens, especially males, tend to be over-represented among fatally-injured drivers when compared with older drivers, according to a new analysis of Canadian research data. The review, conducted by the Traffic Injury Research Foundation and sponsored by insurer State Farm, suggests that there is a general declining trend in the number of teen drivers killed in […]
As more data gets generated by an every-increasing number of devices with Internet Protocol addresses, securing that information is going to become more important, suggests information technology research firm Gartner Inc. Meanwhile, Stamford, Conn.-based Gartner predicts that by 2018, 3D printing will result in US$100 million a year in intellectual property losses and by 2014, […]
3 min read
As the New Brunswick Insurance Board winds up a hearing on a new cap on minor injuries that took effect July 1, the Insurance Bureau of Canada is encouraging the board to let carriers base their private passenger vehicle rate change applications on their own loss experiences. NBIB this week held a generic hearing, which […]
By Canadian Underwriter | October 10, 2013
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