Industry
The International Association of Insurance Supervisors (IAIS) has announced its plan to develop a risk-based global insurance capital standard by 2016. Full implementation of the new ICS will begin in 2019, with “testing and refinement with supervisors and internationally-active insurance groups,” prior, the IAIS said this week. “It is undeniable that the business of insurance […]
By Canadian Underwriter | October 10, 2013
2 min read
Willis Group Holdings is predicting an overall decrease in property, marine liability and aerospace insurance rates while at the same time anticipating increases in rates for other lines, such as cyber and kidnap and ransom. “Willis expects property rates to fall an average of 10-12% for non-catastrophe-exposed risks, while risks exposed to natural catastrophes such […]
By Canadian Underwriter | October 9, 2013
3 min read
Young consumers are becoming more likely to complain about a product on social media, according to a new survey carried out in the United Kingdom from global insurer XL Group. Half of 18 to 34-year-olds surveyed said they are more likely to complain via social media that they were a year ago, and almost a […]
RIMS Canada Conference 2013 – Current supply chains may offer lower costs and higher efficiencies, but may not be as robust and able to smoothly respond to failures or stoppages, Darren Meyler, property branch manager for central Canada at AIG, suggested Tuesday during the RIMS Canada Conference in Victoria, B.C. “A supply chain that’s purpose-built […]
4 min read
The Financial Services Commission of Ontario has posted a bulletin outlining considerations for insurers planning to offer usage-based auto insurance programs, placing heavy emphasis on privacy issues and data collection. Information gathered through telematics technology, or other devices, for usage-based insurance pricing (UBIP), should be considered “personal information” as defined by Canada’s Personal Information Protection […]
DHAKA, Bangladesh – A fire killed 10 people at a garment factory in Bangladesh about six months after a factory building collapse that killed 1,100 people exposed the harsh and often unsafe conditions in an industry that is the world’s third-largest. Authorities and global clothing companies have pledged to improve safety standards in Bangladesh’s garment […]
RIMS Canada Conference 2013 – Janet G.M. Stein, director of risk management and insurance for the University of Calgary, was recognized Tuesday with the country’s highest honour in risk management at the RIMS Canada Conference in Victoria, B.C. The RIMS Ontario Chapter (ORIMS) presented Stein with the Donald M. Stuart Award, bestowed annually since 1979 to […]
By Canadian Underwriter | October 8, 2013
InsuranceNoodle Inc. announced this week it has launched a new online quoting service that gives agents in the United States access to several commercial lines, including auto, umbrella and professional liability. Insurance Noodle is the distribution vehicle for the Willis Commercial Network North America, which provides products and services to small insurance agents and brokers […]
Munich Re has appointed Bernhard Kaufmann its group chief risk officer, effective Jan. 1. He succeeds Joachim Oechslin, who will be joining the executive board of the Credit Suisse Group from that date, Munich Re said. Kaufmann has been with Munich Re since 2000, working in several positions. Since 2008, he has been chief risk […]
1 min read
RIMS Canada Conference 2013 – The speed at which risk is coming at organizations today clearly illustrates the need for risk professionals to be at the forefront of their organizations, John Phelps, president of RIMS, said Monday during the opening ceremonies of the 39th Annual RIMS Canada Conference in Victoria, B.C. “We have risk coming […]
By Canadian Underwriter | October 7, 2013
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