Industry
NICC 2013 – The federal Office of the Superintendent of Financial Institutions (OSFI) plans to examine the impact, on property and casualty insurance carriers, of recent changes to private passenger auto regulations in Ontario, suggested Julie Dickson, OSFI’s Superintendent of Financial Institutions. “As a prudential regulator, OSFI will be looking at how companies are affected […]
By Canadian Underwriter | September 23, 2013
3 min read
George Cooke, most recently the long-time CEO of The Dominion of Canada General Insurance Company, has been named the first-ever independent chair of the Ontario Municipal Employees Retirement System (OMERS) Administrative Corporation (OAC). Cooke, who will take on the new OAC post as of Oct. 1, served for more than 20 years as The Dominion’s […]
1 min read
Jardine Lloyd Thompson Group, an international group of risk specialists, announced Friday it will acquire the reinsurance brokerage business of Towers Watson for a cash consideration of $250 million. Once the deal is completed, Towers Watson’s reinsurance brokerage business will be merged with JLT’s reinsurance business (JLT Re), with combined revenues of $266 million, and […]
By Canadian Underwriter | September 20, 2013
2 min read
Usage-based auto insurance is set to become a mainstream insurance offering, and companies that are slow to adopt telematics technology and incorporate it into their products will be left at a major competitive disadvantage, suggests a new research report from Aite Group. Seven of the 10 largest property and casualty insurers in the world are […]
By Canadian Underwriter | September 19, 2013
Unplanned technology failures are a critical threat to organizations’ supply chains, but one that’s often overlooked compared with natural disasters or political disruptions, notes a new research report from Marsh. Marsh cites research from the Business Continuity Institute’s Supply Chain Resilience 2012 report, which said that IT outages outpaced all other sources of disruption, including […]
SGI Canada Insurance Services Ltd. and Kanetix Ltd. launched two online quoting tools for commercial customers in Alberta. Toolbox Pakfor is aimed at independent contractors, while Energy Pak is aimed at “small business operations in the oil and gas sector.” The tools are designed to provide quotes on desktop computers, tablet computers and smart phones. Prospective […]
Almost two-thirds of respondents in the United States taking part in a survey commissioned by Travelers believe the world is becoming riskier, citing privacy, personal safety and severe weather as among their concerns. Detailed in the insurer’s new Consumer Risk Index, the baseline data shows 63% of respondents believe their world is becoming a riskier […]
Creative approaches to corporate insurance and risk management are expected to play a critical role for car-sharing firms striving for profitability and position to increase membership while the industry grows to a projected $6 billion by 2020. “To compete successfully, today’s collaborative sharing firms and entrepreneurs must understand their risks and continually devise and execute […]
The Insurance Brokers Association of Ontario (IBAO) announced Thursday that Independent Broker Resources Inc. intends to partner with Quindell Portfolio Plc to offer telematics in Canada. “The partnership will launch a broker owned telematics solution,” IBAO stated in a press release. IBRI is a wholly-owned subsidiary of IBAO. IBRI’s chief executive officer is now Colin […]
An Ontario member of provincial parliament has introduced a private member’s bill that could allow new drivers with clean driving records lower auto insurance premiums, in line with what more experienced drivers pay. Mike Colle, MPP for Eglinton-Lawrence, introduced the Insurance Amendment Act (Minor Accidents and New Drivers) 2013 on Thursday, and the first reading […]
By Canadian Underwriter | September 18, 2013
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