Industry
Reinsurance companies using advanced capital and risk modelling, have access to the capital markets and use their client data for pricing and risk management will be among the most competitive as the industry faces challenges over the next several years, notes a new report from PwC. Low interest rates and the “fresh surge of capital” […]
By Canadian Underwriter | September 13, 2013
2 min read
Health Canada has issued a joint recall of dehumidifier products sold under several brand names manufactured in China by Gree Electric Appliances for fire risk. Dehumidifier models under the brand names Danby, Fellini, Frigidaire, Gree and Premiere are part of the joint recall among Health Canada, the United States Consumer Product Safety Commission and Gree. “The […]
1 min read
A small number of suppliers in the food industry means many restaurant chains are exposed to more risk of contamination, notes a new article from Lloyd’s of London. Restaurant chains and franchisees are increasingly getting their ingredients from a small number of suppliers, meaning “their exposure to foodborne illnesses and food contamination can be magnified,” […]
A.M. Best has upgraded the ratings for the members of the Optimum General Companies, also giving the ratings a stable outlook. The companies, which include Optimum Insurance Company Inc. (OIC), Optimum Farm Insurance Company Inc. and Optimum West Insurance Company (OWIC), have had their financial strength ratings upgraded from B++ (good) to A- (excellent). They […]
By Canadian Underwriter | September 12, 2013
Insurance companies worldwide are cautiously shifting back to investing in IT projects, after cutting back following the economic downturn, according to new research from Ovum. The firm said it is seeing a “re-emergence of IT projects focused on legacy system consolidation/transformation and replacement,” based on its analysis of non-life and life insurance IT spending between […]
Technology and information solutions provider Mitchell International has announced the general availability of its RepairCenter Reputation Manager package. The new offering “combines real-time text and email updates with advanced customer insights from satisfaction surveys and social media data to improve the repair shop and vehicle owner processes,” according to Mitchell. The product adds online customer […]
Lloyd’s syndicate AEGIS London has launched a new claims service for Canadian coverholders, in partnership with disaster restoration firm FirstOnSite. The offering, which rolled out as a pilot this month in Canada, allows for “rapid collection and transmission of information directly from the scene of a loss to a dedicated, specialist office-based claims examiner,” according […]
Munich Re is expecting “tangible growth” for the insurance industry globally, and stable renewals at Jan. 1 for its own portfolio, the company said this week. The major reinsurer said that in Asia’s emerging markets, growth in property and casualty insurance will average 11% per year until 2015. In the United States, it said growth […]
Underwriting discipline is keeping the outlook for the reinsurance market stable, in the face of downward pressure on pricing and continuing low interest rate challenges, according to a ratings agency analyst. Overall, the reinsurance market in Canada is well-capitalized, Scott Mangan, a financial analyst for Caribbean and reinsurance ratings with A.M. Best, noted during the […]
By Canadian Underwriter | September 11, 2013
Vast consolidation within Canada’s property and casualty industry on the carrier side has created some large organizations with a wealth of data that could offer a competitive advantage, Greg Williams, managing senior financial analyst in the property/casualty rating division at A.M. Best Company, suggested Wednesday. Speaking at A.M. Best’s 2013 Insurance Market Briefing – Canada […]
3 min read
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