Industry
Most insured losses to power plants are caused by machinery breakdown, but extreme weather, an increased reliance on wind and solar and a push for high-specification material is also affecting risk, suggests a new report by Marsh Inc. Marsh announced last week a report, titled Common Causes of Large Losses in the Global Power Industry, […]
By Canadian Underwriter | September 11, 2013
3 min read
A Montreal-based consumer advocacy group has agreed, with 15 insurance carriers, to settle a class action lawsuit over homeowners’ coverage for additional living expenses related to the January, 1998 ice storm, which killed up to 35 and left more than a million without electricity. Option consommateurs announced in a press release Wednesday that the 15 […]
Opta Information Intelligence has announced that its iClarify services, providing replacement cost values, have been integrated directly into the Applied CQ Rating Services system under the Applied ITV brand. The latest version of iClarify provides replacement cost values while automatically uploading verified construction features and property valuations directly into the CSIO habitational application, Opta said. […]
By Canadian Underwriter | September 10, 2013
1 min read
Zurich has launched a new set of coverage products for mid-sized technology companies, which it says addresses the needs of a sector growing faster than Canada’s economy overall. The new suite of insurance offerings includes about 20 technology risk coverages based on the industry’s risk profile, with underwriters managing errors and omissions, property and casualty […]
Insurers and reinsurers will benefit from $100 billion of alternative capital that will enter the market over the next five years, as the cost of underwriting capital is reduced, Aon Benfield says in a new outlook report. Reinsurers will engage in three broad categories of transactions with investors, the company says in its September 2013 […]
Ontario NDP leader Andrea Horwath called for the provincial government to step up the pace of reducing auto insurance rates in Ontario. “Drivers paying the highest auto insurance rates in the country are wondering how long they’re going to have to wait for their rates to actually come down,” Horwath said in the legislature Monday, […]
2 min read
Almost a third of surveyed insurers in the United States and Canada report feeling inadequately protected against fraud and well over half expect personal lines insurance fraud losses to increase even more in 2013, note results released Tuesday by California-based FICO. Responses from 260 insurers surveyed in July are reflected in the Insurance Fraud Survey, […]
An influx of third party capital into the reinsurance market could lead to up to $40 billion of traditional equity capital being redeployed elsewhere in the insurance and reinsurance market, Willis Re said Sunday. That third party capital could also be returned to shareholders, the global broker said in a release from the international insurer […]
By Canadian Underwriter | September 9, 2013
XL Group’s North America property division has developed a new equipment breakdown insurance policy, covering losses from business interruption, equipment repair or replacement costs. Dubbed “Up+Running”, the policy also can include additional coverage for protection against against extra expenses and perishable goods loss due to spoilage or refrigerant damage. Risk control and equipment inspection services […]
A San Francisco technology firm has launched a new telematics smartphone app for the usage-based auto insurance market. The SmartUBI platform is a telematics offering that includes a smartphone application, cloud-based analytics and portals, according to its creator, Driveway Software. The offering is meant to be a cost-effective, quick to deploy telematics solution for insurance […]
By Canadian Underwriter | September 6, 2013
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