Industry
Mutual commercial carrier Oil Insurance Ltd. (OIL) recently approved a $100 million premium credit for members who were shareholders of record as of Dec. 31. “This credit will approximate a 16% reduction in total premium charged to the membership during 2013,” Hamilton, Bermuda-based OIL stated in a press release. All figures are in U.S. currency. The […]
By Canadian Underwriter | August 28, 2013
2 min read
Automaker Nissan announced Tuesday plans to have commercially-viable self-driving cars on the roads globally by 2020. The “Autonomous Drive” vehicles allow for self-driving travel on streets or highways, can make lane changes and avoid collisions using current and next-generation technologies, Nissan said. “We’ve announced that we’ll introduce an Autonomous Drive vehicle by 2020, and we […]
International brokerage and risk management firm Arthur J. Gallagher & Co. has announced the acquisition of Dickinson & Associates, an Ottawa-based employee benefits broker and consultant. Terms of the transaction were not disclosed. Founded in 1998, Dickinson & Associates offers a full range of group employee benefits products and consulting services to its business and individual […]
By Canadian Underwriter | August 27, 2013
1 min read
Establishing a unified digital communications platform will be key for insurers looking to evolve into more customer-centric companies, argues a new paper from research firm Strategy Meets Action. Insurers are now devoting “significant energy and resources” into transitioning from product-focused to more customer-oriented in recent years, but are still moving away from old methods of […]
Moody’s Investor Services Inc. anticipates commercial property and casualty insurance carriers in the United States will increase their rates this year while combined ratios will drop. A report released Monday by New York-based Moody’s – titled US P&C Insurance Pricing Generates Margin Expansion, Rate Needed in Casualty — was based on survey data from issuers […]
Fort Collins, Colo. has topped the list of U.S. cities with the safest drivers from insurer Allstate for the third time in the annual report’s history. In the nine years that the Allstate America’s Best Drivers Report has been produced, Fort Collins has been in the top 10. This year, the company’s report suggests that […]
Chubb Insurance has expanded the optional coverages available through its personal lines Masterpiece program designed for affluent customers in Canada. The company has added new coverages for jewellery and fine art on loan or consignment. It has also expanded works in progress coverage to include jewellery items, with limits up to $100,000 for supplies, labour […]
By Canadian Underwriter | August 26, 2013
Reinsurance firms are “capable of absorbing significant losses from a combination of events” but are also facing pricing pressure because of investments from third-party capital, a new report from A.M. Best Company suggests. Though global reinsurers are “well capitalized,” Oldwick, N.J.-based A.M. Best “remains concerned that reinsurance pricing, terms and conditions may come under increased […]
3 min read
The Co-Operators General Insurance has lowered its insurance rates for private passenger auto clients in Ontario, effective Oct. 15. “The impact of The Co-operators rate reductions on individual clients will vary, depending on a number of factors including where they live, the vehicles they drive, their driving records, as well as the amount of coverage […]
The Ontario government has announced the next steps in its plan that it says will reduce auto insurance rates by an average of 15%, a measure it included in this year’s budget. The government said Friday it’s aiming to make the average reduction within two years, with an average 8% reduction target by August 2014. […]
By Canadian Underwriter | August 23, 2013
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