Industry
The Bermuda Monetary Authority has witnessed an 81% increase in the number of insurers registered for the period ending July 2013 compared with the same period in 2012. The authority has registered 47 new insurers, with a total of 13 new entrants that span the breadth of insurance classes, entering the Bermuda market in July. […]
By Canadian Underwriter | August 23, 2013
1 min read
An increasing number of auto insurance companies in Canada and the United States are using enhanced analytics to understand customer buying behaviour and price products, according to a new study from analytics software firm Earnix. At 48%, larger insurers (with over $1 billion in gross written premium) were more likely to use “segment-level demand models […]
By Canadian Underwriter | August 22, 2013
2 min read
Despite moves by European companies to prioritize risk management as never before, some weaknesses remain, suggest findings of a new survey exploring risk management leadership released Thursday by the Federation of European Risk Management Associations (FERMA). The survey Leadership in Risk Management – sponsored by Zurich and conducted by Harvard Business Review Analytic Services in […]
3 min read
Two Honda models top the list of most stolen vehicles in the United States last year, according to data released this week by the National Insurance Crime Bureau. The report examines vehicle theft data submitted by law enforcement to the National Crime Information Center (NCIC) and determines the vehicle make, model and model year most […]
By Canadian Underwriter | August 21, 2013
Half of consumers are likely to sign up for a usage-based insurance program that would provide at least a 10% discount, while 36% would actually change carriers for that discount, according to new research from LexisNexis Risk Solutions. One in three consumers is aware of UBI programs or telematics, showing a rise in awareness over […]
Saskatchewan law enforcement will be conducting a safety blitz around the province’s intersections Wednesday and Thursday this week. More than 40% of the province’s collisions take place at intersections, according to Saskatchewan Government Insurance (SGI). Last year, there were more than 11,000 collisions at intersections across Saskatchewan, resulting in 33 deaths and 4,000 injuries. During […]
By Canadian Underwriter | August 20, 2013
Ironshore Inc.’s Specialty Casualty unit has introduced a new claims-made policy form for the commercial general liability market for prospective insureds facing unique product liability challenges. The General Liability Claims-Made Advanced form introduces a suite of endorsements, including Crisis Three-Sixty with Recall Reimbursement Expense. The enhancement covers as much as $150,000 in expense-related costs, in […]
The U.S. property and casualty insurance industry’s loss reserves are adequate, based on an analysis of the industry’s position at the end of 2012, Fitch Ratings said Monday. That makes its position “relatively unchanged from the prior year,” the firm said. “Low interest rates and low general inflation have promoted claims cost stability for the […]
By Canadian Underwriter | August 19, 2013
There were 122 reported mergers and acquisitions of insurance agencies in Canada and the United States in the first half of the year, down slightly from 133 last year, according to the semi-annual survey from OPTIS Partners. “It was a period of relative calm after the perfect storm of getting deals done before the capital […]
By Canadian Underwriter | August 16, 2013
While company chief financial officers and directors are mostly aligned on merger and acquisition targets, a gap remains for how both groups view the risks involved with M&A, according to a recently-released report from Deloitte. Most corporate directors and CFOs (48% and 43%) agreed that their companies’ M&A strategies are to seek out smaller, strategic […]
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