Industry
More than two-thirds of companies responding to a recent web survey say they do not have cyber insurance and of those who don’t, one in four cannot get insurance because of their risk profile. That’s based on a survey report from Ponemon Institute LLC, titled Managing Cyber Security as a Business Risk: Cyber Insurance in […]
By Canadian Underwriter | August 12, 2013
4 min read
Technology vendors must do a better job of aligning their solutions with the needs of property and casualty insurance carriers, notes a new report from Boston-based Aite Group. Data/analytics and operations were the two top categories selected based on interviews with, and surveys of 23 P&C industry vendors in May and June, notes a new […]
2 min read
Major U.S. auto insurer Progressive Corp. is still seeking to get more consumers on board with its usage-based insurance program, Bloomberg reported Thursday. About 40% of potential users of the insurer’s Snapshot program are saying “no way” to the offering, said Progressive CEO Glenn Renwick, the news agency reported. The rest are evenly divided between consumers […]
By Canadian Underwriter | August 9, 2013
EGI Financial Holdings Inc., the Toronto-based parent firm of Echelon General Insurance recorded a nine-fold year-to-year increase in premiums from international operations but is getting out of the U.S. non-standard auto market. The company released Thursday its financial results for the three months ending June 30 and also announced that White Pine Insurance Company of […]
3 min read
Marsh & McLennan Companies Inc. of New York City released Wednesday its financial results for the three months ending June 30, recording net income of $388 million on revenues of $3.088 billion. All figures are in U.S. currency. In the second quarter of 2012, Marsh & McLennan had reported net income of $329 million on […]
By Canadian Underwriter | August 8, 2013
Value was cited as the reason that almost 60% of surveyed consumers in the United States who purchased insurance through a direct channel 10 or more years ago reported switching back to an independent agent. A study commissioned by The Hanover Insurance Group Inc., a property and casualty insurer based in Worcester, Mass., shows that […]
1 min read
Hannover Re has reported a group net income of 407.7 million euros for the first half of the year, a slight increase from 405.3 million euros last year. “The modest rise in group net income to 408 million euros was driven mainly by an 85% increase in the underwriting profit for non-life reinsurance,” CEO Ulrich […]
By Canadian Underwriter | August 7, 2013
A campaign has kicked off in the United Kingdom to encourage drivers to get their eyes checked every two years as one way to help avoid road accidents. Research shows that many drivers are failing to ensure they can see property on every journey, notes a statement posted Tuesday on the website for road safety […]
By Canadian Underwriter | August 6, 2013
Mitchell International Inc. of San Diego released last week a report on the appraisal values of insurable losses on vehicles in Canada, estimating the average final value appraisal value of collision losses at $3,162. Mitchell, which makes software for insurance claims management and automotive repair shops, says its second-quarter data “reflects an initial Canadian average […]
Global insurance brokerage Hub International Limited has agreed to be acquired by a San Francisco private equity firm for $4.4 billion. Under the terms of the agreement, investment funds managed by Hellman & Friedman will hold a majority interest in the company, while members of Hub’s senior management will continue to have a significant equity […]
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