Industry
The first notice of loss call a customer makes to their insurance provider after a collision or having vehicle damage “sets the tone” for their overall claims experience, notes a new satisfaction survey from J.D. Power. That first phone call averages 18 minutes, according to the study, based on responses from 2,458 auto insurance customers […]
By Canadian Underwriter | August 1, 2013
2 min read
More than half of commercial insurers responding to a survey they had more than one policy administration computer system in production while 45% of respondents reported it was difficult to integrate other services with their core system. Boston-based Strategy Meets Action released this week the results of a survey of 121 North American property and […]
Ontario auto insurance has been in a state of flux for decades, a situation fuelled by each successive change to the product. Every time the product changes, it requires more people to administer the changes and educate the public, staff and insurance industry employees.
By William Star, President & CEO, Trillium Insurance Group Inc. | July 31, 2013
6 min read
Property insurance rates generally fell or remained stable in the second quarter of 2013, while directors and officers (D&O) liability rates generally increased in Canada, suggests a report released Wednesday by Marsh Inc. “Increased capacity and competition among insurers and low losses from catastrophes generally kept property premiums from rising in the second quarter,” Marsh […]
By Canadian Underwriter | July 31, 2013
Reinsurance firm PartnerRe Ltd. released Monday its financial results for the second quarter, reporting a 15% year-to-year gain in net written premiums and a net loss of $175.6 million, while providing detail on how it was affected by the record flooding earlier this summer in Alberta. Pembroke, Bermuda-based PartnerRe reported net written premiums of $1.309 […]
By Canadian Underwriter | July 30, 2013
Fitch Ratings Inc. is predicting better operating results this year than in 2012 for property and casualty insurance firms. P&C firms “continue to benefit from premium rate increases in nearly all major commercial and personal product lines following several years of inadequate pricing and severe market competition,” Fitch stated in a release July 25, but […]
By Canadian Underwriter | July 29, 2013
Aon Plc has reported net income for the second quarter of the year of $241 million, down slightly from $27 million in the prior year quarter. Total revenue increased 3% to $2.9 billion compared to the prior year quarter, the company reported Friday. Total revenue for its Risk Solutions business increased 2% to $1.9 billion […]
By Canadian Underwriter | July 26, 2013
Risk and Insurance Management Society (RIMS) Inc. released a report this week, co-authored by the risk coordinator of Calgary-based Suncor Energy Inc., intended to guide professionals on mitigating or avoiding losses ahead of time. The report, titled Root Cause Analysis: More Than Just Cleaning Up the Mess, provides some detail on eight root cause analysis […]
1 min read
Alberta’s Automobile Insurance Rate Board will allow premium levels for mandatory auto insurance to increase by up to 5%, effective Nov. 1, it announced Thursday. Insurance companies have the option to implement all or part of that increase over the next three years. The average cost of claims for 2012 and the estimates for prior […]
By Canadian Underwriter | July 25, 2013
The renewable energy industry could be spending up to $2.8 billion yearly on insurance by the end of the decade, about three times as much as it is now by 2020, according to a new report from Bloomberg New Energy Finance. The report, sponsored by major reinsurer Swiss Re, looked at six markets for solar […]
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