Industry
The average total cost of risk increased by 5% in 2012 over a 1.7% climb in 2011, driven mainly by firming market conditions, according to this year’s RIMS Benchmark Survey. The annual survey includes benchmark statistics with industry data for more than 52,000 insurance programs from nearly 1,500 organizations. In 2012, the TCOR increased from […]
By Canadian Underwriter | July 12, 2013
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Insurers in the United States are facing a risk regardless of which way interest rates are moving, Moody’s Investors Service said Thursday. The recent rise in rates in the U.S. has highlighted a key risk for the property and casualty industry there, Moody’s said in an announcement of its new special comment on interest rate […]
By Canadian Underwriter | July 11, 2013
Drivers in the United Kingdom might be becoming more honest, based on results from an AXA survey. The insurer analyzed more than 30,000 claims between 2010 and 2012 where a driver had hit a parked car. Claims where the driver who hit the car came forward were separated from those where the driver left without […]
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The property and casualty industry is lending its support to both search efforts and insurance claims handling following the oil train disaster in Lac-Mégantic, Que., which killed at least 20 people and left dozens still missing. About 30 home and businesses were completely destroyed following the explosion last Saturday, according to Cunningham Lindsey. The firm […]
4 min read
American insurance companies are investing more time and resources to prepare for new regulatory requirements being set out on the international and federal level, according to a new outlook survey from KPMG. Based on a survey of 101 senior insurance executives conducted this spring, 60% said regulatory and legislative pressures are the most significant barrier […]
By Canadian Underwriter | July 10, 2013
Government inefficiency and an environment not conducive to innovation are among the top issues Canadian executives view as barriers to doing business here, according to new research from the Conference Board of Canada. Generally, Canada is a good place to conduct business, according to the briefing, which is based on data from the World Economic […]
A group of 17 North American retailers and brands have made a formal five-year pact to improve working conditions in Bangladesh, where a major garment factory collapse in April killed more than 1,100 workers. The Bangladesh Worker Safety Initiative was developed over the past five weeks under the guidance of former U.S. senators George J. […]
Saskatchewan Government Insurance is asking for public input on possible changes to motorcycle safety programs, rating structure and injury benefit levels. The public appeal comes shortly after the auto insurer formed the Motorcycle Review Committee to look at issues affected rates in the province, following controversy over increases. SGI and that stakeholder committee have developed […]
3 min read
The insurance coverage on the Boeing 777 that crashed in San Francisco on July 6 is about $2.3 billion, a Singapore news outlet has reported. Asia Insurance Review reported Monday that “10 Korean insurers share about 4% of the insurance coverage for the plane, with the remaining undertaken by some 30 foreign reinsurers,” citing information […]
By Canadian Underwriter | July 9, 2013
The Insurance Bureau of Canada has deployed an on-site response to Saturday’s train explosion disaster in Lac-Mégantic, Que. The IBC’s Community Assistance Mobile Pavilion provides disaster victims with insurance-related information. Most home and auto insurance policies will cover the material damage caused by the disaster, IBC said in a release Monday afternoon. “Our thoughts go […]
By Canadian Underwriter | July 8, 2013
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