Industry
Economical Insurance announced Wednesday it is eliminating 143 positions across all of its offices, as part of its ongoing “business transformation program.” The organizational restructuring of information technology at the Waterloo, Ont.-based insurer is now complete, while “business and process analysis is ongoing,” the company’s statement said. “This has been a difficult decision and we […]
By Canadian Underwriter | May 29, 2013
1 min read
The majority of British businesses may not be implementing basic security practices, leaving them unprepared for potential terrorist attacks, suggests a recent analysis of survey results. More than half (54%) of businesses included in a survey by research firm YouGov said that their organization doesn’t regularly check leaking of sensitive company information such as building […]
2 min read
While there is potential for growth in the cyber insurance market, pricing strategies and the evolving nature of cyber risk make effective underwriting a challenge, notes a new report from rating agency A.M. Best. In the past three or four years, the cyber insurance market has grown by about 80%, mainly because of increased demand […]
By Canadian Underwriter | May 28, 2013
As a means to meet the increased demand for a product that responds to heightened risk exposure associated with high profile events, Ironshore International is launching what it says is a customized, comprehensive insurance solution. The SecurEvent policy was launched in response to recent events that revealed potential gaps in insurance coverage in the aftermath […]
The insurance industry can play an important role in economic development in the Middle East and North Africa region, but despite growth potential, many challenges remain, notes a new report from Zurich Insurance Group. The MENA region has some of the lowest penetration rates in the world for insurance, with an average rate of 1.5%, […]
The Boiler Inspection and Insurance Company of Canada announced Tuesday it is combining equipment breakdown insurance with coverage for data compromise and identity recovery in one policy, known as All Systems Go Plus. The company said brokers are able to self-rate, bind and issue All Systems Go Plus policies from Toronto-based BII’s website. It also stated […]
An average of 150 cyclists are injured each month in British Columbia from May to October, according to the Insurance Corporation of British Columbia. Crashes involving cyclists peak during this time, according to the government insurer. According to crash data from 2008 to 2012 and fatality to data from 2007 to 2011, the Lower Mainland […]
By Canadian Underwriter | May 27, 2013
5 min read
The New Brunswick government has proposed changes to the Off-Road Vehicle Act in the province, aimed mainly at improving safety. The government is proposing changes including: “Use of all-terrain vehicles and snowmobiles is an important part of life for many New Brunswickers, and we want to ensure continued safety standards as well as sustainable growth […]
By Canadian Underwriter | May 24, 2013
The New Brunswick government announced Thursday its intention to consolidate regulation of financial services, including insurance, under one independent agency. “As our government stated in the 2011 Speech from the Throne, we have been studying the feasibility of creating a single, independent regulatory agency that would oversee financial services in New Brunswick,” Justice Minister and […]
By Canadian Underwriter | May 23, 2013
Washington, D.C. and Virginia Beach are among the riskier summer road trip destinations based on auto collision data, according to analysis from Erie Insurance. The Pennsylvania-based insurer looked at 10 popular vacation destinations and ranked them in terms of crash risk and traffic congestion. For collision risk, the company used five years of crash data […]
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