Industry
The Co-operators General Insurance Co. has released its financial results for the first quarter of the year, reporting a consolidated net income of $58.1 million, down from $66.5 million for the same quarter in 2012. “We are pleased with our first quarter results, and with the client growth we experienced in our core product lines,” […]
By Canadian Underwriter | April 26, 2013
1 min read
Brokers are losing market share to direct writers while customers are demanding more web and mobile services, but an executive with RSA predicts the decline of brokers’ market share will slow down. “We’re quite bullish on the broker channel,” said Shawn DeSantis, executive vice president of RSA Insurance. Brokers have 91% of the Canadian commercial […]
3 min read
As the risk landscape of the global energy sector grows increasingly complex and challenging, the sector’s failure to mitigate risks associated with new frontiers in exploration and production could jeopardize its growth and its pivotal role in stimulating economic recovery, suggests a report released Thursday by Marsh. “The global energy sector is driving struggling countries […]
By Canadian Underwriter | April 25, 2013
Insured losses from the April 17 Texas fertilizer plant explosion that damaged surrounding property will likely be around $100 million, the Insurance Council of Texas said Wednesday. About 140 homes in West, Texas were destroyed after the blast, which caused 14 fatalities and left up to 200 people injured, according to the insurance council, which […]
2 min read
The United Kingdom government is offering small businesses both advice and incentives in a bid to help them better protect themselves from data breaches, which climbed more than 10% in the last year. Findings in the 2013 Information Security Breaches Survey – funded by U.K.’s Department for Business, Innovation & Skills (BIS) and carried out […]
5 min read
A new study out of the United States suggests that voice-to-text mobile apps have roughly the same distracted driving impact as manual texting and doesn’t prove to be any safer. The study, led by researchers at the Texas A&M Transportation Institute, included 43 participants driving on a closed course. All the participants were “very familiar” […]
By Canadian Underwriter | April 24, 2013
Insurance software provider Applied Systems announced Wednesday the general release of Epic 7, the latest version of the company’s broker management system. This is the first time Applied’s Epic system has been commercially available to brokerages in Canada. Earlier this month, Applied held a launch event in Toronto to explain some of the new elements of […]
New distraction guidelines issued by the National Highway Traffic Safety Administration (NHTSA) encourage automobile manufacturers to limit the distraction risk connected to electronic devices built into vehicles. The voluntary guidelines include recommendations to limit the time a driver must take his eyes off the road to perform any task to two seconds at a time and […]
Quindell Portfolio Plc, a United Kingdom-based technology provider for the insurance industry, has entered the North American insurance market by acquiring Iter8 Inc., a Toronto-based provider of software-as-a-service for property and casualty brokers and agents. The agreed valuation of the transaction is £20.8 million, to be paid out in cash and share. As part of […]
A prospective customer’s age is not necessarily a good way of predicting whether they want to get insurance quotes online, but agents need to become adept at using mobile devices and online services such as blogs and social media, a recent report from Accenture suggests. The report, dubbed “The Digital Insurer,” is based on a […]
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