Industry
Prime Minister Stephen Harper announced Monday that Scott Tannas, president and CEO of Western Financial Group, has been appointed to the Senate. “I am pleased to announce the appointment of a remarkable Canadian to the Senate of Canada,” Harper said in the announcement. “Our Government welcomes the fact that Mr. Tannas was selected by the […]
By Canadian Underwriter | March 26, 2013
2 min read
A third of British small businesses included in a recent survey admit they have already or would exaggerate or fabricate an insurance claim, while one in ten said they would stretch the truth when applying for a policy. AXA Business Insurance conducted the survey and said it looked at hundreds of small British businesses to […]
By Canadian Underwriter | March 25, 2013
Some property and casualty carriers are deploying multi-prong distribution strategies, which is putting pressure on the marketplace and resulting in activity on the mergers and acquisitions (M&A) front, Allan Buitendag, a partner and Canadian insurance consulting leader at PwC Consulting, noted last week in downtown Toronto. There was significant M&A activity in 2011 and this […]
3 min read
Kingsway Financial Services Inc. of Toronto, which last year announced the restructuring of its American underwriting subsidiaries, announced last week it lost $53 million in 2012. In a press release Friday, Kingsway said it recorded net premiums earned in 2012 of $114.9 million, down from $156.4 million in 2011. Total revenue dropped, from $228.5 million […]
Insurance industry technology provider Applied Systems has undergone a branding change, reflecting its recent expansion and an upcoming acquisition for the 30-year old company. The branding change, which includes a new logo, comes after the company has seen fast growth with its Epic agency management system, and has expanded into new business areas, including by […]
1 min read
Public concern about pollution, the multitude of regulatory agencies and the increased capacity of container ships are all increasing the costs to insurers and reinsurers of removing shipwrecks, a recent Lloyd’s report suggests. Last week Lloyd’s published The Challenges and Implications of removing Shipwrecks in the 21st Century. The report noted the cost so far […]
SAP has introduced a new analytic application to help companies around the world address what the Association of Certified Fraud Examiners has estimated at US$3.5 trillion worth of fraud annually. The SAP Fraud Management for Insurance analytic application – powered by the SAP HANA platform – is designed to help companies detect fraud earlier, which, […]
By Canadian Underwriter | March 22, 2013
New research suggests that 24% of Americans believe it’s okay to increase an insurance claim by a small amount to make up for their deductibles, although that percentage has declined over the past decade. In a 2002 telephone survey, 33% said they believed padding claims was acceptable, notes the Insurance Research Council, which recently released […]
The Tredd Group of Companies has negotiated a merger with The BKI Group of Companies, Brian Kane Insurance Agencies Ltd. and BKI Financial Strategies Ltd. in Calgary, Alberta, effective March 20. The move will help Tredd, an independent brokerage, strengthen its position in the oil and gas industry, the company’s president, Ron Trecroce, said in a […]
The federal government has pledged $53.5 billion over the next decade for infrastructure across the country, a move that the Insurance Bureau of Canada has commended. The 2013 budget, delivered Thursday, set out the amount for provincial, territorial and municipal infrastructure over the next 10 years. The government’s plans for infrastructure include: The government also […]
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