Industry
The Canadian property and casualty insurance market saw substantial growth in premiums in 2012, largely because of growth in personal lines, including improvement in Ontario auto results, according to preliminary data from MSA Research. The industry’s combined ratio for the year came down to 96.7% from 99.5% in 2011 (not including those in the Lloyd’s […]
By Canadian Underwriter | March 21, 2013
2 min read
LoJack Corp. of Canton, Mass. released Thursday its fourth annual vehicle theft recovery report, noting Honda Accords and Civics are the most stolen and recovered vehicles with LoJack products. The report, which uses data from 27 American states, is specific to stolen cars, trucks and SUVs that were recovered in 2012 and equipped with LoJack’s […]
1 min read
Specialty insurer XL Group has announced a new product aimed at owners of yachts and other high-value and recreational vessels. Dubbed ShipShape, the product includes recreational marine coverages tailored to yacht owners, XL said in a statement announcing the product. “XL Group provides insurance for large marine risks across the globe. Now, we’re excited to […]
Data is increasingly being regarded as an asset since discussions around cyber security and privacy have moved beyond the realm of e-commerce to touching all types of organizations and industries today, Greg Eskins of Marsh Canada suggested during a presentation in downtown Toronto Tuesday. “The loss or damage of data information is an issue, I […]
By Canadian Underwriter | March 20, 2013
3 min read
The Insurance Bureau of Canada will soon be launching a public education display at a mall in the Greater Toronto Area focused on auto insurance issues, a hot topic in the region and Ontario generally. The “Time to Talk Tour” is seeking consumer opinions about the problems they think face Ontario’s auto insurance system, and […]
Spring is fast approaching and with it comes a caution from State Farm that the increased presence of wildlife along roadways could up hazardous conditions for motorists and wildlife alike. Motorists across the country are reminded to be on the lookout, notes a statement from State Farm. “The breeding season, bird migration, animals coming out […]
As the world is attempting to recover from the 2008 financial crisis and volatility in several regions, the latest Aon Political Risk Map shows more countries’ risk ratings have declined than in previous years, the company noted Tuesday. On the 2013 interactive map, 13 countries have shown decreased risk from last year, while in 2012, […]
By Canadian Underwriter | March 19, 2013
Claims technology provider Symbility Solutions announced Tuesday that its Symbility Mobile Claims app is now available for Android devices. The app aims to improve efficiency, customer service and speed during the estimation process. The app is now compatible with more devices, adding to the user experience, the company said. It also allows customers more flexibility […]
Commercial property insurer FM Global reported Tuesday a 2012 year-end result of $5.5 billion in consolidated gross premium, an 8.6% increase from the previous year. Net income for the year was $774 million, and the company reported a combined ratio of 85.7%. It also reported a policyholder surplus of $7.9 billion for the year. All […]
Total insurance IT spending worldwide will hit about $140.2 billion this year and will continue to grow into 2015, says research firm Celent. In 2015, insurance industry IT spending will be around $154.5 billion, “a cautious but encouraging indicator of future growth,” Celent says in the abstract to the report, IT Spending in Insurance: A […]
By Canadian Underwriter | March 18, 2013
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