Industry
Insurance brokers need to make more use of predictive analytics computer software to offer better rates to lower-risk customers but the industry hasn’t done a good job of explaining the benefits to customers and policymakers, according to the heads of several major insurance firms. “If analytics are used properly, I think they’re useful as an […]
By Canadian Underwriter | October 19, 2012
3 min read
Homeowners should be rewarded if they do their part and install equipment to help mitigate insurable water damage, a growing concern given the increase in extreme weather events believed to be linked to climate change, Maurice Tulloch, president and CEO of Aviva Canada, said at a conference on Oct. 18. “We no longer say, ‘Is […]
2 min read
For Alister Campbell, CEO of the Guarantee Company of North America, a good underwriter is the complete opposite of a new car. “Underwriters get better with mileage,” he said during a CEO panel at the 2012 Insurance Brokers Association of Ontario Annual Convention in Toronto this week. “They need to make mistakes, they need to […]
CARSTAR has appointed a new regional manager in Quebec. In his new role, Patrick Joly will act as a main contact for the company’s current franchise partners in Quebec, working closely with regional director Yves Robichaud and Rémi Michaud, CARSTAR’s quality specialist for the area. Before joining the company, Joly was the business development manager […]
1 min read
Adopting a collaborative approach that focuses on common initiatives, as opposed to company-specific efforts, represents the best way for brokers to win the online client, Rick Orr, president of the Insurance Brokers Association of Ontario (IBAO), said during the IBAO’s 2012 annual general meeting on Oct. 17. It was a message that Orr has repeated […]
By Canadian Underwriter | October 18, 2012
Despite some improved profitability and strong capital among some European countries’ non-life insurance sectors, the Eurozone financial crisis still presents a major barrier to growth for that industry moving forward, suggests a recent report from A.M. Best. Based on “stress tests” completed in December 2011 and June 2012, the rating agency maintained its negative outlook […]
ACE Ltd., the parent company of ACE Group, has announced its plans to acquire Mexican personal lines insurer ABA Seguros from Ally Financial Inc. for about $865 million. Based in Monterrey, ABA Seguros is Mexico’s sixth largest property and casualty insurer and provides auto, homeowners and small business coverages. A subsidiary of Ally formed in […]
Commercial insurance premiums are growing faster in emerging markets than elswhere, although the United States still remains the largest commercial insurance market globally, suggests a new study from reinsurance giant Swiss Re. The U.S. accounts for about 40% of the $600 billion global commercial insurance business, according to Insuring ever-evolving commercial risks, Swiss Re’s latest […]
By Canadian Underwriter | October 17, 2012
Auto insurance rates for consumers in Alberta and Ontario have decreased in the third quarter of 2012 over the same time period last year, suggests a report from insurance website Kanetix.ca. In Q3 2012, rates in Ontario decreased 5.3% and decreased 5.8% in Alberta, according to the site’s quarterly review of car insurance. Ontario has […]
Global insurance broker Willis Group Holdings has announced Dominic Casserley will be its new chief executive officer, effective Jan. 7, 2013, following the 12-year tenure of current company head Joe Plumeri. Casserley, 54, is currently a senior partner of McKinsey and Company, which he joined in New York in 1983. During his time with that […]
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