Industry
The Insurance Corporation of British Columbia (ICBC) will cut management positions in line with a provincial review released Aug. 16. The review contains 24 recommendations, including several that will see ICBC better aligned with government’s priority of cost containment, notes a statement from British Columbia’s Ministry of Finance. “The review identified management growth as an […]
By Canadian Underwriter | August 16, 2012
2 min read
A strong second quarter pushed Munich Re’s consolidated profit to €1.59 billion ($1.9 billion) for the six months to June 30, putting the company well on the way to surpassing its full-year target of €2.5 billion ($2.9 billion). Consolidated profit in the second quarter was €812 million ($987 million), up from €738 million ($897 million) […]
1 min read
A survey by Swinton Vans indicates van drivers in the United Kingdom are having second thoughts about relying on their satellite navigation (sat nav) systems, with one in five respondents opting to get from A to B on their own. In a survey of 1,000 van drivers, about a fifth of respondents reported they would […]
By Canadian Underwriter | August 15, 2012
Aviva, the U.K.’s second largest insurer, is trying out technology that uses customers’ smart phones to track their driving habits and adjust their rates accordingly. Drivers with the company using Android phones are invited to download the Aviva Rate My Drive app, which monitors the first 200 miles of driving. It records acceleration, braking and […]
Only three of 11 mid-size luxury or near-luxury cars earned good or acceptable ratings in “small overlap” frontal crash tests based on recent testing by the Insurance Institute for Highway Safety (IIHS). The Acura TL and Volvo S60 received good ratings, while the Infiniti G got an acceptable rating. Of the remaining eight types of […]
General professional liability insurance may not represent enough protection for board members and senior executives to deal with a wave of emerging exposures, notes a recently released report from Willis Group Holdings. One of the prime threats is cyber risk, states Willis’ Executive Risks: A Boardroom Guide. “The risks and dilemmas posed by serious data […]
By Canadian Underwriter | August 14, 2012
More than 70% of public companies in North America have an incident response plan for an electronic security breach, yet 57% of those firms do not include cyber liability insurance as part of that plan, notes a new risk survey by Chubb Insurance. Survey respondents identified cyber risk as the number one concern facing their […]
By Canadian Underwriter | August 13, 2012
Specialty Canadian insurer Frank Cowan Company has selected Guidewire ClaimCenter as its new claims management system. With the new system, Frank Cowan Company expects to reduce claims cycle times, improve data analytics and reporting capabilities and readily make system changes to meet changing business and technical requirements. “Claims management is complex,” says Derek Sarluis, vice […]
Increased net premiums and improved claims experience helped Desjardins Group’s property and casualty insurance segment post $47 million in surplus earnings before member dividends in 2012 Q2. The total represents a $24-million increase, or 104.3% higher, than surplus earnings before member dividends in 2011 Q2, notes a statement from Desjardins Group, operated through Western Financial […]
By Canadian Underwriter | August 10, 2012
EGI Financial Holdings Inc. (TSX: EFH) has reported a net operating loss of $1 million for 2012 Q2, which the company attributed to “a $5.3-million (pre-tax) impact from cancelled programs in the niche products division.” The result compares to a net operating income of $1.5 million for the same quarter in 2011. “We are very […]
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