Industry
Tornadoes that hit the Dallas-Fort Worth area on Apr. 3 may result in up to $500 million in insured losses, according to the Southwestern Insurance Information Service (SIIS). Insurers have already reported $300 million in claims, according to the service, which represents member companies in the region. At least 350 homes were destroyed and up […]
By Canadian Underwriter | April 12, 2012
1 min read
More than just a “philanthropic” exercise, international Corporate Social Responsibility (CSR) standards can help a company gain valuable “intelligence” that may in fact reduce the risk of a business failure in emerging economies. Avril Cole, associate at Norton Rose Canada LLP in Toronto, made the observation at a seminar in Toronto called International CSR Standards: […]
2 min read
The top priority for information technology leaders at insurance companies is keeping the clients they have, Gartner Inc. said in a recent report. In a survey of IT professionals from five Canadian and 57 U.S. property and casualty insurers, 81% of respondents cited client retention as their Number 1 priority for technology investments. “Insurers have […]
An upward surge in interest rates could spell trouble for U.S. property and casualty insurer investments, Moody’s rating agency said in a recent report. Insurers are facing increased interest rate risk due to their large fixed income holdings, which account for about two-thirds of the industry’s $1.3 trillion in invested assets, according to the report […]
By Canadian Underwriter | April 11, 2012
Insurers have tried to recoup some of their catastrophe-related losses in 2011 by upping global property insurance rates in the first quarter of this year, according to a report from Marsh. It found property rates in the United States generally increased for both catastrophe-exposed and non-catastrophe risks in 2012 Q1, with the former increasing between […]
Intact Insurance is the first private insurer to provide its brokers with enhanced commercial data exchange tools through improved portfolio download management. Working with Policy Works, the company now gives brokers the ability to process their entire commercial lines portfolio of new applications or renewals in batch mode. “Intact brokers who use portfolio download will […]
‘Hacktivists’ randomly exposing millions of dollars worth of personal and corporate information may grab media headlines, but more common — and equally disturbing — forms of data breaches relate to everyday carelessness with non-encrypted work data, according to a panel of experts discussing the topic on Apr. 11. The Chartis-sponsored event, Data Breaches, Coming to […]
3 min read
The total insurance costs of the fire that halted production at the Horizon oil sands project in Alberta last year has been finalized at $726 million. Canadian Natural Resources (CNR) Limited indicated in a release of fourth-quarter and year-end 2011 financial results that its Horizon coker fire business interruption claim was $333 million. An additional […]
By Canadian Underwriter | April 10, 2012
Fireman’s Fund has partnered with Allianz Global Corporate & Specialty, an Allianz affiliate company in Canada, to expand its global entertainment division into Canada. Allianz Global Corporate & Specialty will handle all aspects of Canadian entertainment business through appointed entertainment agents and brokers. As a member of the Allianz Group, Fireman’s Fund can offer high […]
Insurance software company Applied Systems is planning to open a Canadian data center in 2012 Q3. The data centre would provides additional data storage for the growing number of insurance brokers who choose online broker management systems and request data storage within their national borders, Applied says in a press release. The facility will be […]
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