HR
The Co-operators’ board of directors has announced that Rob Wesseling will become president and chief executive officer of the company, effective Dec. 1. Currently the executive vice president (EVP) of property and casualty (P&C) operations for the Co-operators General Insurance Company and chief operating officer (COO) with The Sovereign General Insurance Company, Wesseling spent the […]
By Canadian Underwriter | August 30, 2016
2 min read
Tech
The insurance industry will face some real challenges as driverless cars further develop, with just 26% of polled individuals in the United Kingdom expecting to be served by the industry as it stands today if they owned a driverless car. Add to that that 31% of those surveyed also expect cover to be provided at […]
3 min read
Legal / Regulation
WASHINGTON – There will be 600,000 commercial drone aircraft operating in the U.S. within the year as the result of new safety rules that opened the skies to them on Monday, according to a Federal Aviation Administration estimate. The rules governing the operation of small commercial drones were designed to protect safety without stifling innovation, […]
By Jason Contant | August 29, 2016
Worldwide revenues for information technology products and services will grow from nearly US$2.4 trillion in 2016 to more than US$2.7 trillion in 2020, according to the International Data Corporation (IDC). A newly published update to the Worldwide Semiannual IT Spending Guide: Vertical and Company Size indicated that the increase represents a compound annual growth rate […]
By Canadian Underwriter | August 29, 2016
Frank Cowan Company announced on Friday that its liability and property policies can now be enhanced with endorsements to cover drones. The Princeton, Ont.-based managing general agent said in a statement that the drone/unmanned aerial vehicle (UAV) coverage “is intended to close the gap in liability and property insurance because of aviation exclusions.” While the […]
By Canadian Underwriter | August 28, 2016
It would be folly to think that political risk is something that only happens “over there.” The effects over here can be just as damaging. That the number of such incidents may not be as high as has traditionally been the case in emerging markets should offer neither comfort nor serve as a basis for […]
By Angela Stelmakowich, Editor | August 26, 2016
The Insurance Corporation of British Columbia (ICBC) announced on Thursday that it will submit its 2016 basic rate application to the British Columbia Utilities Commission, asking for a 4.9% increase to basic insurance rates – lower than last year’s 5.5% increase. If approved, this will mean an average increase of $3.50 per month for personal […]
By Canadian Underwriter | August 26, 2016
4 min read
Cyber-related insurance products present a “significant growth opportunity” for property and casualty insurance carriers, with more than a third of the U.S. market held by American International Group Inc. and Chubb Ltd., Fitch Ratings Inc. suggested in a report announced Wednesday. About 120 insurance groups reported they write cyber coverage in the United States, with […]
By Canadian Underwriter | August 25, 2016
There is an apparent gap between polled U.S. drivers who are open to taking part in usage-based insurance (UBI) and those who are provided the opportunity to do so, suggest survey results released today by LexisNexis Risk Solutions. That disconnect may mean auto insurers south of the border are not capitalizing the UBI opportunity, notes […]
Northbridge Insurance recently warned of several risks arising from the Pokémon Go computer game, including exposure of confidential information, liability exposure and distracted driving. “Augmented reality games usually require your GPS location and a data connection (either WiFi or cellular data), which means giving access to the app developer to track your whereabouts,” Northbridge Insurance […]
By Canadian Underwriter | August 24, 2016
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