Industry
Canada’s property and casualty insurance industry seems now to be operating in a micro-cycle type of environment as opposed to hard or soft markets, Brigid Murphy, president and CEO of Travelers Canada, said Tuesday at a luncheon and panel discussion presented by the Property Casualty Underwriters Club. “Is the cycle dead? I actually think it […]
By Canadian Underwriter | June 17, 2015
4 min read
Abundant capacity and strong competition have contributed to a generally favourable marketplace for buyers of political risk insurance coverage globally as the second half of 2015 approaches, according to a Marsh briefing released on Wednesday. “Despite growing concerns about global political and credit risks and a recent increase in loss notifications – which will likely […]
2 min read
The federal government introduced Tuesday a bill that proposes to change Canada’s driving-related criminal offences, increasing minimum sentences for drivers who kill people in collisions and taking away the loophole that lets drunk drivers claim they quickly consumed alcohol after they stopped driving. Justice Minister Peter MacKay tabled Bill C-73, the Dangerous and Impaired Driving […]
Enhanced operational efficiency among players in the Canadian property and casualty insurance space – including through disciplined and discerning underwriting – is key in light of emerging competition and a changing landscape, Greg Belton, Toronto-based executive chairman of HKMB Hub International, suggested during a panel discussion in Toronto Tuesday. “The industry is moving around,” Belton […]
5 min read
The global insurance industry is at a “pivotal juncture” as it grapples with changing customer behaviour, new technologies and new distribution and business models, suggests a new report published by PwC on Monday. In 2010, PwC began carrying out scenario analysis of the trends reshaping insurance and what the industry would look like by 2020, […]
By Canadian Underwriter | June 16, 2015
3 min read
HALIFAX – There were no mechanical problems with an Air Canada passenger jet that crashed about 200 metres short of the runway at the Halifax airport in March, the Transportation Safety Board says in a preliminary report released Tuesday. The independent board issued a statement saying the Airbus 320-200 was correctly configured for landing, its […]
Investment in sales and marketing technology tools among larger, more successful insurance agencies is likely to grow, compared to smaller agencies and those whose revenues are stagnant or shrinking, according to a joint study released on Tuesday by Velocify and Insurance Technologies Corporation (ITC). The State of Techsurance 2015 by Velocify, a provider of cloud-based […]
Motor injury fraud in the United Kingdom accounts for 60% of all claims fraud that Aviva detects, with the insurer reporting it identified more than 14,000 fraudulent claims worth £95 million last year. Motor injury fraud – including bogus claims, “cash for crash” and organized fraud – continues to be the biggest problem area and […]
Commercial insurance prices increased in aggregate at a modest pace (2%) during the first quarter of 2015, according to the latest Commercial Lines Insurance Pricing Survey (CLIPS) conducted by global professional services company Towers Watson. The survey, released on Monday, compared prices charged on policies underwritten during the first quarter of 2015 to those charged […]
By Canadian Underwriter | June 15, 2015
The average married couple in the United States pays 80% more for auto insurance after adding a teen driver to their policy, according to a new report on Monday from InsuranceQuotes.com, an online provider of quotes for auto, life, homeowners, health, renters, dental, group health and business insurance. The report said that 16-year-olds cause the […]
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