Industry
The National Highway Traffic Safety Administration (NHTSA) in the United States issued on Thursday a safety advisory and consumer video encouraging owners of model year 2007 and older trucks, SUVs and passenger cars to inspect brake lines and thoroughly wash the underside of their vehicles. The advisory noted that the washing could remove corrosive salt […]
By Canadian Underwriter | April 10, 2015
3 min read
IT research and consulting firm Celent estimates that total insurance IT spending across North America, Europe, Latin America, and Asia-Pacific will grow to US$174.9 billion in 2015, with continued growth to US$189.2 in 2017. This upward shift is above last year’s estimates and is the result of increased IT budgets from chief information officers and […]
By Canadian Underwriter | April 9, 2015
2 min read
Seven catastrophe bonds covering US$1.5 billion in property risk were issued in the first three months of 2015, and two of those provide coverage in Canada, Verisk Analytics Inc.’s Property Claims Services (PCS) unit said in a report released Wednesday. “Six of the seven catastrophe bonds completed this year had exposure to North America,” PCS […]
By Canadian Underwriter | April 8, 2015
A jeweller in London said on Wednesday there’s a good chance that diamonds worth millions of pounds were snatched by thieves from a vault in the city over the weekend, British broadcaster Sky News reported. Police said on Tuesday that heavy cutting equipment had been used to break into a vault containing deposit boxes at […]
Improving experience for customers is a high priority for North American insurers, but many businesses invest in technology for reasons other than customer service, speakers suggested Tuesday at AudaVision Toronto 2015. Strategy Meets Action (SMA), a Boston-based research and advisory firm, publishes the top 10 imperatives for insurers every year, said SMA partner Mark Breading […]
CANATICS, a not-for-profit organization created by the auto insurance industry to help fight fraud, launched a tool to help identify suspicious claims on Wednesday. CANATICS, or Canadian National Insurance Crime Services, analyzes pooled auto insurance industry data using state-of-the-art analytical tools to identify suspicious claims that individual insurers can then investigate, CANATICS said in a […]
Commercial insurance prices in aggregate have been increasing marginally for the past two years, with the 2014 fourth quarter results the highest reported since Q2 2012, according to a new survey from Towers Watson. Released to the media on Tuesday, the Towers Watson Commercial Lines Insurance Pricing Survey – Canada (CLIPS Canada) found that price […]
By Canadian Underwriter | April 7, 2015
While the first quarter of 2015 has clearly demonstrated the urgency and diversity of change across the reinsurance industry, this can only increase in the short-to-medium term as the global reinsurance market evolves, suggested a new report from Willis Re. There is a clear sense of urgency as reinsurers seek to implement major changes, the […]
The global reinsurance industry managed to deliver solid results in 2014, with most companies reporting strong combined ratios and profitable returns, despite increased challenges in terms of price declines, increased commissions and tougher terms and conditions, A.M. Best Company said in a special report released on Tuesday. In the report, titled Appearances Can Be Deceiving, […]
4 min read
The Rockefeller Foundation, Swiss Re, Goldman Sachs and risk modeller RMS have partnered to help launch a new program meant to design and structure new insurance-based products to generate capital for risk-reduction projects. The RE.bound program leverages innovative risk transfer solutions as a mechanism for resilient infrastructure project management re:focus partners, a design firm dedicated […]
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