Industry
Intact Financial Corporation (IFC), Canada’s largest provider of property and casualty insurance in Canada with $7.3 billion in premiums, announced on Tuesday that it has launched Intact Lab – its centre for digital excellence. The Intact Lab will be based in Montreal at the company’s 2020 Robert-Bourassa office and is scheduled to open in May, […]
By Canadian Underwriter | March 24, 2015
2 min read
The Canadian Association of Mutual Insurance Companies (CAMIC) warned Tuesday that policyholders of mutual property & casualty insurance firms “need to pay close attention” to draft regulations on the demutualization of property & casualty insurance firms, suggesting those proposed rules do not specify what benefits non-mutual policyholders would get in the event of demutualization. Canada […]
3 min read
Global shipping losses for 2014 may be down once again, but mega ship and cyber attacks risks are emerging and pose a threat to the maritime sector, Allianz Global Corporate & Specialty (AGCS) SE cautions in a report issued Tuesday. The good news is shipping losses are continuing their long-term downward trend, with 75 total […]
5 min read
The cyber threat remains one of the most significant – and growing – risks facing businesses in the United Kingdom, Marsh UK said in a report released on Monday. The report, titled UK Cyber Security – The role of insurance in managing and mitigating the risk, said that 81% of large businesses and 60% of […]
By Canadian Underwriter | March 23, 2015
Despite insurers worldwide increasingly creating value through the innovative use of digital tools and technology, much of the potential value and the most significant opportunities for making digital a competitive advantage remain untapped, argues a new report from McKinsey & Company. Insurers are already demonstrating the value that a digital approach can deliver through improved […]
WHITE PLAINS, N.Y. – The children of comedian James McNair, who was killed in the New Jersey Turnpike crash that injured Tracy Morgan, are getting a $10 million settlement from Wal-Mart, court papers show. The documents also show that the children, Jamel McNair, 26, and Denita McNair, 19, are putting part of the payment toward […]
By Canadian Underwriter | March 20, 2015
Police in Saskatchewan caught 245 distracted drivers last month, showed statistics released Friday by Saskatchewan Government Insurance (SGI). February’s traffic safety focus on distracted driving saw police issue 245 tickets. Driving while using a cellphone accounted for 184 of those tickets and also resulted in two vehicle seizures, SGI reported in a press release. In […]
A man who was successfully sued after punching another player in a hockey game is still required to pay damages for battery, even though the defendant is bankrupt, the Court of Appeal for Ontario ruled this week. Section 178 of the federal Bankruptcy and Insolvency Act stipulates several circumstances under which a person who is […]
4 min read
The Centre for Study of Insurance Operations (CSIO) announced Thursday it has certified Optimum General Inc. on its eDocs standard. eDocs is intended to let insurance brokers download policy documents from insurers’ computer systems to broker management systems, and to store those documents on BMSs without manual intervention. Montreal-based Optimum General’s offerings include home, auto […]
By Canadian Underwriter | March 19, 2015
Sections of an Ontario law aimed at reducing auto insurance claims costs, which would give inspectors power to enter premises without a search warrant and remove records for review, take effect in less than two weeks. Bill 15, the Fighting Fraud and Reducing Automobile Insurance Rates Act, is an omnibus bill that was passed into […]
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