Industry
NEW YORK – An agreement in which Target Corp. will pay US$10 million to settle a class-action lawsuit over a massive data breach in late 2013 received preliminary approval Thursday in the United States. U.S. District Judge Paul Magnuson gave his approval at a hearing Thursday in St. Paul, Minn. “Target really needs to be […]
By Canadian Underwriter | March 19, 2015
3 min read
A survey of property and casualty insurance executives in Canada and the United States has found that while predictive modelling remains essential to performance success for personal lines insurers, its implementation remains uneven and inconsistent. On Thursday, Towers Watson announced the results of the Predictive Modeling Survey, a web-based survey of 52 Canadian & U.S. […]
2 min read
Claims under the Saskatchewan’s Provincial Disaster Assistance Program are contributing to higher-than budgeted overall government spending this year, while lower-than-budged crop insurance claims are the main reason agriculture spending will be $44 million lower than expected in 2014-15, the provincial government announced Wednesday. Meanwhile, the 2015-16 budget, tabled Wednesday by Finance Minister Ken Krawetz, includes […]
Two weeks after the federal government published draft regulations on the demutualization of property & casualty insurance companies, the Supreme Court of Canada has dismissed an application, from plaintiffs who unsuccessfully sued an insurer over its demutualization, for leave to appeal. Last year, the Court of Appeal for Ontario upheld a 2012 decision by the […]
By Canadian Underwriter | March 18, 2015
4 min read
ACE Group, one of the world’s largest multiline property and casualty insurers with operations in 54 countries, announced on Wednesday privacy and network liability coverage for private companies in Canada. The new offering includes the option to add the same broad privacy and network liability coverage that ACE offers on a standalone basis. “ACE’s private […]
As part of their information security programs, companies should consider hiring a vendor to test employees at random by asking them for information that should not be shared and raise awareness among the “most vulnerable” employees -such as new hires and senior managers – insurance provider The Chubb Corp. suggested in a paper released Tuesday. […]
By Canadian Underwriter | March 17, 2015
The number of transactional risk policies placed in United States and Canada more than doubled last year for commercial insurance broker Marsh Ltd., which suggested in a recent report that carriers in North America are expanding their coverage for policies such as representations and warranties. “Demand for transactional risk insurance, predominantly warranty and indemnity (W&I) […]
Property, casualty and financial and professional liability rates in the United States’ real estate industry are generally expected to soften in 2015, barring unforeseen changes, Marsh LLC said on Monday. [click image above to enlarge] The finding was from Marsh’s US Insurance Market Report 2015, which found that the U.S. real estate industry experienced relatively […]
The Caribbean general insurance market remains profitable, albeit challenging, for participants, according to the latest special report by ratings firm A.M. Best. Company Inc. The company’s special report, titled Caribbean-based General Insurers: What Lies Ahead? and released on Monday, states that the region is susceptible to major storm damage, earthquakes and flooding, which can be […]
The Court of Appeal for Ontario recently ruled in favour of the Dominion of Canada General Insurance Company, in a lawsuit over a disputed auto insurance claim, which The Dominion said was barred by a two year limitation period but which the claimant alleged was handled in bad faith. In a decision released Friday, the […]
By Canadian Underwriter | March 16, 2015
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