Industry
The introduction of China’s second-generation solvency regime C-ROSS (China Risk Oriented Solvency System) will impact both the fast-growing insurance market itself and beyond, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, said in a report on Thursday. Previously, solvency capital was only decided by an insurer’s size, but now it takes […]
By Canadian Underwriter | March 16, 2015
2 min read
Direct insurance writers in the United States nearly doubled their market share in personal lines over 18 years, but the market share for regional carriers writing through independent agents is on the rise, with some carriers providing instant online quotes through independent agents’ websites, Independent Insurance Agents and brokers of America Inc. suggested in a […]
3 min read
Pricewaterhouse Coopers LLP (PwC Canada) announced on Monday that it had acquired the Platinum Legal Group (PLG), one of Canada’s leading electronic discovery and litigation support firms. Led by William Platt, PLG will join PwC’s Toronto office, but will continue servicing clients in Calgary, Halifax, Montreal, Ottawa and Vancouver. PLG specializes in electronic evidence management […]
The Ontario legislature has voted to send to committee a bill proposing to expand the range of agricultural products eligible for crop insurance under Ontario’s Agricorp, with one former broker suggesting farmers are talking about the need for coverage for bovine spongiform encephalopathy (BSE), or mad cow disease. “Our province’s inability to offer production insurance […]
By Canadian Underwriter | March 13, 2015
Kingsway Financial Services Inc. of Toronto, whose subsidiaries provide non-standard auto insurance in the United States, announced Friday it lost $11.2 million in 2014 on revenues of $188 million. All figures are in U.S. dollars. Kingsway’s loss in 2014 was down 69% from a loss of $36 million in 2013, when it reported revenues of […]
OTTAWA – Proposed new federal regulations will give shippers until 2025 to upgrade rail tank cars to a higher safety standard, a transition that would come almost 30 years after serious deficiencies in the fleet were first identified – and as oil-by-rail accidents continue to pile up. The safety upgrade would build on new standards […]
By Canadian Underwriter | March 12, 2015
DETROIT – Honda is launching an unprecedented U.S. ad campaign urging owners to get vehicles repaired if they have been recalled to fix defective air bags. The Japanese automaker will spend several million dollars on ads in 120 newspapers and 30-second radio spots in 110 markets. It’s also sponsoring customized Facebook posts that will appear […]
The Insurance Bureau of Canada announced Thursday a wireless app – available now on devices running Google Inc.’s Android operating system – meant to raise awareness about staged collsions. SafetyMobile app was launched at Toronto’s Danforth Collegiate Thursday as part of fraud prevention month. IBC says it is available now from the Google Play store […]
An influx of commercial claims from businesses affected by Cyclone Marcia in February has ratcheted up the reserved value of insurance losses to AU$403.6 million, the Insurance Council of Australia (ICA) reported Thursday. That AU$403.6 million total relates to 29,565 claims reported to date, notes a statement from ICA. Marcia prompted ICA to declare a […]
A number of indicators support continued acceleration of activity in the insurance mergers and acquisitions (M&A) market, notes a new report from Deloitte. In 2013 and 2014, “an increased number of large M&A announcements helped to drive the aggregate deal value for the year, offsetting a decline in smaller details,” notes the report, 2015 Insurance […]
By Canadian Underwriter | March 11, 2015
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