Industry
Fire, wind loads and the challenge of pumping concrete to extreme heights are among the risks of modern high-rise construction, Allianz Global Corporate and Specialty (AGCS) SE suggested in a recent report. Munich-based AGCS, which has provided insurance for the world’s tallest buildings, released its Supertall Buildings Risk Bulletin this week. “Increasingly complex high-rise building […]
By Canadian Underwriter | June 26, 2014
3 min read
Trips to your local mechanic might become less frequent as new technology develops that could make it possible for cars to essentially fix minor glitches themselves. Whether it’s realigning the sensors that prevent you from backing into a pole, or updating the guts of the dashboard software, new technology from a subsidiary of smartphone maker […]
By Canadian Underwriter | June 25, 2014
2 min read
Non-life insurance premiums rose 3.2% in Canada and 2.3% worldwide in 2013, Swiss Re Ltd. announced in a recent sigma study titled, ‘World insurance in 2013: steering towards recovery‘, though growth was slower in advanced markets due in part to a “weak economic environment” in Western Europe. In a press release Wednesday, Zurich-based Swiss Re […]
Economical Mutual Insurance Company has no plans to move forward with telematics and usage-based insurance (UBI) at this time in light of quickly changing technology and as-yet unidentified factors that will ultimately drive adoption. Economical, which has closely studied and continues to monitor telematics and UBI, in fact, is ready to move, according to Karen […]
A successful demutualization would help Economical Mutual Insurance Company in its goal of becoming a leader in the property and casualty insurance industry, amidst consolidation that is seeing larger P&C companies gain market share, notes an Economical backgrounder issued in advance of the company’s 2014 annual general meeting Tuesday. The largest P&C companies are acquiring […]
By Canadian Underwriter | June 24, 2014
5 min read
American International Group, Inc. (AIG) insurers have launched a new line of multinational commercial property products and services for mid-sized businesses confronting global risk exposures AIG’s Property Performance Series – which includes expanded coverage, loss prevention engineering and risk management solutions – is meant to meet needs in light of more middle market companies seeking […]
By Canadian Underwriter | June 23, 2014
TOKYO – Honda, Mazda and Nissan are recalling millions of vehicles globally for defective airbags manufactured by supplier Takata Corp. that could possibly explode. No accidents have been reported related to Monday’s recalls. Honda Motor Co. recalled 2.03 million vehicles for the airbag problem, including 1.02 million in North America and nearly 669,000 in Japan. […]
Economical Mutual Insurance Company has welcomed enactment of amendments to Canada’s Insurance Companies Act (ICA), calling the move a significant milestone in the implementation of a framework for property and casualty insurance company demutualizations. Bill C-31, the budget implementation act, was tabled March 28 and recently received Royal Assent. That enacts amendments to several acts, […]
Canadian Underwriter magazine is celebrating its 80th Anniversary in 2014. To acknowledge this milestone, the Canadian Underwriter staff dove into the archives and agreed that it would be a an exciting project to preserve and share a snapshot of the magazine’s content from each of its 80 years covering the industry. Since the beginning of […]
By Canadian Underwriter | June 18, 2014
XL Group plc announced Wednesday it has established a North America cyber and technology risk unit, headquartered in New York City. The Dublin, Ireland-based carrier previously provided cyber and technology errors and omissions coverage through its “select professional” business unit, which provides professional liability insurance. In addition to its New York office, the new cyber […]
1 min read
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