Industry
A.M. Best Company Inc. announced Friday it has assigned an “excellent” financial strength rating to The Dominion of Canada General Insurance Company, based mainly on the recent acquisition by The Travelers Companies Inc. That rating is “partially offset” by “legacy issues” with The Dominion’s Ontario auto business, while the entire Travelers group reported “solid returns” […]
By Canadian Underwriter | May 23, 2014
4 min read
Aon Risk Solutions recently reported the lead premium in the aviation sector declined by 5% in 2013, to US$653.4 million, after a “protracted period with relatively few claims.” Aon Corp.’s risk solutions division reported, in its Aerospace Insurance Market Outlook 2014, that insurance prices in the aerospace sector “have continued their almost decade long decline.” […]
By Canadian Underwriter | May 22, 2014
3 min read
WASHINGTON – Law enforcement faces an “enormous challenge” in preventing state-sponsored cyber crimes, FBI Director James Comey said Wednesday, days after the Justice Department charged five Chinese military officials with hacking into American companies to steal trade secrets. “There are two kinds of big companies in the United States: those who’ve been hacked by the […]
By Canadian Underwriter | May 21, 2014
1 min read
Real growth in the worldwide primary property and casualty insurance is expected to pick up this year and in 2015, while Canada is expected to remain the ninth largest market in 2020, Munich Re projected in a report announced Tuesday. Munich Re released its Insurance Market Outlook 2014, which provides estimates of premium growth by […]
By Canadian Underwriter | May 20, 2014
Arthur J. Gallagher & Co. has signed a $422-million agreement to acquire Noraxis Capital Corporation – a Canadian insurance broker network that provides retail commercial, personal and employee benefits insurance products and services – that, if approved, will leave the Illinois-based company holding majority equity interests in Noraxis. Upon completion of the transaction – which […]
5 min read
Saskatchewan Government Insurance (SGI) announced Thursday it is not proceeding with a contract to move its head office from its current location in Regina for the time being. In a press release, the carrier said it has cancelled a request for proposal for a new building and “has decided to postpone a decision on the […]
By Canadian Underwriter | May 16, 2014
The Centre for the Study of Insurance Operations (CSIO) has launched a new tool for brokers to calculate their daily, monthly, and yearly cost savings from implementing eDocs. “Since its launch in 2012, the CSIO eDocs Standard has seen a significant increase in adoption across the broker distribution channel, particularly when brokers learn about the […]
There is a “quiet revolution” occurring in the way consumers interact with insurers, as technology has helped fuel customer centricity in distribution, Swiss Re says in its latest sigma study. The internet and mobile devices have allowed consumers to research and purchase insurance policies without relying solely on intermediaries, the analysis suggests. Aggregation and price […]
By Canadian Underwriter | May 14, 2014
2 min read
The functionality and reliability of technology to run the business was a top concern cited by small business owners in the United States recently surveyed on behalf of Allstate Insurance Company. Carried out by FTI Consulting, Inc. April 15-17, 520 small business owners or operators with 25 or fewer employees took part via an online […]
By Canadian Underwriter | May 13, 2014
DETROIT – Ford is recalling more than 692,000 Escape small SUVs and C-Max gas-electric hybrids in North America, including almost 90,000 in Canada, to fix two safety problems. The recalls cover vehicles from the 2013 and 2014 model years. Most of the Escapes have both problems. The first case covers 692,500 Escape and C-Max vehicles. […]
By Canadian Underwriter | May 9, 2014
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