Industry
Commercial insurance prices increased by 5% in aggregate during the fourth quarter of 2013 and 6% on average for the entire year, note survey results released Monday by global professional services company Towers Watson. The 2013 increase marks the third consecutive year of price increases, reports Towers Watson’s latest Commercial Lines Insurance Pricing Survey (CLIPS). […]
By Canadian Underwriter | March 11, 2014
2 min read
The CIP Society has announced the call for nominations for its National Leadership Awards program, which recognizes excellence across the Canadian property and casualty insurance industry. Nominations will be accepted between March 1 and June 1 via the CIP Society’s website. The awards program was launched in 2008, as part of the CIP Society’s 100th […]
By Canadian Underwriter | March 6, 2014
1 min read
Beacon Underwriting, an insurance managing general agency, announced Wednesday that it has acquired the business of Can-Sure Underwriting, Ltd., a Vancouver-based MGA. Terms of the deal were not disclosed. The Can-Sure operations will add a new office to Beacon’s footprint in Vancouver, Beacon said in a press release. Rick Roberts will now assume the role […]
OTTAWA – Bank of Canada is keeping its low-interest rate policy in place for a while longer, signalling Wednesday that it remains to be convinced the global economy is out of danger – adding Ukraine to its list of worries. “Volatility in global financial markets has increased somewhat, reflecting buoyant market conditions in most advanced […]
By Canadian Underwriter | March 5, 2014
4 min read
U.S. telecom giant Sprint announced Wednesday that a usage-based insurance offering through IMS UBI Intelligence, is now available through its insurance solutions portfolio for auto insurance customers. The offering is provided by Intelligent Mechatronic Systems (IMS), a Waterloo, Ont.-based company that provides “DriveSync,” a “connected car” platform that includes telematics services. Sprint launched its Integrated […]
Traditional reinsurers must remain relevant and be mindful of areas into which they are looking to diversify in the face of increased competition from the influx of capital markets capacity, Willis Re president Paddy Jago cautions in a video blog on WillisWire. Those traditional property catastrophe reinsurers that are responding to increased competition from the […]
Commercial property insurer FM Global reported a 32% increase in net income for 2013 over the previous year, totaling US$1.02 billion. The mutual insurance company also posted a combined ratio of 77.7%. Consolidated gross premium reached US$5.6 billion last year, a 2.6% increase over 2012. “2013 was a very successful year which can be attributed to […]
By Canadian Underwriter | March 4, 2014
Insurance premiums for Ontario municipalities have climbed by $35 million since 2010, and members of provincial parliament from all three parties recently spoke in favour of a motion to reform the province’s law on joint and several liability. The Ontario Legislature called on the government Thursday to implement a “comprehensive, long-term solution to reform joint […]
3 min read
The Association for British Insurers (ABI) is calling on motor manufacturers in the United Kingdom to make autonomous emergency braking (AEB) standard on all new cars, suggesting the move could cut personal injury claims by almost a fifth. Currently, only 23% of new vehicles available in the U.K. have AEB fitted as standard or as […]
The Manitoba government has dedicated up to $7 million annually from ongoing funding for sprinklers in personal care homes and has created a task force for evaluating fire safety in health care facilities. A fire safety fund also will be established to provide another $2 million to support additional standards and safety reviews, and to […]
By Canadian Underwriter | March 3, 2014
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