Industry
REGINA – The Saskatchewan government is giving the green light to recommendations aimed at improving motorcycle safety. Saskatchewan Government Insurance says the province has approved all proposed changes put forward last week by a motorcycle review committee. Changes that kick in this coming season include making new riders show that they can safely handle motorcycles […]
By The Canadian Press | February 12, 2014
1 min read
Marsh & McLennan Companies reported a net income of $303 million for the fourth quarter last year, up from $259 million in the comparable quarter of 2012. For the full year, net income was $1.4 billion, compared with $1.3 billion in 2012. Operating income rose 14% to $2.1 billion, compared with $1.8 billion in the […]
By Canadian Underwriter | February 11, 2014
2 min read
REGINA – Insurance costs could go up an average of $49 a year for most vehicles, if a request made by Saskatchewan Government Insurance is approved. SGI has submitted a proposal to the Saskatchewan Rate Review Panel for a net increase of 5.2 per cent on vehicle insurance rates. That means about 84 per cent […]
By The Canadian Press | February 11, 2014
Insurance companies who are modernizing their actuarial systems need to draw up service level agreements between their information technology and actuarial departments, suggests a new report from PwC. PwC released its Top Insurance Industry Issues in 2014 report, which includes a section on actuarial modernization. In that section, PwC lists ten success factors, one of […]
3 min read
Barring higher than expected catastrophe losses, notes a new report from Marsh, the ample capacity and competition that helped temper firming of commercial insurance rates in the United States in 2013 is expected to continue into 2014. In its U.S. Insurance Market Report 2014, released Monday, Marsh reports that commercial property insurance prices stabilized for […]
IT security professionals are most concerned about their ability to defend against cyber threats from mobile devices, suggest findings from a new report from CyberEdge Group. Participants in the Cyberthreat Defense Report survey were asked to rank their ability to defend against cyber threats across various platforms, with 1 being the lowest and 5 the […]
By Canadian Underwriter | February 10, 2014
More than one-third of insurance customers surveyed are willing to give carriers access to information on their “usage or behavior” if they can get lower rates, about one in eight would consider buying from car dealers and nearly half “would consider comments on social media” when deciding where they would buy insurance, suggests a recent […]
Insurance carriers in Canada should avoid getting in the collision repair business and should come up with a standard for handling auto collision repair claims, speakers at the recent Canadian Collision Industry Forum (CCIF) suggested. Doug Kirk, global services support manager at Amsterdam-based paint and performance coating maker Akzo Nobel, noted that he has talked […]
RSA Insurance Group announced Feb. 4. that Stephen Hester will be the group’s new chief executive and a director of the company. Martin Scicluna, chairman of RSA, who had been acting in an executive capacity pending the appointment of new chief executive, will revert to non-executive chairman. Hester was most recently CEO at Royal Bank of Scotland […]
By Canadian Underwriter | February 7, 2014
The under-30 generation expects “highly personalized service” over smart phones and they need help with insurance buying decisions, but property and casualty carriers who focus their mobile computing efforts more on customers than on agents are making a mistake, suggests a recent from Aite Group LLC. “As part of Aite Group’s 2013 survey of 45 […]
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