Industry
Boston consulting firm Strategy Meets Action released this week the results of a recent survey of property and casualty insurance firms, suggesting that despite technologies linking the computer systems of brokers and agents with those of carriers, many workers are still having to type in the same data more than once. “Both agents/brokers and insurers […]
By Canadian Underwriter | March 8, 2013
2 min read
The Insurance Brokers Association of Canada (IBAC) has announced that Intact Insurance has maintained its support of the Broker Identity Program (BIP) at the Full Partner level, IBAC’s branding program aimed at conveying the value of the broker channel. The program aims to market the alue that insurance brokers bring their clients including choice, coverage, […]
By Canadian Underwriter | March 7, 2013
1 min read
Technology giant SAP announced Thursday plans to acquire Toronto’s Camilion Solutions, a provider of insurance product development, product lifecycle and underwriting products and services aimed at helping insurance companies get to market faster. The acquisition will broaden SAP’s presence in the insurance space, the company noted in a statement. With the transaction, SAP is targeting outdated […]
Aviva plc released Thursday its financial results for 2012, recording a worldwide after-tax loss of 3.05 billion pounds, with a 276-million pound operating profit in Canada. “Our general insurance business in Canada delivered another strong performance with an improvement in the combined operating ratio to 93% (2011: 95%) and a 9% increase in operating profits” to […]
Insurance software provider Applied Systems has announced an agreement to acquire the property and casualty business of IVANS, a data exchange solution provider based in the United States, for an undisclosed amount. “Applied Systems has a longstanding partnership with IVANS and was the first technology provider to assist in the development of IVANS’ open platform […]
Prince Edward Island has increased the levy charged to companies providing auto insurance to more than $32 per vehicle to help with recovering health care costs associated with auto accident victims. It is anticipated the increase, which took effect Jan. 1, will raise approximately $1 to $1.2 million annually, says Robert Bradley, PEI’s superintendent of […]
Sixty-five percent of polled organizations report being extremely concerned or concerned about a cyber attack in 2013, notes a new survey from the Business Continuity Institute (BCI) and the British Standards Institution (BSI). Horizon Scan 2013 Survey Report, released earlier this year, involved 730 organizations from sectors ranging from financial services to public administration, defence, […]
By Canadian Underwriter | March 6, 2013
SCOR Global has reported gross written premiums of €9.51 billion for 2012, an increase of 25.2%. The company reported a net income of €418 million for the year, up by 26.7% on a published basis. At print time, €1 was equal to $1.34. For the company’s global P&C business, gross written premiums increased by 16.8% […]
An Ontario Progressive Conservative politician is continuing to press the ruling minority Liberals to allow private insurance firms to compete with the Workplace Safety Insurance Board (WSIB) in providing coverage for workers in case they are injured. Last Thursday, PC labour critic Randy Hillier asked Labour Minister Yasir Naqvi to explain to construction contractors in […]
3 min read
Insurance carriers using telematics to assess the risk of auto policyholders could accumulate up to 15 megabytes of data per year per customer and will be therefore be unable to rely on traditional data mining technology, suggests business intelligence software maker SAS Institute Inc. In a recently-published white paper, Cary, N.C.-based SAS recommended that carriers […]
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