Industry
Progressive Insurance’s plans to licence its intellectual property on usage based insurance in the U.S. are a good step forward, but still leaves several unanswered questions for competitors, notes a new report from Strategy Meets Action (SMA). The insurance giant announced its licensing terms in December 2012, with applications under those terms open through the […]
By Canadian Underwriter | March 5, 2013
2 min read
RSA has announced that its upper mid-market, large domestic, complex, multinational and specialty risks business will now be under the collective title of Global Specialty Lines (GSL). The insurer says the move is in line with the evolution of its Large Commercial and Specialty proposition, which was developed following the integration of GCAN, which it […]
1 min read
The Association of British Insurers said Tuesday that if the government implemented the group’s proposals, young drivers in the country could pay up to 20% less for auto insurance. If the government followed the ABI’s Safe Young Driver proposals, nearly three million young people who have driver’s licenses could benefit by paying between 15% and […]
Marsh has launched its Insurance Maturity Model in a bid to help Britain’s largest businesses to measure the operational returns derived from their insurance provision and improve insurance management. “As the U.K. economy battles to recover from the global economic crisis, Britain’s largest businesses are continuing to re-evaluate their operating models to identify cost savings, […]
New York-based Insurance Information Institute (III) has reminded policyholders in advance of heavy snow forecast for several states south of the border this week that it does not take much frozen water to cause big problems. Water damage can generate significant economic losses for homeowners and renters alike, notes a statement released Monday by III, […]
The persistent low interest rate environment poses real challenges to insurers and requires a coordinated supervisory response in terms of the assessment of future solvency and systemic stability problems, as well as the design and timing of market-wide measures, notes the European Insurance and Occupational Pensions Authority (EIOPA). The challenges posed by a persistent low […]
General Re Corp. is willing to pass up on business if it cannot get an appropriate premium, while GEICO did well despite Hurricane Sandy, suggests Warren Buffett, chairman of Berkshire Hathaway Inc., the Omaha, Neb. investment firm that owns both insurers. In his 2012 letter to shareholders, published last week, Buffett described Stamford, Conn.-based General […]
By Canadian Underwriter | March 4, 2013
The Insurance Brokers Association of Canada (IBAC) has announced that Portage La Prairie Mutual Insurance has maintained its support of the Broker Identity Program at the Full Partner level. Launched 24 years ago, Broker Identity Program a branding campaign for over 35,000 insurance brokers. The program’s centrepiece is the BIP symbol known as the BIPPER, which […]
A decision by a major underwriter to stop offering commercial auto insurance to some taxi drivers in Ontario, and concern from cabbies about rising premiums, has prompted the Insurance Bureau of Canada to discuss the matter with the Financial Services Commission of Ontario and to survey carriers. Ontario Finance Minister Charles Sousa is also promising […]
Macdonald Chisholm Trask Insurance, one of the largest independent brokerages in the Atlantic Canada region has purchased Homburg Insurance Company Ltd. through the acquisition of all the outstanding shares from Homburg International Ltd. for an undisclosed amount. The transaction closed March 1. Homburg is an insurance brokerage with offices in Halifax and Truro, N.S. where it operates under […]
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