Industry
International financial research and consulting firm Celent recommends that organizations consider five tiers of data capability to help determine not only where they currently are when it comes to big data, but also where they should be. A new report released yesterday, Big Data: A Guide to Where You Should Be, Even If You Don’t […]
By Canadian Underwriter | February 20, 2013
5 min read
Questionable claims are up in the United States, reaching a new record in 2012, notes the National Insurance Crime Bureau in a new report. Questionable claims are those claims that NICB member insurance companies refer to NICB for closer review and investigation based on one or more indicators of possible fraud. A single claim may […]
By Canadian Underwriter | February 19, 2013
1 min read
This year will likely see “rapid expansion” of telematics and usage based auto insurance programs among North American insurers, notes a new report from industry research firm Strategy Meets Action. According to SMA’s research, 70% of auto insurers are in some stage of executing, developing or planning UBI programs. There are currently 18 insurers that […]
2 min read
Saskatchewan Government Insurance (SGI) has submitted a proposal to the Saskatchewan Rate Review Panel that, if given the green light, would result in approximately 57% of vehicles with higher auto rates, while about 43% would see rate decreases or no change. The SGI has proposed a 1.03% increase on auto fund rates and a 1.23% […]
Russia emergencies minister Vladimir Puchkov visited the scene after a meteor disintegrated over the Chelyabinsk region in Russia’s central Ural Mountains, prompting reports of property damage and hundreds of injuries. “We enforced emergencies ministry brigades and are restoring the buildings to protect people from the cold and are cleaning all the interiors. We will be […]
3 min read
The Co-operators General Insurance Co. announced Thursday its financial results for 2012, reporting net income of $257.7 million on direct written premiums of $2.1066 billion for the full year. Last year, the Guelph, Ont.-based firm recorded net income of $150.3 million on direct written premiums of $2.05 billion. “Improved results are primarily driven by policy […]
By Canadian Underwriter | February 15, 2013
Guidance on how language within building and plumbing codes should be interpreted with respect to backwater valves should support mandatory installation in all or most new Canadian homes, suggests a research paper released today by the Institute for Catastrophic Loss Reduction (ICLR). The paper recommends rewording or clarifying sentences in the National Plumbing Code and […]
4 min read
In a more globalized world with complex supply chains, protection for contingent business interruption risk is critical, although modelling for the risk is still in the early states, notes a new report from PwC. In the first part of its Top Insurance Industry Issues in 2013 report, the company suggests that modelling for CBI risk […]
Global insurer Zurich has posted a business operating profit of $4.1 billion and a net income (after tax, attributable to shareholders) of $3.9 billion for 2012, though its last quarter of the year wasn’t as strong as 2011. For the fourth quarter of the year, Zurich reported a profit of $569 million, down from $985 […]
Three major global firms providing insurance brokerage and risk management services in Canada recently reported revenues increased year-to-year from 2011 to 2012. For 2012, Marsh & McLennan Companies Inc. recorded revenues of $11.9 billion, up from $11.5 billion in 2011. All figures are in U.S. currency. The sales figures are similar to those reported Feb. […]
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