Industry
Auto insurance rates in Ontario remained flat in the second quarter of 2012, according to figures from the Financial Services Commission of Ontario (FSCO). Rate filings approved between April 1 and June 30 remained relatively flat, averaging a 0.06% increase, based on the entire market. As a result, auto insurance rates declined by 0.12% in […]
By Canadian Underwriter | September 19, 2012
1 min read
A majority of teens included in a recent U.S. survey say their parents make risky choices while behind the wheel, though the same teens often mirror that behaviour. In a new survey from Liberty Mutual Insurance and Students Against Destructive Decisions (SADD), 66% of teens say their parents follow different rules when driving than what […]
By Canadian Underwriter | September 18, 2012
2 min read
The United States federal government has sold the majority of its common stock in American International Group Inc. (AIG), receiving proceeds of $20.7 billion. The U.S. Treasury and Federal Reserve Bank of New York provided a $182 billion bailout to AIG following the 2008 financial crisis. The government now owns about 16% of AIG’s stock, […]
More than half (53% ) of chief financial officers said their companies’ investment risk profiles were at or near their stated risk tolerance limits, according to survey results released this month by Towers Watson. The report, which looked at CFOs perspectives on investment strategies, suggests the remaining 47% of companies were significantly under their limit. […]
Royal Premium Budget Canada Inc. announced its entry into Canada on Sept. 17, providing insurance premium financing in the Canadian marketplace. The company will offer customized financing through its affiliate, Burns & Wilcox Canada, a wholesale broker focused on specialty risks, to all provinces from its Toronto headquarters. “The Canadian market has been underserved when […]
By Canadian Underwriter | September 17, 2012
About 40% of major insurance organizations included in a global survey have experienced one or more security breaches in the last 12 months, according to a recent report from Deloitte. The company’s 2012 Global Financial Services Industry Security Survey, published in September, includes data from 46 major insurance companies worldwide. The insurance sector made up […]
Toronto’s Kingsway Financial Services Inc. announced a restructuring of its insurance services and insurance underwriting segments on Sept. 17. Bradley Diericx will join Kingsway as executive vice president in its insurance services business. Diericx most recently worked as a partner and leader of the Midwest practice at Johnson Lambert LLP, an insurance-focused CPA firm. He […]
Several commentators have noted single-digit increases in commercial insurance lines, hovering between 4% and 7% in most areas of business. While the premium tightening is widespread, there are few signs of a full hardening of the market, according to New York-based investment bank Keefe, Bruyette & Woods (KBW) Inc. “The rate environment does continue to […]
By Canadian Underwriter | September 14, 2012
More than half of European companies (54%) responding to an insurer survey believe that doing international business has become more risky over the last five years, and 95% say their own company has become more concerned about multinational and export risk over the same period, according to research published by ACE Group. The survey, which […]
The Independent Broker Resources Inc. (IBRI) has released a smartphone app for brokers, called the Insurance Companion. The app is available for Android, iPhone and Blackberry operating systems and will allow an insurance brokerage to have its own branded mobile app for their clients. It provides access to brokerage contact details and will allow customers […]
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