Industry
Aviva, the U.K.’s second largest insurer, is trying out technology that uses customers’ smart phones to track their driving habits and adjust their rates accordingly. Drivers with the company using Android phones are invited to download the Aviva Rate My Drive app, which monitors the first 200 miles of driving. It records acceleration, braking and […]
By Canadian Underwriter | August 15, 2012
1 min read
Only three of 11 mid-size luxury or near-luxury cars earned good or acceptable ratings in “small overlap” frontal crash tests based on recent testing by the Insurance Institute for Highway Safety (IIHS). The Acura TL and Volvo S60 received good ratings, while the Infiniti G got an acceptable rating. Of the remaining eight types of […]
General professional liability insurance may not represent enough protection for board members and senior executives to deal with a wave of emerging exposures, notes a recently released report from Willis Group Holdings. One of the prime threats is cyber risk, states Willis’ Executive Risks: A Boardroom Guide. “The risks and dilemmas posed by serious data […]
By Canadian Underwriter | August 14, 2012
2 min read
More than 70% of public companies in North America have an incident response plan for an electronic security breach, yet 57% of those firms do not include cyber liability insurance as part of that plan, notes a new risk survey by Chubb Insurance. Survey respondents identified cyber risk as the number one concern facing their […]
By Canadian Underwriter | August 13, 2012
Specialty Canadian insurer Frank Cowan Company has selected Guidewire ClaimCenter as its new claims management system. With the new system, Frank Cowan Company expects to reduce claims cycle times, improve data analytics and reporting capabilities and readily make system changes to meet changing business and technical requirements. “Claims management is complex,” says Derek Sarluis, vice […]
Increased net premiums and improved claims experience helped Desjardins Group’s property and casualty insurance segment post $47 million in surplus earnings before member dividends in 2012 Q2. The total represents a $24-million increase, or 104.3% higher, than surplus earnings before member dividends in 2011 Q2, notes a statement from Desjardins Group, operated through Western Financial […]
By Canadian Underwriter | August 10, 2012
EGI Financial Holdings Inc. (TSX: EFH) has reported a net operating loss of $1 million for 2012 Q2, which the company attributed to “a $5.3-million (pre-tax) impact from cancelled programs in the niche products division.” The result compares to a net operating income of $1.5 million for the same quarter in 2011. “We are very […]
George L. Cooke has announced his retirement as president of The Dominion of Canada General Insurance Company (The Dominion). Cooke started his distinguished career with The Dominion in 1992 as president and CEO. He will remain CEO of The Dominion until Dec. 31, 2012, and will continue as executive vice president of E-L Financial until […]
Swiss Re reports a net profit of $83 million for the second quarter of 2012. The result was influenced by the sale at a loss of US$1 billion of the Admin Re U.S. business. Property and casualty reinsurance delivered a strong result while life and health reinsurance net income benefited from realized gains. “We have […]
By Canadian Underwriter | August 9, 2012
Aviva plc reported its first-half 2012 interim operating profits were down 10% as a result of restructuring costs, foreign exchange and inclement weather in the United Kingdom. “Operating profit (including restructuring costs) was down 10% to £935 million [Cdn$1.45 billion]… as a result of the sale of RAC, adverse foreign exchange movements, the adverse impact […]
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