Industry
Insurance companies are investing heavily in analytics and “big data” to seek competitive advantages and discover opportunities in pricing and fraud prevention, a new study has found. The research survey, commissioned by ACORD and conducted by Strategy Meets Action (SMA), found that insurers in North America are spending close to $10 billion each year on […]
By Canadian Underwriter | July 19, 2012
1 min read
Crop hail claims are off to a brisk start in Saskatchewan, based on the latest figures from the Canadian Crop Hail Association, published in the July 6, 2012 edition of the Hail Report. Companies providing hail insurance to farmers reported approximately 2,200 claims filed by the middle of the week of July 2-6. “This is […]
By Canadian Underwriter | July 18, 2012
2 min read
Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), is proposing to change the basis on which it calculates minimum and non-minimum assessments. OSFI has suggested using “required capital” as a proxy for how much time and resources it devotes to assessing insurers instead of “net premiums.” The regulator is also planning […]
3 min read
e-djuster Inc., a technology solutions provider, has acquired The Claims Network (TCN), a privately held, Winnipeg-based company that offers software solutions to the property and casualty industry. e-djuster says the deal will give the company national reach and improve its Canadian market-share position as a leading provider of content claims solutions for the property claims […]
By Canadian Underwriter | July 17, 2012
Food industry companies that choose to use ozone disinfection could see insurance premium discounts of as much as 15%. The discounts would apply to food contamination and products recall coverage. Eco-Safe Systems USA Inc. — manufacturer of a patent-pending system that produces ozonated water for food disinfection and water purification — is working with Kensington […]
By Canadian Underwriter | July 16, 2012
Higher claims costs contributed to Manitoba Public Insurance (MPI) witnessing a reduction in net income for 2012 Q1. Net income was $30.1 million for the three months ending May 2012, down $10.9 million from the $44.2 million for the same period in 2011, notes a statement from MPI, whose fiscal year begins Mar. 1. Bodily […]
The insurance industry is following closely on the heels of leading investors in social media, such as retailers and communications companies, according to a new report from market and technology research firm International Data Corporation (IDC). It identified insurers as “early adopters” across six major vertical markets including financial services, government, health care, manufacturing, retail […]
Telematics is expected to generate approximately $60 billion in premiums to insurers globally, notes a statement from Telematics Update, a reference centre and conference organizer that provides information about automotive telematics. Opportunities are expected to unfold once the usage-based insurance (UBI) market, which currently has more than 2 million customers, reaches its tipping point, notes […]
A growing proliferation of “man-made space junk” threatens satellites and space stations, approximately a quarter of which are insured against losses from physical damage and service interruption, states a recent report from Allianz Global Corporate & Specialty (AGCS). The study, Space Risks: A New Generation of Challenges, notes there are now more than 35 million […]
By Canadian Underwriter | July 13, 2012
A quarterly review by Kanetix shows Ontario car insurance rates reported by shoppers decreased for the second quarter in a row. Ontario rates were 6.2% lower in 2012 Q2 than in the first quarter of 2011, and 3.6% lower in 2012 QI than in the same quarter a year earlier, Kanetix reports. In 2012 Q2, […]
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