Industry
A significant gap still exists in many organizations between how risk managers and senior company leaders view the role of risk management, according to a report released by Marsh and the Risk and Insurance Management Society (RIMS). The report, Bridging the Gap: Be Visible, Be Valuable, Be Strategic, was released during a press conference at […]
By Canadian Underwriter | April 16, 2012
2 min read
Texting while driving is not as dangerous as drinking and driving, according to U.S. teens participating in a 2012 survey commissioned by State Farm. Harris Interactive conducted a telephone survey of 652 U.S. teens between the ages of 14 and 17 in February, including 280 who have a driver’s license or permit and 362 who […]
By Canadian Underwriter | April 13, 2012
1 min read
Quebec-based Industrial Alliance is introducing a new way of insuring younger drivers that tracks behaviour behind the wheel. Based on the pay-as-you-drive model, “Mobiliz” uses telematics technology to monitor distance travelled as well as three driving behaviours: speeding, forced acceleration and hard braking. Industrial Alliance says it will provide free installation of a GPS-type module […]
Substantial catastrophe losses led to a 3% reduction in total global reinsurer capital last year, according to a report from Aon Benfield. The Aon Benfield Aggregate analysis, which examines results from the world’s top 28 reinsurers, notes that reinsurer capital was $455 billion at the end of 2011, down from $470 billion a year earlier. […]
Alberta businesses can now obtain commercial auto insurance through Kanetix.ca, an online comparison service. Two services from SGI Canada are new to Kanetix.ca’s online roster. First, customers need only complete a short online form to view commercial insurance quotes for multiple drivers or multiple vehicles. Second, with Alberta’s oil patch in mind, the website now […]
Burns & Wilcox Canada is opening a new office in St. John’s, Newfoundland, as the first step in the company’s plans to build a strong presence in Atlantic Canada. Burns & Wilcox Canada offers more than 300 products to the Canadian brokerage community. It was recently created through the acquisition of the Chesterfield Group. Steve […]
A wave of distributed denial-of-service attacks plagued financial services companies during the first quarter of this year, according to a report from Prolexic Technologies Inc. A distributed denial-of-service attack is one in which several compromised systems attack a single target, causing denial of service for legitimate users. The flood of incoming messages to the target […]
By Canadian Underwriter | April 12, 2012
Tornadoes that hit the Dallas-Fort Worth area on Apr. 3 may result in up to $500 million in insured losses, according to the Southwestern Insurance Information Service (SIIS). Insurers have already reported $300 million in claims, according to the service, which represents member companies in the region. At least 350 homes were destroyed and up […]
More than just a “philanthropic” exercise, international Corporate Social Responsibility (CSR) standards can help a company gain valuable “intelligence” that may in fact reduce the risk of a business failure in emerging economies. Avril Cole, associate at Norton Rose Canada LLP in Toronto, made the observation at a seminar in Toronto called International CSR Standards: […]
The top priority for information technology leaders at insurance companies is keeping the clients they have, Gartner Inc. said in a recent report. In a survey of IT professionals from five Canadian and 57 U.S. property and casualty insurers, 81% of respondents cited client retention as their Number 1 priority for technology investments. “Insurers have […]
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