Industry
SCM Risk Management Services (RMS) has appointed Colin Smith to the position of senior vice president of operations, information and analytics. He has more than 18 years of experience in business planning, execution, operations and information technology in continuously progressive management positions. Most recently, he was the senior strategic business/technology leader as the CIO at […]
By Canadian Underwriter | March 30, 2012
1 min read
ACE Canada, the Canadian-based operating division of the ACE Group, has appointed Andrew Lawrence as assistant vice president of its commercial risk segment. In this newly created role, Lawrence will be responsible for managing ACE Canada’s relationships in the middle market sector. Lawrence will report to Steven Lucas, vice president of marketing-national accounts. Lawrence previously […]
Canada’s property and casualty insurers can expect to be challenged in the near future by the rapid pace of global warming in Canada, slow economic growth and increased attention from regulators, the Insurance Bureau of Canada (IBC) observed at the Canadian Insurance Outlook Breakfast in Toronto on Mar. 29 Canada has been warming at an […]
By Canadian Underwriter | March 29, 2012
2 min read
The emergence of “big data” poses both an opportunity and a challenge for the property and casualty insurance industry, according to a recent report from PricewaterhouseCoopers LLP. It defines big data as a combination of (a) sophisticated technologies and devices, all of which are communicating seamlessly with each other in real-time; and (b) the use […]
Increased transparency across the organization and improved project results are two key benefits of adopting a social media strategy, states a new report from research firm Celent. It notes insurers are using social media technology for internal staff, external partners and customers. But the “business case for implementing social technologies is challenging,” according to the […]
The Insurance Brokers Association of Ontario (IBAO) says a new CSIO XML standard will bring greater efficiency to broker-insurance company communications through electronic documents. The development of “E-Docs” allows brokers to see electronic copies of policies automatically attached to their files, instead of pulling copies of polices from individual insurance company portals into their broker […]
By Canadian Underwriter | March 28, 2012
Lloyd’s of London recorded an annual loss of £516 million ($818 million) last year due to a huge spike in natural disaster losses. The loss compares to a profit of £2.2 billion ($3.5 billion) in 2010. The U.K.-based insurance market reported a total net claims payout of £12.9 billion ($20.5 billion), of which roughly one-third […]
Thomas Cook Financial Services has enhanced its travel insurance product. “We are extremely pleased to introduce the new Thomas Cook Travel Insurance product,” said Kevin McAdam, director of financial services at Thomas Cook North America. “Pets, golf green fees and travel disruption – they are all things our travellers want insured, we’ve listened and we’re […]
The safety record of the modern maritime shipping industry has improved dramatically, but the majority of losses are still caused by human error, according to a report by Allianz Global Corporate & Specialty. Allianz noted that marine transport is one of the “safest means of passenger transport overall,” with shipping losses of 1 ship per […]
By Canadian Underwriter | March 27, 2012
Swiss Re Capital Markets announced the first catastrophe bond combining the risks of two primary insurers into a single transaction. The securitization, which provides $200 million in multi-peril annual aggregate indemnity protection, will help backstop the U.S. perils of severe thunderstorm, hurricane, earthquake and winter storm for COUNTRY Mutual Insurance Company and North Carolina Farm […]
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