Industry
Canadian property and casualty (P&C) companies reported a profit of $4.53 billion in 2011, according to figures released by MSA Research Inc. MSA Research’s aggregate industry totals are derived from the individual results of 220 Canadian property and casualty insurers. Overall, the industry wrote $48.5-billion worth of premiums in 2011 (up 7% from 2010), according […]
By Canadian Underwriter | March 21, 2012
1 min read
Desjardins General Insurance Group, a Desjardins Group subsidiary specializing in property and casualty insurance, posted a net income of $128.2 million in 2011, dipping slightly from a $132.8-million profit in 2010. The 2011 result reflects an increase in commercial and weather-related claims costs, the company says in a press release. Direct written premiums increased by […]
Insurance companies plan to spend more on information technology in 2012, according to research firm Celent. Globally, IT spending will increase by 6.4% over 2011, reaching more than $140 billion. In North America, which together with Europe accounts for 75% of global IT investments by insurance companies, spending is expected to climb to more than […]
Customers who need language assistance during the handling of their driver licensing transactions will now be able to converse freely with the Insurance Corporation of B.C. (ICBC) in more than 170 languages through an interpreter. The initiative, provided by Language Line Services, is an on-demand, over-the-telephone translation service that will be rolled out to all […]
Not to be outdone by more impulse-buying choices, insurance now ranks at the top of the most expensive keywords in Google Adwords. The Internet search engine, which rakes in more than $32 billion in total advertising revenue, charges more for the term “insurance” than for other close competitors such as loans, mortgage and credit. “For […]
By Canadian Underwriter | March 20, 2012
Brokers looking to measure their performance and growth against their peers will soon have a benchmark. Applied Systems recently announced a survey to identify common brokerage attributes that create efficient, effective and sustainable business operations. The insurance software company said survey findings will be shared first with participants and then the broader insurance industry. “Until […]
Illinois and Maryland are proposing legislation that would ban employers from asking for the usernames and passwords of prospective employees’ social networking accounts. The moves come about a year after the American Civil Liberties Union sent a letter to the Maryland Department of Corrections, asking the department to rescind their blanket policy demanding personal social […]
2 min read
Federally regulated Canadian property and casualty insurers saw their profits increase by just over $1 billion in 2011 despite static net investment income and claims ratios in property lines that are up across the board. Canada’s federal solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), posted the property and casualty (P&C) insurance […]
Risk inspection company SCM Risk Management Services (RMS) has completed its acquisition of Syntech Associates, an independent risk inspection company based out of Calgary, Alberta. Syntech Associates has been delivering residential inspections to Western Canadian clients for more than 25 years. “Syntech Associates has a solid reputation in the West for delivering outstanding and reliable […]
By Canadian Underwriter | March 19, 2012
Insurance Bureau of Canada (IBC) has launched the Dry House Challenge iPad app to help Canadians learn how to prevent water damage to their properties. Based on recent estimates, the Canadian insurance industry pays $1.32 billion each year in claims due to water damage. Launched during Canada Water Week 2012, IBC’s new Dry House Challenge […]
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