Industry
QBE Insurance Group announced it is combining its worldwide reinsurance operations under a single management team and unified brand, QBE Re. QBE Re will comprise of what’s currently known as Syndicate 566, QBE Re (Europe), Secura NV and QBE Re (Americas). The combined business will have a gross written premium of more than $1.5 billion […]
By Canadian Underwriter | March 7, 2012
1 min read
Manitoba Public Insurance (MPI) is encouraging consumers to come forward and speak out against auto fraud to mark Fraud Prevention Month. During the month of March, MPI will make an extra effort to remind consumers about its TIPS line. To make an anonymous call, consumers can call the line toll-free at 1-877-985-8477. MPI’s Special Investigations […]
Insurers and brokers wishing to thrive in the era of digitalization may be underestimating the challenge posed by legacy systems, according to Kimberly Harris-Ferrante, vice president and analyst at Gartner Research. She made this observation during her keynote address at the 10th annual Insurance-Canada.ca Technology Conference held in Toronto on Mar. 5, 2012. Harris-Ferrante noted […]
By Canadian Underwriter | March 6, 2012
2 min read
The Centre for the Study of Insurance Operations (CSIO) has released its XML Standards for electronic documents, known as ‘E-docs.’ With E-doc workflows, PDF files of the policies are sent directly from the insurer to the broker management system (BMS) using the CSIO download. They are then attached directly to the client screen within the […]
Lloyd’s London Market Group (LMG) announced its electronic endorsements initiative is now extended to all classes of business. Brokers can now send all endorsements in every class electronically. All insurers will be able to respond to them. The London Market Group is a market-wide body made up of the CEOs of market participants, CEOs of […]
EQECAT has estimated insured damage of between $1 billion and $2 billion arising from the tornadoes that tore through the United States Midwest over a four-day period in early March. The catastrophe modeller says a preliminary count of more than 150 tornadoes touched down in two distinct systems between Feb. 28 and March 3. The […]
Insurance Bureau of Canada (IBC) has revamped its social media site to make the fraud-related content more prominent. The site, http://getintheknow.ibc.ca/, provides resources to help Canadians understand the issue of fraud recognize the red flags associated with scammers. IBC’s Twitter feed (@InsuranceBureau) provides updates with links to fraud-related content and generates discussion on the issue […]
Insurers and brokers are facing a “perfect storm,” including a data arms race among third party data collectors, business owners and senior executives seemingly out of touch with emerging technologies, changing consumer patterns in post-PC age and a lack of adequate investment in core technologies. “As with any storm, it will cleanse the landscape, wash […]
British Petroleum (BP) has reached a $7.8 billion settlement with the plaintiffs’ steering committee (PSC) for the economic loss and medical claims stemming from 2010 Deepwater Horizon accident and oil spill. The settlement is subject to final written agreement. BP estimates that the cost of the proposed settlement to be $7.8 billion. The settlement is […]
By Canadian Underwriter | March 5, 2012
Policy Works Inc. has launched a mobile app for commercial-lines. The Policy Works Producer App will be released early April to a select group of brokers for beta testing. The general release is slated for July 2012. To use the Producer app, brokers must be customers of Policy Works and running the current version of […]
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