Risk

Emerging connected technologies breaking thresholds of insurance business models: report

The continued evolution of the Internet of Things (IoT) is among the multiple threats pushing the insurance industry toward massive disruption, notes a report released Tuesday by Capgemini and Efma. IoT, combined with changing behaviours and preferences from Gen Y customers, “is driving the urgent need for insurers to undergo significant transformation or risk falling […]

By Canadian Underwriter | March 2, 2016

4 min read

Risk

XL Group proposes to relocate from Ireland to Bermuda

Ten months after it completed its acquisition of Catlin Group Ltd., insurance carrier XL Group plc is proposing to change its place of incorporation to Bermuda. XL’s principal offices are currently in Dublin, Ireland. In Canada, XL’s coverages include commercial property, liability and surety. It has offices in Toronto, Montreal, Vancouver and Calgary. Since May […]

By Canadian Underwriter | March 1, 2016

2 min read

Risk

Tech conference speakers raise questions about autonomous vehicle manufacturers’ liability

Nearly two months after the Ontario government launched its pilot program for testing autonomous vehicles, speakers at the P&C Insurance Technology Conference suggested that driverless cars and other innovations could significantly change the auto insurance model. “Clearly you are seeing some manufacturers step up and say that they will assume liability for when the car […]

By Canadian Underwriter | February 29, 2016

4 min read

Risk

RSA Canada reports underwriting profit of $225 million for 2015, combined operating ratio of 91.7%

Home, car and business insurer RSA Canada has reported a record underwriting profit of $225 million for 2015 and a combined operating ratio of 91.7%, well below its annual target for 2015. In 2014, the combined operating ratio was 98.6%. For the full year 2015, net written premiums were down 4% to US$2.651 billion, RSA […]

By Canadian Underwriter | February 29, 2016

3 min read

XL Catlin doubles standalone terrorism limits in U.S.

XL Catlin’s crisis management business has doubled available liability limits in the United States for standalone terrorism insurance coverage to US$200 million and unveiled specialized active assailant coverage as an answer to increased terrorism and active assailant threats. The options are designed to help better protect businesses and public entities south of the border, notes […]

2 min read

Multi-layered approach key to tackling cyber risks: Willis Towers Watson

Taking a multi-dimensional approach as opposed to relying on a sub-set of actions is needed to tackle the growing cyber security risk, Dominic Casserley, president and deputy chief executive officer of Willis Towers Watson, suggested in a recent speech at the Commonwealth Club of California in San Francisco. Casserley urged organizations in the public, private […]

2 min read

Ontario government to mandate disclosure of insurance claims history on used vehicles

Ontario’s Licence Appeal Tribunal will being accepting applications to deal with auto insurance claims disputes April 1, and the government will set up an office to focus on auto insurance fraud, the ruling Liberals suggested Thursday in their budget document. “The government will establish a serious fraud office with a special focus on auto insurance […]

3 min read

Facility Association board okays working group, opportunity to improve residual market mechanism structures: Tisdale

The Facility Association’s (FA) Board of Directors Wednesday authorized the creation of a working group to explore the optimal residual market mechanisms for automobile insurance in Canada, Bob Tisdale, outgoing chair of the board, announced at the association’s Annual General Meeting in downtown Toronto. Although residual market volumes remain relatively stable, Tisdale told attendees Wednesday, […]

3 min read

Ryan Michel appointed president and CEO of Allstate Insurance Company of Canada and subsidiaries

Ryan Michel has been appointed to the position of president and CEO of Allstate Insurance Company of Canada and subsidiary companies. The appointment, effective Jan. 11, means that Michel succeeds outgoing president and CEO John O’Donnell, who has taken on a new role as a senior vice president, with Allstate Insurance Corporation in the U.S., […]

2 min read

Allied World launches suite of trade credit and political risk insurance products in Canada

Zug, Switzerland-based Allied World Assurance Company Holdings, AG announced on Thursday that its suite of trade credit and political risk insurance products are now available in Canada, as part of the Global Crisis Management Division (GCMD). The coverage helps clients mitigate the risk of non-payment due to customer insolvency, protracted default and/or international political risk, […]

1 min read