Tech

Technology playing ever larger role in U.S. specialty lines carriers’ ability to attract and retain clients: Novarica

Specialty lines in the United States continue to be hypercompetitive, with technology playing an ever larger role in insurers’ ability to attract, retain and serve clients and brokers (agents) profitably, according to a new report from Novarica. The Business and Technology Trends: Specialty Lines report, published on Wednesday, provides and overview of specialty carriers’ business […]

By Canadian Underwriter | March 30, 2016

2 min read

IBAO president anticipates ‘bright future for brokers who are willing to change’

The insurance industry may not be known for technological innovation, but there is a future for brokers who are willing to change, speakers said Tuesday during the annual general meeting of the Insurance Brokers of Toronto Region. “The only thing that’s consistent in the insurance industry is change,” said Frank Silla, incoming IBTR president and […]

By Jason Contant | March 29, 2016

3 min read

Tech

Auto insurers face long-term challenges from self-driving cars; avoidance technologies to benefit insurers: Moody’s

Self-driving cars could translate into significantly lower premiums and profits in the long-term for auto insurers as the number of accidents declines dramatically, Moody’s Investors Service said on Tuesday. A new report from Moody’s – titled P&C Insurance – Global: Self-Driving Cars Could Send Auto Insurance Industry Skidding – noted that while self-driving cars will […]

By Canadian Underwriter | March 29, 2016

2 min read

Uncertain times highlight need for change at the CFO, finance levels: Deloitte

An increasingly uncertain business climate means finance departments have just four to five years to modernize if they are to meet the rising expectations of the organizations they serve, suggests a report issued Tuesday by Deloitte. Chief financial officers (CFOs) “need to unlock the value of their finance teams by shifting them away from generating […]

By Canadian Underwriter | March 29, 2016

4 min read

Cyber risk, interest rates, economy remain major concerns for insurers: A.M. Best

Concerns regarding cyber risk, interest rates and the economy remain prominent among insurers, according to the latest quarterly survey from A.M. Best Company. The Best’s Special Report, released on Thursday, included several hundred responses, representing property and casualty (70.4%), life & annuity (22.2%) and health (5.3%) insurers, with the remaining 2.1% identifying themselves as surety, […]

3 min read

Bill proposing mandatory insurance coverage for railways hauling dangerous goods reaches second reading

A bill proposing to mandate specific levels of insurance for Canadian railway operators – of $1 billion in some cases – was tabled Monday in Ottawa for second reading in the House of Commons. MPs debated Bill C-52, the Safe and Accountable Railway Act, introduced by Conservative Transport Minister Lisa Raitt. Currently, Canada’s Railway Third […]

4 min read

Google to build a self driving car prototype with no steering wheel; will not be sold publicly

LOS ANGELES – Google will build a car without a steering wheel. It doesn’t need one because it drives itself. The two-seater won’t be sold publicly, but Google said Tuesday it hopes by this time next year, 100 prototypes will be on public roads. Though not driving very quickly – the top speed would be […]

2 min read

Off Track

Whether or not federally regulated railway operators should have a specific dollar value of liability insurance limits are among the issues now being explored as part of a public consultation. Stakeholders are also being asked if railway companies should be required to notify their insurer of changes that could mean coverage is no longer adequate.

November 30, 2013

6 min read

CN defends safety record in face of three train derailments within a month

GAINFORD, Alta. – CN Rail is defending its safety record after three high-profile derailments involving trains carrying hazardous materials within the space of a month while apologizing for the latest mishap. Thirteen cars on a CN (TSX:CNR) freight train carrying a cargo of oil and liquefied petroleum gas went off the rails near the tiny […]

4 min read

Fairfax Financial consortium signs US$4.7 billion deal to buy BlackBerry

TORONTO – BlackBerry Ltd. has signed a deal to be bought by a consortium led by its largest shareholder in a deal valued at U$4.7 billion, the companies announced Monday. The consortium led by Fairfax Financial Holdings. Ltd., a Canadian investment firm primarily focused on the insurance industry, has offered US$9 per share in cash […]

3 min read