To help autonomous vehicles solve inclement conditions, WaveSense will sell a sensor that can see below the ground

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Chubb Appoints Tim Barziza to Lead North American Property Claims

Bill Turnbull to Retire at the End of the Year

WHITEHOUSE STATION, N.J.Sept. 24, 2018 /CNW/ — Chubb has appointed Tim Barziza as Head of its North American Property Claims, effective immediately. In this role, Mr. Barziza will be responsible for leading the technical and administrative execution of the Property Claim Service, including the Recovery and the Special Investigations Units across North America for both personal and commercial claims. He will be based in Dallas and report to Megan Watt, Head of North America Claims.

Mr. Barziza has more than 25 years of insurance industry experience, with a little more than 15 being spent at Chubb. He joined Chubb as an outside claims representative in 2003, and since then has held various technical and operational claims management positions. Prior to this positon, Mr. Barziza served as a senior claims officer where he led the General Adjuster and Executive General Adjuster teams across North America, spanning personal and commercial claims across all business units. During that time, he spearheaded efforts around several on-the-ground command center operations that were instrumental in client outreach and response efforts during hurricanes and wildfires that took place in 2017.

“Tim brings a wealth of knowledge and experience to this role; his understanding of the claims organization, structure, and commitment to the brand makes him an ideal fit for this position,” said Ms. Watt.  “I look forward to working with Tim to ensure we continue providing the exceptional level of service and technical excellence that is synonymous with our reputation.”

Bill Turnbull to Retire

After a three decade career with Chubb, Bill Turnbull will retire at the end of 2018. Mr. Turnbull joined Chubb in 1985 as a Professional Associate and thereafter held various positions of increasing responsibility including as a Field Adjuster for various business lines, as Claims Manager for the Richmond and Boston branches, and served in several other claims management roles across first and third party claims. Bill was also instrumental in the opening of Chubb’s first Claims Service Center in Chesapeake, VA, serving as its Branch Manager. Mr. Turnbull will  continue to serve in an active advisory capacity and will work closely with Tim through the end of the year to ensure a smooth transition.

In his most recent role as head of North American Property Claims, Mr. Turnbull led efforts around training and branding initiatives that have helped further define Chubb’s claims service platform as the top performer in the industry, and effectively led Chubb’s response to some of the most significant catastrophic events the Chubb organization has witnessed. “Bill’s dedication and leadership within the claims organization has been influential in the prominent service levels that Chubb has become known for in the marketplace,” said Paul J. Krump, EVP, Chubb Group President, North America Commercial and Personal Insurance. “I want to thank Bill on behalf of our management team and the entire Chubb organization for his many contributions, and wish him all the very best during his retirement.”

About Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company, and the largest commercial insurer in the United States. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline.

Additional information can be found at

Chubb Insurance Company of Canada has offices in TorontoCalgaryMontreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit


All John Hancock life insurance policies to include fitness incentives

Thomson Reuters

John Hancock, one of the oldest and largest North American life insurers, will stop underwriting traditional life insurance and instead sell only interactive policies that include optional fitness tracking through tools including wearable devices and smartphones, the company said on Wednesday.

The move by the 156-year-old insurer, owned by Canada’s Manulife Financial Corp, marks a major shift for the company. It is now applying the model across all of its life coverage.

Interactive life insurance, pioneered by John Hancock’s partner the Vitality Group, is already well-established in South Africa and Britain and is becoming more widespread in the United States.

Policyholders score premium discounts for hitting exercise targets tracked on wearable devices such as a Fitbit or Apple Watch and get gift cards for retail stores and other perks by logging their workouts and healthy food purchases in an app.

In theory, everybody wins, as policyholders are given an incentive to adopt healthy habits, and insurance companies collect more premiums and pay less in claims if customers live longer.

Privacy concerns

Privacy and consumer advocates have raised questions about whether insurers may eventually use data to select the most profitable customers, while hiking rates for those who do not participate. The insurance industry has said that it is heavily regulated and must justify, in actuarial terms, its reasons for any rate increases or policy changes.

Customers do not have to log their activities to get coverage even though their policies are packaged with the Vitality program, but can receive discounts or other perks if they do. The insurer will begin converting existing life insurance policies to Vitality in 2019, it said.

It is too early for John Hancock to determine if it is paying fewer claims because of its Vitality program, said Brooks Tingle, head of John Hancock’s insurance unit. But data it has collected so far about customers’ activities suggest that it will, Tingle said, as Vitality policyholders worldwide live 13 to 21 years longer than the rest of the insured population.

John Hancock’s U.S. life insurance customers can choose from a basic Vitality program in which customers log their activity in an app or website and can receive gift cards for major retailers after reaching their milestones, or an expanded program that offers wearable devices and discounts of up to 15 per cent on premiums, among other benefits, the company said.

A spokesperson for Manulife said there is no update about a similar policy for Canadian insurance customers.


Marsh & McLennan to Acquire Broker JLT


(Reuters) – Marsh & McLennan Companies Inc (MMC.N) has agreed to buy Jardine Lloyd Thompson (JLT.L) for about 4.3 billion pounds ($5.7 billion) as the U.S. financial services group looks to boost its speciality risk broking and global reinsurance business.

Shares of the UK insurance and reinsurance broker rose 32.3 percent to 1,894 pence, just below MMC’s all-cash offer of 1,915 pence, which was set at a premium of about 33.7 percent to JLT stock’s closing price on Monday.

The deal consideration implies an enterprise value of about 4.9 billion pounds for JLT.

The deal comes as insurers have been looking to consolidate in a competitive market that has seen tougher regulations and softer pricing.

France’s AXA (AXAF.PA) moved to buy Bermuda-based XL Group for $15.3 billion in March, just over a month after American International Group (AIG.N) said it would buy reinsurer Validus for around $5.6 billion.

More recently, mutual insurer Covea offered to buy Scor (SCOR.PA), but was spurned by the French reinsurer. The sector has also seen interest from private equity, with Apollo Global Management (APO.N) agreeing to buy Aspen Insurance Holdings (AHL.N) last month.

“JLT has been fiercely independent in the past and so we are surprised to see a recommended bid from Marsh & McLennan (MMC) and uncertain about JLT’s motivations behind the headlines, Keefe, Bruyette and Woods analysts wrote in anote.

“But our knee-jerk response is that this is a good deal for JLT shareholders with the key governance parties already behind it and so closure is highly likely at the 19.15 pounds price.”

Investors representing 40.45 percent of JLT’s stock, including top shareholder Jardine Matheson Group, have already given irrevocable undertakings or letters of intent to support the tie-up.

JLT’s independent directors, advised by J.P. Morgan Cazenove and Simon Robertson Associates, intend to unanimously recommend that shareholders vote in favor of the deal, the companies said.

JLT has been building out its U.S. speciality business, which represented about 5 percent of the company’s revenue.

MMC, which expects annual revenue to rise to $17 billion after the deal closes, said JLT Chief Executive Dominic Burke is set to join MMC as vice chairman.

Goldman Sachs was acting as financial adviser to MMC and MMC’s unit.

Slaughter and May and Wachtell, Lipton, Rosen & Katz provided legal advisers to MMC and its unit, while Clifford Chance LLP was legal advisers to JLT.

Reporting by Arathy S Nair in Bengaluru; Editing by Amrutha Gayathri and Keith Weir

FEMA’s flood insurance chief says agency ready for onslaught of Florence claims

Excerpted article was written by 

The head of the National Flood Insurance Program told CNBC’s “Squawk on the Street” Monday that the government is prepared to handle the anticipated rash of claims filed by homeowners in the upcoming days and weeks.

“As the days continue, we’ll be able to start to get the number of claims being submitted, get adjusters out in the field when it’s safe, and when it’s safe for policyholders to be in their homes,” said David Maurstad, the Federal Emergency Management Agency’s Deputy Associate Administrator for Insurance and Mitigation and the chief executive of the NFIP.

Parts of North Carolina continues to be battered by rainfall from the remnants of Florence, now a tropical depression. The massive, slow-moving storm has left widespread flooding and destruction in its wake since slamming into the Carolinas with destructive winds and torrential rainfall late last week. More than 30 inches of rain already has fallen in some places.

Even as the storm moves farther north, “catastrophic/historic river flooding” is expected to continue over a broad swath of the region, according to the National Hurricane Center. Roughly 31 million residents remain under a flood watch.

Maurstad said there are more than 335,000 policyholders in the Carolinas.

“NFIP policyholders can know that we’re gonna be there to make sure they are treated fairly and receive every dollar they have coming from their NFIP policy that they purchased,” Maurstad said.

You need separate flood insurance

He also said this storm is a good reminder to homeowners of the importance of having separate insurance coverage flood damage. You can get coverage through the NFIP or a private insurer, depending on where you live.

“People think their homeowner’s [policy] may cover them from floods and it doesn’t,” Maurstad said.

There are are coverage exclusions and limitations, however. For example, a government flood policy won’t cover all of your belongings in your basement outside of things such as washers and dryers and water heaters. Separate insurance would be required.

If the magnitude of the flooding in North Carolina has caused you to consider a flood policy, don’t wait for storm clouds to appear on the horizon. You need 30 days for it to take effect.

There’s also a good chance your homeowners insurance policy has a hurricane deductible. It typically ranges from about 1 percent to 5 percent, depending on the specifics of your insurance contract.The percentage is based on the insured value of your home, not the damage caused.

Source: CNBC

Own property in Florence’s path? Here’s what CDN’s need to know about hurricane insurance

The return of hurricane season in the U.S. has brought with it an all-too-familiar question: how can Canadians who own property in the U.S. insure their property during a hurricane or flood?

Hurricane Florence rose through the ranks from a tropical storm to a major hurricane over the past few days, prompting evacuation orders for over one million people in South Carolina, North Carolina and Virginia. While originally a Category 4, Florence was downgraded to a Category 3 Wednesday afternoon.

But it turns out many Canadian snowbirds may be impacted by the coming landfall.

A report by the National Association of Realtors from February revealed that between 2016 and 2017, Canadians were the second most active group when it came to buying American real estate, purchasing a total of US$19 billion in residential property.

Furthermore, Canadians looking to become U.S. property owners typically purchase properties that can be used as vacation homes.

Over the past few years, the east coast has become an increasingly popular vacation spot.

What are Canadians’ insurance options?

Most flood insurance in the United States is provided by FEMA through the National Flood Insurance Program. Homeowners in areas that are designated flood hazard zones must have insurance in order to qualify for federally backed loans.

Unfortunately, for Canadians who own property on the popular Myrtle Beach strip or elsewhere on the Carolina coast — which is directly in Florence’s path — U.S. citizenship or permanent resident status is required to qualify for federally backed mortgages.

This eligibility criteria likely excludes many Canadian snowbirds, Global News previously reported. Therefore, Canadian property owners would need to purchase non-government-backed flood insurance from a private broker.

Furthermore, according to Lynne McChristian, a representative for the Insurance Information Institute, whether or not your mortgage is required to include hurricane and flood insurance depends on the broker.

“This goes back to the mortgage company. If there’s a mortgage, (property owners are) required to have property insurance. If they live in a flood zone, the mortgage company may also require flood insurance,” she explained.

McChristian notes, however, that even if your mortgage provider doesn’t require hurricane and flood insurance, purchasing it anyway is “one of the smartest things somebody can do … if you live in any coastal area or any area where you can see the water or it can see you.”

However, if you haven’t purchased flood and hurricane insurance yet, McChristian says it’s too late for properties in the path of Hurricane Florence.

“What insurance companies typically do is when a storm has been named, they stop writing new coverage. It creates something that’s termed ‘moral hazard.’ Then people that more than likely expect to file a claim will get insurance because they expect something to happen … if somebody does not have property insurance right now, they would not be able to get it.”

She warns Canadians who own condo units in beachfront resorts that the insurance policies they’re paying into as part of their occupancy agreements only cover the structure of the condo. In order to be reimbursed for the contents of the unit, tenants must additionally purchase “contents insurance.”

“The condo association will pay for structural damage, but it’s up to the tenant to pay for anything inside the unit,” says McChristian.

Insurance companies located in the areas projected to be most affected by the storm had already evacuated when Global News reached out for comment.

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