Next on Gartner’s list of top ten technologies to impact P&C insurance is Web Services and SOA Tools. P&C insurers operate a large ecosystem of systems and applications that integrate for seamless processing. In the past, companies had to hard-code integration between systems, which was costly, time-consuming, created challenges when applications were replaced and integration [...]
Information technology research and advisory company Gartner, Inc. has identified 10 technologies that will have the greatest impact for the property and casualty (P&C) insurance industry. These technologies will challenge existing business processes, support the emergence of new business models and allow companies to successfully differentiate themselves to drive revenue growth. “There is a long [...]
The U.S. saw a significant decline in the reported value of insurance industry merger and acquisition transactions in 2009, and overall global transaction values also declined further from very low 2008 levels, according to a new study by Conning Research & Consulting. “In the U.S., the value of insurance industry transactions was the lowest we [...]
Aon Benfield has released its April 1, 2010 Update to its Reinsurance Market Outlook report, which reveals that property catastrophe rates continued the softening trend witnessed at January 1st as the market completes April 1 renewals. Despite significant reinsurer reports of first quarter income impacts, catastrophe losses from the Chilean earthquake, Windstorm Xynthia in [...]
View the video here on your mobile device. Crawford & Company is adding several key positions to its Property & Casualty – Americas operations. Bill Johnstone, senior vice president of GTS for the Americas, will assume direct responsibility for GTS services in the United States. Roland Paxton, assistant vice president – Global Marine Services for [...]
View the video here on your mobile device. Based on preliminary analysis, Fitch Rating believes that the Chilean property/casualty insurance industry will likely be able to absorb losses from the earthquake and Tsunami that hit the central-south part of Chile on February 27. However, industry profitability ratios will be negatively impacted, and the 2010 fiscal [...]
View the video here on your mobile device. EGI Financial Holdings has released its fourth quarter and 2009 year-end results. The company reported revenue of $167.1 million, compared to $167.3 million in 2008. EGI’s net income after taxes in 2009 was $4.5 million, compared to $6.0 million in 2008. Net income per fully diluted [...]
View the video here on your mobile device. Finance Minister Jim Flaherty is tightening mortgage rules to crack down on speculators and discourage homeowners from taking on too much debt. He is responding to growing concerns that Canada’s housing market is overheating, although he stresses that there is no bubble in Canada’s real-estate market – [...]
View the video here on your mobile device. Crawford & Company (Canada) announced that Contractor Connection, which provides insurers with an efficient, high-quality managed repair vendor network for residential and commercial property claims programs, is now available to the Canadian insurance marketplace. John Sharoun, Crawford & Company (Canada)’s CEO, said that Contractor Connection will give [...]
View the video here on your mobile device. In July 2009, the Property and Casualty Minimum Capital Test Advisory Committee developed and proposed a set of high level key principles to guide the development of a new capital framework for Canadian property and casualty insurers. The Key Principles for the Future Direction of the Canadian [...]
View the video here on your mobile device. The Law Reform Commission of Nova Scotia is calling for changes to provincial laws in order to encourage the cleanup of contaminated properties. A commission report on contaminated sites says that such properties are subject to far-reaching environmental legislation. But the commission says the current laws can [...]
View the video here on your mobile device. According to reports from the Globe and Mail, top-ranked insurance analyst Tom MacKinnon is leaving Scotia Capital and will join BMO Nesbitt Burns. The move will likely see Mr. MacKinnon, an actuary by training, cover both the life insurers and property and casualty companies for the investment [...]
