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News AssociationsInsurancePersonal Lines

Canadian P&C insurers bear among the heaviest tax burdens in the world

March 30, 2010 by Canadian Underwriter

More than 13% of the average cost to consumers of an insurance policy in Canada goes to fixed taxes and regulatory costs, said Barbara Sulzenko-Laurie, Insurance Bureau of Canada (IBC)’s vice president of policy.Sulzenko-Laurie spoke about the state of the

News AssociationsInsurancePersonal Lines

Ontario auto cost insurers $900 million in 2009: IBC

March 30, 2010 by Canadian Underwriter

Canadian property and casualty insurers writing Ontario auto lost an astounding $907 million in 2009, said Barbara Sulzenko-Laurie, vice president of policy at the Insurance Bureau of Canada (IBC).Sulzenko-Laurie presented a ‘State of the Industry’ speech at the Swiss Re–IBC

News AssociationsClimate ChangeInsurancePersonal Lines

IBC encourages flood mitigation techniques in Manitoba

March 22, 2010 by Canadian Underwriter

Canada’s home, business and auto insurers are doing public education in Manitoba, noting The Red River is expected to peak in Winnipeg in early April, two weeks earlier than usual. “While it is predicted that recent warm, dry weather and

News AssociationsInsurance

MSA Research teams up with ISO to launch Canadian industry-wide loss data service

March 16, 2010 by Canadian Underwriter

ISO has teamed up with MSA Research Inc. to launch Property Claims Services (PCS), an industry-wide loss calculator, in Canada.PCS-Canada service will enable insurers, reinsurers, brokers and other industry stakeholders, to receive industry-wide data about Canadian catastrophes, including man-made and

News AssociationsInsurancePersonal Lines

23% drop in auto insurance premiums since Nova Scotia auto cap introduced in 2003: IBC

February 19, 2010 by Canadian Underwriter

Nova Scotia’s $2,500 cap on minor auto injuries has led to an average auto insurance premium reduction of 23% between the time the cap was implemented in 2003 and August 2009, the Insurance Bureau of Canada (IBC) says in a

News AssociationsClimate ChangeInsurancePersonal Lines

What’s New: In Brief (February 12, 2010)

February 12, 2010 by Canadian Underwriter

Insurance Bureau of Canada (IBC) and The Federation of Canadian Municipalities (FCM) have launched The Watershed Awards. The Watershed Awards recognize Canadian municipalities that have taken proactive measures to reduce their vulnerability to storm and wastewater damage. The awards will

News AssociationsInsurancePersonal Lines

Provincial regulators expected to discuss IBC’s credit scoring code at CCIR meeting in March

February 10, 2010 by Canadian Underwriter

The Canadian Council of Insurance Regulators (CCIR) is currently gathering background information on insurers’ use of credit-scoring in various jurisdictions, and has described the IBC’s voluntary Code of Conduct for Insurers’ Use of Credit Information as “a good place to

News AssociationsInsurancePersonal Lines

What’s New: In Brief (February 10, 2010)

February 10, 2010 by Canadian Underwriter

An Insurance Bureau of Canada (IBC) steering committee is recommending full adoption by all auto insurers of the Health Claims for Auto Insurance (HCAI) electronic system for processing auto insurance health claims by Mar. 31, 2010. A number of stakeholder

News AssociationsInsurance

IBAO says IBC credit scoring principles “create a false sense of security”

February 10, 2010 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) says the Insurance Bureau of Canada (IBC)’s voluntary Code of Conduct for Insurers’ Use of Credit Information, posted online in late January 2010, “will do little but create a false sense of security

News AssociationsInsurance

IBC posts insurers’ voluntary Code of Conduct related to credit scoring

February 9, 2010 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has released a voluntary Code of Conduct related to insurers’ use of credit-based insurance scores.The code applies to personal insurance only, including auto, homeowner, motorcycle, mobile homes and non-commercial dwelling fire insurance policies. The

News AssociationsInsurance

IBC launches new corporate brand

February 1, 2010 by Canadian Underwriter

Insurance Bureau of Canada (IBC) has rebranded itself.The new logo prominently features a dark red maple leaf and identifies IBC as a national trade organization and as “Canada’s trusted voice in insurance,” a release says.Within the maple leaf are three

News AssociationsInsurancePersonal Lines

Insurance industry counsels Alberta not to prohibit exclusion of claims for fire following terrorist events

January 12, 2010 by Canadian Underwriter

Canada’s property and casualty insurance industry is “strongly cautioning” the Alberta government to scrap a proposal that would prohibit insurers from excluding claims for fire damage following terrorist or earthquake events.Primary insurers would run a higher risk of insolvency if