Table of Contents
Canadian Underwriter -
Compatible and Consistent
eDocs is the first business activity to be available for certification under the Centre for Study of Insurance Operations' new national certification program. While the eDocs standard is meant to save time and money for brokers and insurers alike, certification is expected to enhance those efficiencies.
There may be no way to predict when and where a major earthquake will hit in Canada - although British Columbia and the Ottawa to Quebec City corridor are as likely targets as any. But as it stands, the insurance industry (and maybe the country) is ill-prepared for such an event.
Spotlighting Underwriting Fraud
Efforts to combat underwriting fraud continue to lag measures focused on other types of fraud. But as perpetrators become more sophisticated, it is increasingly critical to identify fraud before a policy is issued as part of the underwriting process.
Eyeing Nuclear Liability
The federal government plans to introduce legislation that will increase the mandated liability coverage for nuclear operators from $75 million to $1 billion. These new requirements may also include a limitation period of as long as 30 years.
How does an insurance professional, who is attending a social function, deal with someone who voices vigorous disenchantment with the industry? One course of action may be for the industry and its professionals to do their best to educate and clearly communicate with the consumer - regardless of the setting.
State of Change
The face of risk around the world and here at home is changing quickly. Being prepared is critically important - not only to answer specific perils, but to also match the evolving nature of risk management.
A recent Ontario ruling indicates a claimant who is denied a catastrophic impairment designation can dispute that finding more than two years following the determination, meaning insurers who deny related applications will not benefit from the "finality" that limitation periods afford to defendants/respondents.
A New Conversation
It was a relatively quiet 2012 for reinsurers; the same cannot be said for 2013. Two flooding events have taken their place among the most expensive natural catastrophes ever in Canada, prompting insured loss estimates well in excess of $2.5 billion. Is the country on the verge of something new? Do these seemingly more frequent - certainly most expensive - events demand a whole new conversation when it comes to perils in Canada?
Moves & Views
Water, Water Everywhere
Fundamentally, water damage is not a peril ideally suited to be insured. That said, with the cost of water damage high and rising, the creation of a sustainable insurance coverage model requires the co-operation of insurers, personal property owners, reinsurers, regulators and governments.Weather Hardening Flood Insurance
New floodplain maps, weather-hardened infrastructure and homeowner engagement are needed to lower the risk to conventional flood insurance coverage. But the base of stakeholders involved also needs to be broadened to include all three levels of government, banks, builders, industry associations and homeowners.
Brooke Hunter, incoming president of the Toronto Insurance Conference (TIC), advises commercial brokers not to limit themselves to just selling insurance. A key TIC objective is to ensure member brokerage firms are well-informed on issues affecting the industry.