News
B.C. broker receives reprimand for failing to witness client’s signature on ICBC documents
July 4, 2012 by Canadian UnderwriterA 17-year veteran broker in B.C. received a reprimand on June 26 for failing to witness a signature at a car dealership because she was in a hurry to serve another client. B.C. Insurance Council admonished Anjaline Lata Kuhn and…
Reinsurance renewals see “targeted” underwriting approach on mid-year renewals
July 3, 2012 by Canadian UnderwriterReinsurers are using a highly “segmented approach” to pricing and underwriting renewal business for June 1 and July 1 renewals, Willis Re notes in a recent release of its 1st View report Looks Can be Deceiving. The reinsurance arm of…
Federal funding cuts planned to emergency preparedness initiatives
July 3, 2012 by Canadian UnderwriterThe federal government plans to cut funding to the Joint Emergency Preparedness Program (JEPP) at a time when decisions and response related to a deadly roof collapse in Elliot Lake, Ontario have come under fire. The Heavy Urban Search and…
Canadians should learn more about vehicle safety features: Traffic Research Group
July 3, 2012 by Canadian UnderwriterMany drivers are unaware of standard safety features in modern vehicles, even though these have been shown to prevent crashes and reduce injuries, notes a poll released by the Traffic Injury Research Foundation (TIRF). The survey, which asked 2,506 Canadians…
Contact centres a point of attack for voice-facilitated fraud
July 3, 2012 by Canadian UnderwriterProperty and casualty insurance is not immune to the growing problem of voice-facilitated fraud in a number of industries and contact centres may be a vulnerable point of attack, notes information from Mattersight Corporation. Fraudsters are buying policies under stolen…
Economical appoints chair and vice chair of Family Insurance Solutions
June 29, 2012 by Canadian UnderwriterEconomical Insurance has announced the appointments of David Crozier as chairman and Philip Mather as vice-chairman of Family Insurance Solutions. Crozier is senior vice president of operations at Economical, while Mather is the company’s chief financial officer. Economical Insurance has…
Chartis intends to re-brand as AIG in the fall of 2012
June 29, 2012 by Canadian UnderwriterAmerican International Group Inc. (AIG) intends to re-brand select businesses, including Chartis, back to AIG this fall. “While we have not yet officially re-branded, Chartis will begin using the AIG brand in the fall,” states a June 29, 2012 letter…
FSCO introduces new HCAI guidelines to help insurers reconcile health care invoices
June 29, 2012 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has released a new Health Claims for Auto Insurance (HCAI) July 2012 Guideline – Superintendent’s Guideline No. 02/12, intended to help insurers reconcile health care invoices. HCAI is an electronic system for transmitting…
ICBC workers to use targeted job actions during contract negotiations
June 29, 2012 by Canadian UnderwriterLocal 378 of the Canadian Office and Professional Employees Union (COPE) will address its ongoing contract negotiations with the Insurance Corp. of British Columbia through a series of targeted actions. Representing 4,600 workers at the ICBC, the union issued a…
Lloyd’s issues list of climate challenges
June 29, 2012 by Canadian UnderwriterIn the wake of the Rio + 20 conference on sustainable growth, Lloyd’s has developed a ranking of the world’s top potential climate change challenges ahead. The London insurance market identified wildfires, flood, drought, pestilence (including weeds and infestation), Arctic…
Randall & Quilter Investment Holdings closes its Canadian MGA
June 28, 2012 by Canadian UnderwriterRandall & Quilter Investment Holdings plc confirmed at its annual general meeting June 27 that it is closing its Canadian managing general agency (MGA). The company, a specialist non-life insurance investor, service provider and underwriting manager, came to the decision…
Saskatchewan drivers to see a 1.6% auto insurance premium hike in August
June 28, 2012 by Canadian UnderwriterDrivers in Saskatchewan will see a 1.6% net increase in the basic auto insurance premium, effective Aug. 4, 2012. Saskatchewan Government Insurance (SGI) reports in a statement that the provincial government approved the net increase with rate rebalancing to SGI’s…