News

Using multiple models to predict catastrophe losses does not always enhance the accuracy of the models’ predictions, the Association of British Insurers (ABI) has said in a good practices guide for catastrophe models.Also, insurers must be careful that, in an…

Photos posted to a plaintiff’s Facebook and MySpace pages are relevant to litigation surrounding his motor vehicle accident injuries, but Facebook status updates and postings to other people’s walls do not necessarily meet the relevance test, the Ontario Superior Court…

The Manitoba Public Utilities Board (PUB) has ordered Manitoba Public Insurance (MPI) to reduce its overall basic premiums and fees by 8%.PUB further approved MPI’s application for enhanced fleet rebates and increased drivers’ premiums for those at the top of…

Quebec’s Panel of Experts on Automobile Insurance Contributions is recommending to Quebec’s auto insurer, the Société de l’assurance automobile du Québec (SAAQ), that license fees for motorbikes should better reflect the real risk of driving motorcycles.The mandate of the Panel…

The month of December has the second-highest average of collision victims after January, according to MPI’s collision data. The police-reported collision data was collected over a five-year period (2005-09). Over the last three years, a total of 25 people have…

A team of Insurance Corporation of B.C. (ICBC) employees sporting moustaches throughout the month of November managed to raise more than $35,000 for Prostate Cancer Canada.The initiative was part of the ‘Movember Campaign.’ During November of each year, in Canada…

SAS Canada and TransUnion, a credit and information management firm, have teamed to develop a predictive model aimed at tracking down fraudsters more effectively. The model will leverage credit file information, in addition to fraud data from a consortium of…

The Insurance Brokers Association of Ontario (IBAO) has announced its title sponsorship of the Alliance Hockey, House League, House League Select and Minor Development championships. The championships will run the first two weeks in April, in Hamilton, Stratford and Woodstock,…

Chubb Insurance of Canada will be making an additional $63,000 contribution to charities based on the performance of three Canadian Broker teams during the international Chubb Charity Challenge. The golf tournament was held at the Ritz Carlton Golf Resort in…

Losing customers and a shortage of skilled workers has topped the 2011 Lloyd’s Risk Index, displacing a lack of credit as the greatest worry for businesses. The Economist Intelligence Unit surveyed 500 global businesses on behalf of Lloyd’s to determine…

Traffic enforcement officers in Saskatchewan will hold a second province-wide two-day traffic safety blitz on Dec. 15-17, SGI reported.Operation Overdrive is part of a coordinated approach by police agencies across the province. Each month they will target a particular safety…

The Office of the Superintendent of Financial Institutions (OSFI) has a comprehensive enterprise risk management (ERM) program in place, but there’s still room for improvement, according to an Internal Audit report. Internal Audit conducted the review to determine whether OSFI’s…