News
Big Data: When statisticians become corporate heroes
November 22, 2011 by Canadian UnderwriterCompanies today face an overwhelming crush of available information, a situation referred to as ‘Big Data,’ and those best able to discriminate between relevant and irrelevant data will emerge as the most competitive.In fact, statisticians may prove to be the…
The Dominion kicks off the third annual Dominion Curling Club Championship
November 22, 2011 by Canadian UnderwriterThe third annual Dominion Curling Club Championship, a week-long national curling event presented by The Dominion of Canada General Insurance Company (The Dominion), kicked off on Nov. 21.This year’s event is taking place at the Richmond Curling Club in Richmond,…
Motor vehicle collision deaths in Manitoba increase in 2011
November 22, 2011 by Canadian UnderwriterWith less than two months remaining in 2011, Manitoba has more traffic fatalities than all of last year, Manitoba Public Insurance (MPI) reports. As of mid-November, more than 100 deaths have occurred on Manitoba roadways significantly more than last year’s…
Parents of multinationals should consider “insurable interest” when structuring multinational insurance programs with risks located in Canada
November 21, 2011 by Canadian UnderwriterParent companies of global multinationals may want to consider purchasing excess policies and consider “insurable interests” when structuring multinational insurance programs with risks located in Canada, according to a recent report by The ACE Group.Co-authored by Suresh Krishnan, general counsel…
Alleghany Corporation acquires Transatlantic Holdings Inc. for $3.4 billion
November 21, 2011 by Canadian UnderwriterAlleghany Corporation, a U.S. holding company, has acquired Transatlantic Holdings Inc. for approximately $3.4 billion. Under the terms of the agreement, Transatlantic common shares will be exchanged for per-share consideration consisting of 0.145 Alleghany common shares and $14.22 in cash.…
Hybrid vehicles hold safety edge over conventional counterparts in collision protection: IIHS
November 21, 2011 by Canadian UnderwriterThe odds of being injured in a crash are 25% lower for people in hybrids than people travelling in non-hybrid vehicle models, the Insurance Institute of Highway Safety (IIHS) found. IIHS cited a study conducted by its affiliate, the Highway…
Alcohol-related road deaths decreasing in Canada
November 21, 2011 by Canadian UnderwriterAlcohol-related road deaths are decreasing in Canada, according to the Traffic Injury Research Foundation (TIRF). In Canada, alcohol has been a factor in 30% to 40% of road deaths for the past 15 years. Although the percentage of alcohol-related road…
B.C. insurance agent banned from accessing ICBC database on privacy breach allegation
November 21, 2011 by Canadian UnderwriterThe Insurance Council of B.C. has banned a general insurance agent’s access to the database of B.C.’s public insurer, the Insurance Corporation of B.C. (ICBC), after the council reviewed allegations that the agent had accessed a third-party’s confidential information without…
York police arrest 14 suspects in passport fraud ring linked to staged auto collisions
November 18, 2011 by Canadian UnderwriterYork Region police have arrested 14 suspects and laid 145 charges following a three-year investigation into a multi-million dollar fraud ring that allegedly staged auto collisions in the Greater Toronto Area (GTA).Insurance Bureau of Canada (IBC)’s vice president of investigative…
IBC and GAA revamp Web site, infoinsurance.ca
November 18, 2011 by Canadian UnderwriterInsurance Bureau of Canada (IBC) and Groupement des assureurs automobiles (GAA), have completely redesigned their infoinsurance.ca website to answer most frequently asked questions by consumers more effectively.IBC shares the site with the GAA, which performs a wide range of activities…
IBAO applauds new technology allowing PDF Dec pages to be downloaded as part of CSIO standards
November 18, 2011 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has publicly recognized the recent introduction by Custom Software Solutions Inc. (CSSI) of new technology that enables PDF Dec pages to be accepted as part of the Centre for Study of Insurance Operations…
U.S. subprime settlements averaging $116 million
November 18, 2011 by Canadian UnderwriterRecent settlements in the United States as a result of subprime and credit crisis litigation are averaging $116 million, although only a small number of cases have been settled over the past five years, according to Kevin LaCroix, writing for…