British Columbia’s information and privacy commissioner is investigating the Insurance Corporation of British Columbia’s (ICBC) use of facial recognition technology to ensure that it complies with privacy law. Commissioner Elizabeth Denham’s investigation comes in the wake of ICBC offering its…
The Office of the Superintendent of Financial Institutions (OSFI) is requesting comment from industry stakeholders on its vision paper for new principle-based solvency framework for Canadian property and casualty insurers by Oct. 15, 2011.OSFI’s Property and Casualty Minimum Capital Test…
British Columbia’s Financial Institutions Commission (FICOM) is surveying all insurance companies authorized in the province to determine the extent of their risk exposure to the recent European/United States fiscal debt issues.FICOM is requesting that insurers access the survey at the…
Guy Carpenter & Company LLC, a global risk and reinsurance specialist and a member of Marsh & McLennan Companies (NYSE: MMC), has released MetaRisk 6.0, the latest version of the firm’s risk and capital decision tool. MetaRisk now features a…
A massive heat wave is pressuring utilities in Northeastern United States and Central Canada, potentially leading to power outages, rolling blackouts or brownouts, said Marsh.Businesses should review steps to protect their supply chain during a power outage, Marsh notes. It’s…
SGI Canada, in conjunction with Mastercom Consulting Ltd. and Zycomp, has successfully completed a download transaction providing a no-touch inclusion of an insurance declaration (“Dec”) page attachment.A Dec page is typically the first page of an insurance policy, although a…
Long-range weather event forecasting – from one to 10 years out – would be useful to the insurance industry, which now relies too heavily on historical data to predict the likelihood of severe weather events, according to a report co-published…
A new advanced, forward-collision-avoidance feature used in Volvo’s XC60 midsize SUV should prevent about a quarter of the common low-speed crashes that happen in everyday in commuter traffic, the Insurance Institute for Highway Safety (IIHS) reported. A study of insurance…
Nearly half (46%) of 38 North American insurers and reinsurers surveyed by Towers Watson, a global professional services company, say they plan on being more aggressive in their respective investment strategies over the next year.Additionally, insurance executives participating in the…
Demanding consumer expectations and an increasingly litigious society mean liability insurance has become a must for yoga instructors, Lloyd’s of London has cautioned. While yoga is a relatively low-risk activity, the biggest risk factor for an instructor is if they…
Standard & Poor’s has placed its long-term counterparty credit and financial strength ratings and related issue ratings on all ‘AAA’-rated U.S. insurance groups on CreditWatch with negative implications.The short-term ratings on the insurance companies remain unchanged. The CreditWatch on the…
Omega General Insurance Company is celebrating the conclusion of its tenth assumption reinsurance transaction in Canada.“The [Omega] board would like to congratulate management and staff at Omega General for this significant achievement, which validates the company’s goal of providing a…