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B.C. privacy commissioner investigates ICBC’s use of facial recognition technology in aid of Stanley Cup riot investigation

July 25, 2011 by Canadian Underwriter

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…

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OSFI releases its principle-based solvency framework vision paper

July 25, 2011 by Canadian Underwriter

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…

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B.C. regulator to determine insurers’ exposure to US/European debt crisis

July 25, 2011 by Canadian Underwriter

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…

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Guy Carpenter releases MetaRisk 6.0, an updated risk and capital decision tool

July 25, 2011 by Canadian Underwriter

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…

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Businesses to prep for power outages resulting from heat wave: Marsh

July 25, 2011 by Canadian Underwriter

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…

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SGI Canada rolls out insurance declarations (“Dec”) page attachments technology

July 22, 2011 by Canadian Underwriter

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…

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Long-range weather event forecasting of potential use to insurance industry: report

July 22, 2011 by Canadian Underwriter

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…

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Rear-end avoidance technology shows reduction in claims

July 22, 2011 by Canadian Underwriter

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…

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Insurers contemplating more aggressive investment strategies over the next year: Towers Watson survey

July 22, 2011 by Canadian Underwriter

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…

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Lloyd’s stretches cover to yoga instructors

July 22, 2011 by Canadian Underwriter

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…

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S&P’s places U.S. insurers on credit watch in wake of U.S. sovereign debt crisis

July 22, 2011 by Canadian Underwriter

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…

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Omega General Insurance Company celebrates completion of 10th assumption reinsurance transaction

July 21, 2011 by Canadian Underwriter

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…