Topic
Associations
Industry reacts to Ontario auto insurance study
April 26, 2012 by Canadian UnderwriterAnother review of problems plaguing Ontario’s auto insurance sector will likely duplicate ongoing government-sponsored initiatives, according to Insurance Bureau of Canada (IBC). IBC was responding to the recent announcement of a study by the Ontario Standing Committee on General Government…
Earthquake models show “blind spots” on tsunami and contingent business interruption losses
April 19, 2012 by Canadian UnderwriterEarthquake models generally did a good job estimating the property and building damage due to the seismic shocks arising from earthquakes in 2010-11, but “blind spots” included loss estimates related to tsunamis and contingent business interruption. Erdem Karaca, vice president…
Sales tax on insurance will hit Manitoba consumers: IBC
April 19, 2012 by Canadian UnderwriterA new 7% retail sales tax on home, business and auto insurance is an unfair burden on Manitoba consumers, according to Insurance Bureau of Canada (IBC). The tax, introduced in the Manitoba provincial budget Apr. 17, will be added to…
IBC applauds B.C. Limitation Act
April 18, 2012 by Canadian UnderwriterInsurance Bureau of Canada (IBC) supports British Columbia’s proposed legislation that will limit civil actions in the province. B.C.’s Bill 34, the Limitation Act, was tabled in the provincial legislature earlier this week. It simplifies the limits for filing civil…
IBC recognizes National Volunteer Week
April 18, 2012 by Canadian UnderwriterAs Canadians mark National Volunteer Week, the Insurance Bureau of Canada (IBC) is reminding individuals and organizations alike that the specific type and amount of insurance will depend on how, when and where volunteers do their work for these organizations.…
Voluntary code on credit scoring not working: IBAO
April 4, 2012 by Canadian UnderwriterThe use of credit scoring for personal property insurance continues to result in consumer misunderstanding and unfairness in the marketplace, Ontario’s broker association said at an Apr. 4 press conference in Toronto. In a poll commissioned by the Insurance Brokers…
Marketplace
April 1, 2012 by Canadian UnderwriterCANADIAN MARKET Canadian companies record total profit of $4.53 billion in 2011: MSA Research Canadian property and casualty (P&C) companies reported a profit of $4.53 billion in 2011, according to figures released by MSA Research Inc. MSA Research’s aggregate industry…
Money or Nothing
March 31, 2012 Rick Dubin, vice president of investigative services at Insurance Bureau of Canada (IBC)The business of insurance fraud
Rapid global warming, slow economic growth, increased regulatory attention will challenge Canadian P&C industry: IBC
March 29, 2012 by Canadian UnderwriterCanada’s property and casualty insurers can expect to be challenged in the near future by the rapid pace of global warming in Canada, slow economic growth and increased attention from regulators, the Insurance Bureau of Canada (IBC) observed at the…
Competition Tribunal denies IBC application that would prevent Ontario used car dealers’ association from accessing vehicle claims history database
March 29, 2012 by Canadian UnderwriterCORRECTION: An earlier version of this story incorrectly stated the decision came from the Competition Bureau. The decision was in fact from the Competition Tribunal. Canadian Underwriter apologizes for the error. Also, the version below contains updated content, including a…
Ontarians lack knowledge to report fraud: IBC
March 22, 2012 by Canadian UnderwriterOntario residents understand the frequency of insurance fraud, but don’t necessarily know how to blow the whistle on perpetrators, a consumer poll by the Insurance Bureau of Canada (IBC) shows. Conducted by Pollara, the survey found 83% of Ontarians believe…
IBC posts its ‘fraud follies’ for 2012
March 21, 2012 by Canadian UnderwriterWith insurance fraud in the spotlight, the Insurance Bureau of Canada (IBC) recently released its highlights of head-scratching antics by scam artists. “There’s nothing funny about insurance fraud,” the IBC noted. “But sometimes you can’t help but laugh at some…