Topic
Associations
Insured damage from Slave Lake wildfires hits $700-million mark
July 5, 2011 by Canadian UnderwriterInsured damage caused by wildfires that ravaged much of the town of Slave Lake, Alberta in May has hit the $700-million mark, according to the Insurance Bureau of Canada, citing PCS-Canada data.The makes the Slave Lake wildfire the second-costliest insured…
Ontario reforms are stabilizing the auto insurance product: IBC
July 5, 2011 by Canadian UnderwriterOntario auto insurance reforms implemented last year have led to stability in the auto product, the Insurance Bureau of Canada says.“Recent claims that auto insurance rates may be rising dramatically are neither accurate nor supportable,” IBC says. “Ontario’s recent auto…
Heavy rains cause flooding damage in Ottawa-Gatineau area
June 27, 2011 by Canadian UnderwriterThe Insurance Bureau of Canada is asking residents in the Ottawa-Gatineau area to check their policies after heavy rainstorms resulted in property damage caused by sewer backup and water seepage.The Weather Channel reports the Gatineau area of Quebec had almost…
Brokers welcome and insurers review the CCIR’s discussion paper on credit scoring
June 17, 2011 by Canadian UnderwriterOntario’s broker association is encouraging the province’s consumers to provide input to the Canadian Council of Insurance Regulators (CCIR) on the use of credit scoring in insurance.The Insurance Brokers Association of Ontario (IBAO) was responding to the release of a…
IBC open to “modest, one-time” increase to New Brunswick’s minor injury cap, indexing cap to inflation
June 14, 2011 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) believes the New Brunswick insurance market could sustain a “modest, one-time” increase to the province’s $2,500 minor injury cap, and recommends the cap be indexed annually to inflation.IBC also recommends changing the province’s definition…
IBC awards Ontario communities with highest participation in Emergency Preparedness Challenge
June 7, 2011 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) announced Temagami, Temiskaming Shores, Sault Ste. Marie, Chatham-Kent, Timiskaming District and Aamjiwnaang (First Nations) were the Ontario communities with the highest participation rates per capita in the Emergency Preparedness Challenge presented by Emergency Management…
Predictive Fraud Fighting
June 1, 2011 Wes Gill and James D. RuotoloIntegrating social network analysis tools and predictive analytics into a broader fraud framework is key to an organization’s ability to detect fraudulent claims.
IBC expresses concern about a proposed “interim” CAT definition possibly becoming a fraud magnet
May 31, 2011 by Canadian UnderwriterResponding to a proposed new definition for catastrophic (CAT) impairment, the Insurance Bureau of Canada (IBC) says two issues are central to insurers – upholding the use of “hospital admission” as a gatekeeper function for determining a catastrophic impairment, and…
IBC issues bulletin to insurers about notification requirements, AB payments in anticipation of possible postal strike
May 13, 2011 by Canadian UnderwriterIBC has issued a legal bulletin providing information to insurers about handling notification of policy terminations, as well as payment of accident benefits claims, in the event of a possible postal strike.Canada Post and the Canadian Union of Postal Workers…
MarketPlace
May 1, 2011 by Canadian UnderwriterRegulation CCIR seeks comments on proposed best practices for regulatory surveys The Canadian Council of Insurance Regulators (CCIR) is seeking comment from the insurance industry on its issues paper, Best Practices for Regulatory Surveys. The CCIR says the paper addresses…
Fraud Detection
May 1, 2011 James Daw, senior writer, Insurance Bureau of CanadaOntario has embraced the potential of claims data collected by Health Claims for Auto Insurance (HCAI) to fight auto insurance fraud.
2011 Canadian Outlook Breakfast
May 1, 2011 by Canadian UnderwriterMore than 160 senior insurance industry executives gathered in Toronto for the 2011 Canadian Outlook breakfast on Mar. 31. Attendees at the event, co-sponsored by Swiss Re and the Insurance Bureau of Canada (IBC), learned about trends in the 2010…