Topic
Associations
Alberta hailstorm causes record-setting $400 million in insured damages
August 11, 2010 by Canadian UnderwriterAlberta’s July 12 hailstorm caused a record-setting $400 million in insured damages, the Insurance Bureau of Canada reports, citing data from PCS-Canada. The amount establishes a new record for insured hailstorm damage in Canada.The previous record was set in Calgary…
Ontario and IBC to roll out electronic vehicle insurance verification system
August 4, 2010 by Canadian UnderwriterStarting in November 2010, a new electronic verification system developed by the province and the Insurance Bureau of Canada will provide on-the-spot confirmation of valid insurance coverage during the licence plate renewal process. “The ability to check for insurance in…
HCAI preparing for Ontario auto reforms
July 26, 2010 by Canadian UnderwriterHealth Claims for Auto Insurance (HCAI), Ontario’s new electronic system for submitting auto insurance forms, is now preparing to process documents related to the province’s new auto insurance reforms.“Auto reform requirements were solidified, and the development of the functionality for…
IBC cautions Alberta rate board not to use cap-related reserve release to calculate 2010 premiums
June 29, 2010 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has cautioned the Alberta Insurance Rate Board (AIRB) not to include the impact of a 2009 reserve release by insurers when the board calculates its 2010 industry-wide annual rate adjustment.The AIRB held public hearings…
Tornado leaves swath of damage in Midland, Ontario
June 24, 2010 by Canadian UnderwriterA tornado tore through Midland, Ontario on June 23, the third tornado of the season in Ontario. A severe thunderstorm and funnel cloud ripped through the southern part of Midland on Wednesday evening, damaging property and forcing the community to…
First annual Watershed Awards announced
June 1, 2010 by Canadian UnderwriterThe City of Edmonton has received the first annual national Watershed Award, offered jointly by the Insurance Bureau of Canada (IBC) and the Federation of Canadian Municipalities (FCM).The Watershed Awards recognize Canadian municipalities that take pro-active measures to reduce their…
Ontario requires auto insurers to send publications to consumers explaining auto reforms
May 28, 2010 by Canadian UnderwriterOntario’s insurance regulator is requiring the province’s auto insurers to mail out publications explaining the forthcoming auto insurance reforms to consumers.The content and wording of the documents, which are not to be altered when sent to consumers, is the product…
IBC launches mobile information service to assist Canadians following large-scale catastrophes
May 3, 2010 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has launched a new, national on-site insurance information service, the Community Assistance Mobile Pavilion (CAMP), which will be deployed to assist Canadians with insurance questions in the event of a natural catastrophe. IBC launched…
IBC and IBANS committed to working with Nova Scotia on auto cap amendments
April 29, 2010 by Canadian UnderwriterInsurance Bureau of Canada (IBC) and the Insurance Brokers Association of Nova Scotia (IBANS) say they are committed to working closely with Nova Scotia to monitor the effect of the changes to the auto cap regulations in the province. Changes…
IBC emphasizes changed approach to government relations
April 27, 2010 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is taking a different approach to government relations (GR), IBC president and CEO Don Forgeron said in prepared remarks for a speech to IBC’s annual general meeting in Toronto. “I’ve said it many times:…
Large, parent-controlled companies poised to capitalize on OSFI’s proposed new rules allowing internal capital model targets
April 22, 2010 by Canadian UnderwriterThe size of an insurer and whether or not the Canadian office has a parent company will likely be key drivers in whether or not Canadian property and casualty insurers take advantage of the solvency regulator’s move to allow internal…
Tax and regulatory burden costs insurance industry more than 11% of revenue
April 21, 2010 by Canadian UnderwriterSlightly more than 11% of the $38.4 billion of the insurance industry’s 2008 revenues went towards regulatory and tax costs, according to a PricewaterhouseCooper’s (PwC) report.Insurance Bureau of Canada commissioned PwC to study, for the first time, both the tax…