Topic
Insurance
Nova Scotia launches first part of auto reforms
April 18, 2012 by Canadian UnderwriterDrivers in Nova Scotia are now receiving enhanced medical benefits and will not face premium increases if they cover damage costs from car accidents themselves. The reforms, introduced Apr. 1 as part of the first phase of “fair auto insurance…
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.…
Can U.S. commercial policyholders tell their insurers their deepest secrets?
April 18, 2012 by Canadian UnderwriterCan a risk manager in the United States tell an insurer his or her company’s secrets? Only if insurance companies are willing to sign binding legal agreements that confirm they will not turn around and use those secrets against their…
RISK PAC model intended for Capitol Hill, not for Parliament Hill: RIMS
April 18, 2012 by Canadian UnderwriterRISK PAC, a political action committee in the United States sponsored by the Risk and Insurance Management Society (RIMS), does not appear to be heading to Canada. “At the current time, we don’t have any intention to do something similar…
New Brunswick auto rates decline for seventh year
April 17, 2012 by Canadian UnderwriterAuto insurance premiums in New Brunswick have dropped for the seventh straight year, revealing “continued stability” since reforms were introduced in 2003, according to the 2011 Consumer Advocate for Insurance annual report. Average premium in the province was $731, down…
Ontario brokers to launch mobile app
April 17, 2012 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) will soon introduce a mobile application that offers consumers access to individual brokers, their represented insurance companies and reporting assistance for auto and property claims. Cost for the app will be $500 for…
Markham General insolvency a case study in trying to grow too quickly: PACICC report
April 17, 2012 by Canadian UnderwriterAbsent realistic forecasting, a solid business plan and adequate pricing, trying to grow too quickly and aggressively can serve as ingredients in the recipe for disaster, noted a paper released by the Property and Casualty Insurance Compensation Corporation (PACICC) on…
Insurance industry expects to invest heavily in the next three years towards ultimate objective of “policy at inception”
April 17, 2012 by Canadian UnderwriterSeeking that ‘Holy Grail’ of producing a policy at inception will motivate the insurance industry’s technology spending over the next three years, according to a panel of senior U.S. insurance company and broker executives speaking at the 2012 Risk and…
Risk managers cautioned to prepare for possibility of hard market
April 17, 2012 by Canadian UnderwriterRisk managers would be wise to start preparing for a hard market insurance cycle that they haven’t seen for while, a panel of senior U.S. insurance company and broker executives told delegates of the 2012 Risk and Insurance Management Society…
Just 45% of U.K. motorists leave insurance info at scene of careless parking collisions
April 16, 2012 by Canadian UnderwriterJust 45% of motorists involved in careless parking collisions in the United Kingdom indicated they would leave their insurance details — even then, only if the damage was more serious than just a fender-bender. In fact, one in six car…
Ontario sees average car insurance rates go down 3.6% in 2012 Q1
April 16, 2012 by Canadian UnderwriterOntario witnessed the largest reduction in car insurance rates among the three provinces considered in Kanetix Ltd.’s latest quarterly, year-over-year review. Customers saw rates go down 3.6% compared with 2011 Q1, notes a statement from Kanetix, an online insurance marketplace.…