Topic
Insurance
Nova Scotia Court of Appeal confirms province’s subrogated right to claim against an insurer for nursing home costs arising from auto injuries
March 7, 2012 by Canadian UnderwriterNova Scotia’s Court of Appeal confirmed in a 3-1 majority decision released on Feb. 23 that Nova Scotia’s Department of Health has a subrogated right to claim against an insurer for nursing home costs arising from injuries sustained in a…
MPI encourages consumers to combat auto fraud
March 7, 2012 by Canadian UnderwriterManitoba Public Insurance (MPI) is encouraging consumers to come forward and speak out against auto fraud to mark Fraud Prevention Month. During the month of March, MPI will make an extra effort to remind consumers about its TIPS line. To…
Capitalizing on the “digitalization age” requires legacy system review
March 6, 2012 by Canadian UnderwriterInsurers and brokers wishing to thrive in the era of digitalization may be underestimating the challenge posed by legacy systems, according to Kimberly Harris-Ferrante, vice president and analyst at Gartner Research. She made this observation during her keynote address at…
CSIO releases XML standards for E-docs
March 6, 2012 by Canadian UnderwriterThe Centre for the Study of Insurance Operations (CSIO) has released its XML Standards for electronic documents, known as ‘E-docs.’ With E-doc workflows, PDF files of the policies are sent directly from the insurer to the broker management system (BMS)…
Lloyd’s expands electronic endorsements initiative to all classes of business
March 6, 2012 by Canadian UnderwriterLloyd’s London Market Group (LMG) announced its electronic endorsements initiative is now extended to all classes of business. Brokers can now send all endorsements in every class electronically. All insurers will be able to respond to them. The London Market…
EQECAT estimates U.S. tornadoes cost insurers between $1 billion and $2 billion
March 6, 2012 by Canadian UnderwriterEQECAT has estimated insured damage of between $1 billion and $2 billion arising from the tornadoes that tore through the United States Midwest over a four-day period in early March. The catastrophe modeller says a preliminary count of more than…
IBC revamps website to highlight anti-fraud content
March 6, 2012 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has revamped its social media site to make the fraud-related content more prominent. The site, http://getintheknow.ibc.ca/, provides resources to help Canadians understand the issue of fraud recognize the red flags associated with scammers. IBC’s Twitter…
Insurers, brokers face a “perfect storm” of changing technology, consumer trends
March 6, 2012 by Canadian UnderwriterInsurers and brokers are facing a “perfect storm,” including a data arms race among third party data collectors, business owners and senior executives seemingly out of touch with emerging technologies, changing consumer patterns in post-PC age and a lack of…
BP reaches proposed $7.8 billion settlement for Deepwater Horizon spill
March 5, 2012 by Canadian UnderwriterBritish Petroleum (BP) has reached a $7.8 billion settlement with the plaintiffs’ steering committee (PSC) for the economic loss and medical claims stemming from 2010 Deepwater Horizon accident and oil spill. The settlement is subject to final written agreement. BP…
Policy Works launches commercial lines mobile app
March 5, 2012 by Canadian UnderwriterPolicy Works Inc. has launched a mobile app for commercial-lines. The Policy Works Producer App will be released early April to a select group of brokers for beta testing. The general release is slated for July 2012. To use the…
Tornadoes tear deadly path through US Midwest, marking early launch of storm season
March 5, 2012 by Canadian UnderwriterThe U.S. NOAA (National Oceanic and Atmospheric Administration) has thus far confirmed 45 tornadoes between March 2 and 3 and the number is expected to rise as its surveys are completed. 127 twisters were ‘reported’ to have hit eleven states killing at least 39…
InsuranceHotline and InsurEye partner for online credit card comparison tool
March 5, 2012 by Canadian UnderwriterInsuranceHotline.com has partnered with InsurEye Inc. to promote an online tool that allows consumers to compare credit cards and the insurance coverage each card offers. The free online tool is designed to allow consumers to: Save on unexpected costs by…