Topic
Insurance
ICBC invests in road safety, sees five to 12 times return on investment
March 28, 2011 by Canadian UnderwriterThe Insurance Corporation of British Columbia invested roughly $9 million in 2010 on 280 road improvement projects throughout the province, saving itself and its customers five to 12 times that amount. The road improvement program was launched in 1989, and…
The Co-operates donates funds to help rebuild Co-ops in Japan
March 28, 2011 by Canadian UnderwriterThe Co-operators has contributed $100,000 to the International Co-operative Alliance’s (ICA) Japan Disaster Recovery Fund. The Fund was established to support the rebuilding of co-operatives in Japan following the March 11 earthquake and tsunami.The ICA is an independent non-governmental organization,…
Impaired driving reporting program expands in Saskatchewan
March 28, 2011 by Canadian UnderwriterReport Impaired Drivers (RID), a program that encourages residents to call 9-1-1 to report suspected impaired drivers to the police, has been expanded to Prince Albert and Moose Jaw, Sask. RID is a partnership led by SGI, SLGA and the…
S&P’s criteria for assessing economic capital models provide incentives: Willis Re
March 28, 2011 by Canadian UnderwriterStandard & Poor’s new criteria for assessing insurers’ economic capital models incites insurers to adopt more sophisticated internal capital models by giving them the opportunity to use the modelling results to potentially reduce their capital requirements, according to Willis Re.In…
Kingsway projects $55 million hit in 2010 Q4 results
March 28, 2011 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS) said it expects to report a $55 million hit in its 2010 Q4 results.Kingsway will release its finalized results on March 30. It projects:• approximately $21 million of loss reserve strengthening in its insurance…
Policy Billing Services Inc appoints president, CEO
March 28, 2011 by Canadian UnderwriterStuart Bruce has been appointed the first president and CEO of Policy Billing Services Inc. Policy Bill is a national insurance billing services company. It provides the ‘back office’ for insurance billing and premium financing subsidiaries owned by insurance brokers,…
5 new March Issue Online Photo Gallery updates now live at canadianunderwriter.ca
March 28, 2011 Canadian Underwriter magazine5 new industry event galleries have been added to the Online Photo Gallery at canadianunderwriter.ca and are featured in the March 2011 issue of Canadian Underwriter magazine. The recent additions to the Gallery are: – OIAA PROFESSIONAL DEVELOPMENT & CLAIMS…
Ontario insurance regulator outlines insurers’ rights and responsibilities in curbing “questionable or abusive claims”
March 25, 2011 by Canadian UnderwriterOntario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), has issued a bulletin outlining an insurer’s “rights and responsibilities to challenge questionable or abusive claims.”The bulletin comes in the wake of the province’s auto insurance reforms, implemented on Sept.…
Insurance and Bank Web site regulations may have to wait for the federal election
March 25, 2011 by Canadian UnderwriterCanada’s government has now officially fallen, and the resultant election will likely postpone the official seal of approval of new regulations prohibiting banks from promoting unauthorized insurance on their Web sites.Canadian Prime Minister Stephen Harper’s government fell in a non-confidence…
B.C. sees increase in frequency, severity of bodily injury claims
March 25, 2011 by Canadian UnderwriterB.C.’s public insurer is concerned the number of bodily injury claims climbed about 5% between 2009 and 2010, reversing a longstanding trend, according to a report in the Vancouver Metro.The Metro cites ICBC spokesman Adam Grossman as saying there were…
Board of directors cite lack of sufficient oversight of IT risk: Oliver Wyman survey
March 25, 2011 by Canadian UnderwriterNearly half of corporate board directors are not satisfied with their boards’ ability to provide sufficient oversight of IT risk, according to a joint Oliver Wyman and National Association of Corporate Directors (NACD) survey.Of the more than 200 corporate board…
AIR revises loss estimate from Japan earthquake/tsunami
March 25, 2011 by Canadian UnderwriterAIR Worldwide has revised its insured loss estimate for the Mar. 11 Japan earthquake to a range of between $20 billion and $30 billion. Initially AIR estimated insured losses to range from $15 to $35 billion. The combined insured loss…