Topic
Insurance
CEOs, brokers shed light on “the Black Box” of underwriting
October 22, 2010 by Canadian UnderwriterCompanies using predictive models for underwriting may be making it more difficult for the public to understand how their premiums are derived, and thus making it more difficult for brokers to explain the rating process to consumers.CEOs of insurance companies…
Trial lawyer puts brokers on E&O notice, citing a higher duty of care after auto reforms
October 22, 2010 by Canadian UnderwriterThe higher standard of care owed by brokers to consumers as a result of the auto reforms will result in trial lawyers suing brokers “big-time” for failing to properly explain optional benefits to their clients, according to Richard Halpern, partner…
Ontario’s insurance regulator needs to get tougher on market misconduct issues: CEOs
October 22, 2010 by Canadian UnderwriterOntario’s insurance regulator needs to get tougher on market misconduct, insurance company CEOs told brokers at the Insurance Brokers Association of Ontario (IBAO)’s 90th Annual Convention in Niagara Falls.Suggestions at the IBAO’s CEO panel discussion included:• a more transparent method…
Insurers buying brokerages can help to advance the broker channel: Intact CEO
October 22, 2010 by Canadian UnderwriterInsurers should be able to purchase brokerages to ensure the survival of brokerages in the marketplace, argued Louis Gagnon, president of Intact Insurance.Gagnon expressed his controversial view during the CEO Panel at the Insurance Brokers Association of Ontario’s 90th Annual…
B.C. insurance broker association to act as intervenor in privacy complaint about credit scoring and insurance
October 21, 2010 by Canadian UnderwriterThe Insurance Brokers Association of B.C. (IBABC) is acting as an intervenor in the province’s first complaint to the B.C. Privacy Commissioner about the use of credit scoring in an insurance transaction. Currently, it is legal for insurers in B.C.…
Brokers’ Web presence stronger, but still “not where we need to be”: IBAO president
October 21, 2010 by Canadian UnderwriterBrokers still need to develop a much stronger Web presence, although there are signs they are starting to use online tools and resources more frequently, according to Bryan Yetman, president of the Insurance Brokers Association of Ontario (IBAO).Yetman made his…
Ontario PC Party Leader Tim Hudak vows to get tough on auto insurance fraud
October 21, 2010 by Canadian UnderwriterTim Hudak, leader of the Ontario Progressive Conservative Party, has vowed to crack down on fraudsters working in the auto insurance system should he become premier. Hudak addressed the Insurance Brokers Association of Ontario’s 90th Annual Convention in Niagara Falls…
Waivers more likely to reduce exposures in B.C. than in Ontario: B.C. defence counsel
October 21, 2010 by Canadian UnderwriterThe efficacy of waivers in reducing a company’s risk exposure is uneven in Canada, and is more likely to be effective in B.C. than in Ontario, according to Lorne Folick, senior partner at Dolden Wallace Folick LLP.Folick was discussing liquor…
Hagerty now offering collector boat insurance in Canada
October 20, 2010 by Canadian UnderwriterHagerty Classic Marine has expanded its collector boat insurance operations into Canada. Underwritten by Elite Insurance Company (a member of the Aviva Canada group of insurers), the new program is now available in Ontario and will be rolled out over…
U.S. soft market persists, but premium decreases are slowing down: RIMS survey
October 20, 2010 by Canadian UnderwriterSoft market conditions persisted in the United States during 2010 Q3, although the rate of the price decreases slowed, according to the RIMS Benchmark Survey. Every line of insurance tracked by the Advisen-administered survey posted a decrease in average premium.…
Insurers can see 7:1 return on investment by implementing anti-fraud practices
October 20, 2010 by Canadian UnderwriterBy proactively mitigating against fraud and investing in anti-fraud practices, insurers can see a potential return on investment of 7:1, according to Jeffrey T. Bowman, president and CEO of Crawford & Company. In the fall issue of Claims Advisor, Bowman…
CARSTAR adds an ‘Express’ location in Edmonton
October 20, 2010 by Canadian UnderwriterCARSTAR Automotive Canada Inc. announced the grand opening of CARSTAR Express South, in Edmonton, Alberta.The 2,000 square foot facility specializes in small repair, paintless repair, detailing and 3M paint protection film application. CARSTAR’s Express model specializes in the less severe damage…