Topic
Insurance
Legacy systems, pricing cycles and policyholder expectations cited as Top 3 risks for Canadian P&C industry
May 13, 2010 by Canadian UnderwriterOutdated legacy systems, managing pricing cycles and changing policyholders’ expectations are three of the top risks facing the Canadian property and casualty industry over the next three to five years, according to Susan Meltzer, assistant vice president of risk management…
Comer v. Pilot illustrates challenges that insurers face in proving fraud
May 13, 2010 by Canadian UnderwriterCary Comer v. Pilot Insurance Company demonstrates the challenges insurers face when trying a suspected fraud claim, Richard Bickford told delegates at the ISB-U Education Series. Combat Auto Fraud, an ISB education training and resources session, was held May 12…
Recovery rate for stolen vehicles drastically reduced, suggesting organized crime involvement: OPP
May 13, 2010 by Canadian UnderwriterOntario Provincial Police jurisdictions currently have a recovery rate of about 50% for stolen vehicles, compared to a 90% recovery rate in 1990. The figures were presented by Stephen Boyd, detective sergeant and program manager for the provincial auto theft…
Insurance agent nominee has duty to end unethical practices of employer(s): B.C. Insurance Council
May 12, 2010 by Canadian UnderwriterA Level 3 general insurance agent nominee must do more than simply report regulatory concerns to her employers (the principals of the brokerage), especially when the concerns include the conduct of the principals, the Insurance Council of B.C. has ruled.Raghbir…
Ontario’s requirement for domestic content could create new risks for wind power developers
May 12, 2010 by Canadian UnderwriterOntario’s demand for domestic content may present new risks associated with insuring alternative energy sources such as wind power.Panelists at the CleanTech in Canada Breakfast Seminar in Toronto speculated the province’s demand for domestic content might mean developers of clean…
McGillivray family to raise funds for son’s intensive therapy treatment
May 12, 2010 by Canadian UnderwriterGlenn McGillivray of the Institute for Catastrophic Loss Reduction (ICLR) and his wife Sandra are planning a dinner/dance to raise funds to send their son, Spencer, to Kelowna, B.C. in July 2010 to take part in an intensive therapy developed…
BP rig explosion likely to cause hardening in offshore and onshore accounts
May 12, 2010 by Canadian UnderwriterInsurance premiums for both offshore and onshore accounts will likely increase immediately, even though it could take years to determine the total insured loss resulting from the British Petroleum oil rig explosion in the Gulf of Mexico, reports MarketScout.“British Petroleum…
IBC launches initiative to tackle insurance-to-value (ITV) issue
May 12, 2010 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has launched a two-fold initiative to improve property valuations.One part of the initiative targets insurers, while the other is an educational campaign directed towards consumers.For insurers, IBC released best practice guidelines. The best practices offer…
Amendments to B.C. Insurance Act would mandate use of alternative dispute resolution
May 11, 2010 by Canadian UnderwriterProposed amendments to British Columbia’s Insurance Act include the requirement that alternative dispute resolution (ADR) be the first step in resolving insurance disputes.The amendment is intended to reduce the number of insurance disputes that end up in litigation, said the…
Insurance companies in N.S. could see 17% increase in claims costs after change to minor injury cap
May 11, 2010 by Canadian UnderwriterRecent amendments to Nova Scotia’s minor injury cap and definition will increase average bodily injury claims costs by 17%, Oliver, Wyman Limited estimates. The Nova Scotia government announced amendments to the Insurance Act and draft regulations on Apr. 28, 2010.…
New Brunswick plays game of wait-and-see with Nova Scotia’s new minor injury cap
May 11, 2010 by Canadian UnderwriterNew Brunswick is keeping an eye on the outcome of Nova Scotia’s recent decision to triple its minor injury damages cap from $2,500 to $7,500, according to a report by the Times & Transcript, based in Moncton, New Brunswick.New Brunswick…
For Aviva plc, Canada’s good weather in 2010 Q1 makes up for Europe’s bad weather
May 11, 2010 by Canadian UnderwriterCanada’s good weather in 2010 Q1 helped offset a higher-than-normal claims volume in Europe during the first quarter, Aviva plc reported.“Claims were higher than expected in the first quarter because of adverse weather in the U.K. and Europe, but these…