Topic
Insurance
A.M. Best affirms LAWPRO’s ‘A’ rating, changes outlook to negative
March 26, 2010 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating of A (Excellent) of Lawyers’ Professional Indemnity Company (LAWPRO), but changed its outlook from stable to negative on the basis of an increased loss ratio and a one-time re-evaluation of reserves…
Wildfire risk under-priced in Canadian market: ICLR
March 26, 2010 by Canadian UnderwriterThe insurance industry “dodged a bullet” in 2009 with wildfire losses, but it currently has its “head in the sand” when it comes to pricing this risk, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR).McGillivray…
Insurance industry ranked “below average” for e-customer service
March 26, 2010 by Canadian UnderwriterThe insurance industry performed well in phone customer service, but was ranked as below average when it came to customer service through email or the Web, an eGain survey found.eGain Communications Corporation, a customer service software provider, evaluated multiple aspects…
Effective supervisory oversight just as important as enforcing rules: OSFI superintendent
March 25, 2010 by Canadian UnderwriterCanada’s solvency regulator says effective supervisory oversight is just as important as the imposition of rules when it comes to the regulation of financial services.Julie Dickson, superintendent of the Office of the Superintendent of Financial Institutions (OSFI), weighed in with…
Onus is not on an insurer to prove the lack of a settlement agreement: FSCO
March 25, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has reversed an arbitration decision that placed the onus on an insurer to prove that a disputed settlement offer of $17,000 had not been agreed upon.In Allstate Insurance Company of Canada and Edna…
Lloyd’s reports highest profit in its history in 2009
March 25, 2010 by Canadian UnderwriterLloyd’s of London reported a pre-tax profit of GBP3.9 billion (Cdn$5.9 billion) in 2009, the highest in its history and a marked increase from 2008’s pre-tax profit of GBP1.9 billion (Cdn$3.2 billion).The market reported a combined ratio of 86.1% for…
Marsh Canada appointed advisor for energy retrofit company Greenscape
March 25, 2010 by Canadian UnderwriterGreenscape Capital Group Inc. has appointed Marsh Canada Limited as an advisor to the company, as Greenscape embarks on an aggressive growth phase of its energy retrofit business.Marsh’s Vancouver construction and design practice will provide insurance product placement, insurance and…
Custom Software, The Economical team up to provide real-time inquiry responses through BMS
March 25, 2010 by Canadian UnderwriterCustom Software Solutions Inc. (CSSI)’s Windows-based broker management system, The Broker’s Workstation (TBW), and its standalone rating and underwriting tool Intelliquote (IQ) will soon integrate in real time with The Economical Insurance Group’s TEIG Rogo.TEIG Rogo provides real-time billing, policy…
The Economical Insurance Group and Custom Software Solutions Announce Real-time Inquiry Integration Project
March 25, 2010 EconomicalMarch 2010, Waterloo, ON and Virden, MB The Economical Insurance Group (TEIG) and Custom Software Solutions Inc. (CSSI) are excited to announce that The Brokers Workstation (TBW) and standalone rating and underwriting tool, Intelliquote (IQ) both systems from CSSI will…
Feds propose to slap GST tax on currently exempt insurance-related services
March 24, 2010 by Canadian UnderwriterThe federal government is proposing to widen the scope of financial services taxable under the GST, lifting current GST exemptions for a host of activities commonly undertaken in the development of insurance products.The proposals call into question whether broker commissions…
Quebec regulator cancels registration of two firms; fines two more
March 24, 2010 by Canadian UnderwriterThe Autorité des marches financiers (AMF) has cancelled the registration of two insurance firms and fined two others.The Quebec regulator cancelled Hampstead Cameron inc., a damage insurance firm’s registration, when Pierre Fecteau, the firm’s responsible officer, allegedly “made misrepresentations or…
Catlin Canada hires four new staff members in Toronto
March 24, 2010 by Canadian UnderwriterCatlin Canada has added four new senior staff to its Toronto office. Varma Singh has accepted the role of vice president of claims.Singh’s career in the insurance industry started in 1984. For the past 21 years he has worked in…