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Ontario regulations call for fair pricing among insurer affiliates and distribution channels

June 25, 2010 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has amended its Unfair or Deceptive Acts or Practices (UDAP) regulation to ensure fair pricing among insurance company affiliates and their distribution channels. The UADP now requires “affiliated insurers and their agents/brokers to

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Canada’s Competition Act negates dream of a single cost calculator: IBC

June 21, 2010 by Canadian Underwriter

Canada’s Competition Act is the main reason why the Insurance Bureau of Canada (IBC) will have nothing to do with the idea of insurers requiring brokers to use a single cost calculator for the purpose of calculating the reconstruction costs

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Home and Garden TV and Home Depot cited as “culprits” in the escalation of water damage claims

June 21, 2010 by Canadian Underwriter

Home and Garden Television (HGTV) and Home Depot are two main culprits responsible for the escalation of water damage claims costs, according to Will Cook, president of Belfor Restoration Services.These two cultural icons are fuelling the impulse to undertake an

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MPI requests 4% overall average decrease in auto insurance premiums

June 11, 2010 by Canadian Underwriter

Manitoba Public Insurance (MPI) has proposed a 4% overall average rate decrease for auto insurance rates next year. This is in addition to providing customers with a $92-million rebate in the spring. The 12.9% rebate would amount to roughly $115

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Gore Mutual CEO cautions against premature auto rate reductions

June 4, 2010 by Canadian Underwriter

Insurers applying for and receiving auto rate reductions prior to Ontario’s reform implementation may be creating an unrealistic consumer expectation that auto insurance rates are now on the decline, Kevin McNeil, president and CEO of Gore Mutual said.McNeil spoke at

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Deepwater Horizon disaster will “destabilize” the upstream and reinsurance markets: Willis

June 4, 2010 by Canadian Underwriter

Willis Group Holdings has described the Deepwater Horizon offshore oil rig explosion as a market-changing event that is expected to harden the upstream and reinsurance markets.“Even though a large portion of the Deepwater Horizon loss, which could amount to US$20

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Canada’s GDP in good shape, but insurers still concerned about low interest rate environment

June 4, 2010 by Canadian Underwriter

Although Canada’s economy has had a “fantastic” first quarter, there is still quite a bit of uncertainty in the global financial environment, which has a knock-on effect on the Canadian property and casualty industry, Louis Gagnon, president of Intact Insurance,

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Actuary observes a wide variety of Alberta auto claims handling methods during period of cap uncertainty

June 2, 2010 by Canadian Underwriter

Alberta auto insurers demonstrated a wide variety of ways to handle claims reserving and payments for bodily injury during the period of minor injury cap uncertainty, according to an actuarial report prepared by Oliver Wyman for the Alberta Auto Insurance

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The Co-operators introduces discount for LEED certification

June 1, 2010 by Canadian Underwriter

The Co-operators has introduced a 10% insurance discount for dwellings that are Leadership in Energy and Environmental Design (LEED) certified. The discount, in conjunction other sustainable products and services such as discounts for hybrids, is intended to encourage and reward

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Price not as high a priority for insurance shoppers: J.D. Power

May 31, 2010 by Canadian Underwriter

When it comes to auto insurance shopping, the impact of price on new-buyer satisfaction has declined over the past year, according to a J.D. Power and Associates study. Ten per cent of auto insurance shoppers did not select the company

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ICBC applies for reduction in basic auto rate

May 31, 2010 by Canadian Underwriter

Insurance Corporation of British Columbia (ICBC) applied to reduce basic auto insurance rates by an average of 1.9%, effective Nov. 1, 2010.The proposed reduction still requires the approval of the British Columbia Utilities Commission (BCUC).“Rate changes are mainly driven by

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Aviva, The Economical and The Dominion all adopt iClarify

May 31, 2010 by Canadian Underwriter

Aviva Canada, The Economical Insurance Group (TEIG) and The Dominion have announced their intentions to use iClarify validation services delivered by Compu-Quote. This support continues past the pilot phase of the data validation tool into full production.More than 50 Insurance