Topic
Markets / Coverages
The Co-operators introduces discount for LEED certification
June 1, 2010 by Canadian UnderwriterThe 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…
Price not as high a priority for insurance shoppers: J.D. Power
May 31, 2010 by Canadian UnderwriterWhen 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…
ICBC applies for reduction in basic auto rate
May 31, 2010 by Canadian UnderwriterInsurance 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…
Aviva, The Economical and The Dominion all adopt iClarify
May 31, 2010 by Canadian UnderwriterAviva 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…
iClarify services fully available to Ontario brokers; to be piloted in June with B.C. and Quebec brokers
May 26, 2010 by Canadian UnderwriterOntario brokers using Compu-Quote will have all of the services of SCM Risk Management Services’ iClarify insurance-to-value (ITV) solution offered to them by mid-June 2010.Furthermore, iClarify will be piloted with B.C. and Quebec insurance brokers starting next month, with the…
Credit scoring will heat up competition: U.S. analytics expert
May 21, 2010 by Canadian UnderwriterPredictive modelling, including credit scoring, played a major role in heating up the competition in the United States auto insurance market, according to a U.S. researcher of insurance analytics.David Cummings, vice president of research at ISO Innovative Analytics, a unit…
Insurance industry teetering on edge of profitability: Lloyd’s CEO
May 19, 2010 by Canadian UnderwriterOne more catastrophic event in 2010 could tip the insurance industry into a loss position, guardian.co.uk quoted Richard Ward, Lloyd’s CEO, as saying.Ward spoke at the Insurance Day Summit in London on May 18. He described 2010 as the “worst…
Soft market likely to persist through 2010: Marsh
May 19, 2010 by Canadian UnderwriterThe soft market in the Canadian commercial property and casualty sector will likely not bottom out until late 2010, possibly early 2011, Marsh reports.In its report, Competition Nets Rewards – Multinational Client Service Insurance Market Report 2010, Marsh examines trends…
Brokers ability to present a risk as good quality key to ensuring coverage
May 19, 2010 by Canadian UnderwriterThe quality of a broker’s presentation of risk is the most important factor considered by underwriters when deciding whether or not to take on a risk, according to a Marsh survey.An independent research firm polled underwriters in seven global insurance…
ICBC reports increased net income for 2010 Q1
May 19, 2010 by Canadian UnderwriterICBC reported a net income of $155 million for 2010 Q1, an increase from $117 million in 2009 Q1. An increase in premiums written – up to $860 million in 2010 Q1 from $843 million 2009 Q1 – was a…
MSB teams up with Compu-Quote to launch replacement cost calculator
May 18, 2010 by Canadian UnderwriterMarshall & Swift/Boeckh (MSB) has teamed up with Compu-Quote Inc. to launch a replacement cost calculator. MSB will integrate its RCT technology into Compu-Quote’s RCT EvaluRater product to form the Replacement Cost Technology EvaluRater. The product is intended to “significantly…
iClarify officially rolled out across Ontario
May 18, 2010 by Canadian UnderwriteriClarify is now available to all Ontario brokers. The insurance-to-value initiative is a joint effort between Compu-Quote Inc. and SCM’s Risk Management Services (RMS). It allows brokers to retrieve street level and satellite photographs, as well as information on 12…