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…
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…
The Canadian Anti-fraud Centre (formerly Phonebusters) and the Ontario Provincial Police are warning potential auto insurance consumers in Ontario of a fraud ring, in which fraudsters are advertising fraudulent insurance premiums in Ontario newspapers and on Web sites.The scam advertises…
More than 60 forest fires are burning across Quebec, 12 of which are out of control, reports the Montreal Gazette.The Abitibi region in northern Quebec and the Haute-Maurice region, north of Trois Rivieres, are the two most active areas. Approximately…
Ontario’s insurance regulator is requiring the province’s auto insurers to mail out publications explaining the forthcoming auto insurance reforms to consumers.The content and wording of the documents, which are not to be altered when sent to consumers, is the product…
The Canadian Hurricane Centre (CHC) is cautioning East coasters that the 2010 hurricane season may bring above average activity. “A number of international hurricane authorities are predicting that this year will be an active hurricane season in the Atlantic basin,”…
Canada is formally proposing new legislation that would prohibit banks from promoting “non-authorized insurance from all banking Web pages.”This includes banning the display of online links to Web pages that promote non-authorized insurance. The proposed regime would allow the “corporate…
The Insurance Brokers Association of Canada is pleased with federal Finance Minister Jim Flaherty’s proposed regulations that would ban banks from promoting insurance on their banking Web sites. Flaherty proposed the regulations on May 27, 2010. Steve Masnyk, IBAC’s manager…
The Supreme Court of Canada has effectively upheld Nova Scotia’s $2,500 cap on minor auto injury claims.The Supreme Court on May 27 dismissed leave to appeal a December 2009 decision by the Nova Scotia Court of Appeal, which confirmed the…
Ontario 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…
Alberta incorporated insurers have reported a surge in net income, rising from $3 million in 2009 Q1 to $14.9 million in 2010, according to filings posted by Alberta’s Superintendent of Insurance.The figures include:•Alberta Motor Insurance Company;•Canadian Farm Insurance Company;•Fortress Insurance…
Re-opened Hurricane Katrina claims demonstrate what can happen when an overwhelming catastrophic event causes beleaguered adjusters to bite off more than they can chew, according to a report by A.M. Best/Week.The May 17 BestWeek article, ‘Katrina Claims a Lesson for…