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InsurEye adds independent mortgage, credit card consumer reviews to platform

March 15, 2017 by Canadian Underwriter

The largest Canadian platform for insurance reviews has launched independent consumer reviews for mortgage and credit card products, InsurEye announced Wednesday. “Our platform has already been offering nearly 3,000 home, auto and life insurance reviews to inform Canadian consumers about

News InsuranceMergers and AqcuisitionsTechnology

Incumbent insurers should rethink businesses, embrace opportunity in digital technology: McKinsey & Company

March 9, 2017 by Canadian Underwriter

The insurance industry is not impregnable and companies would be well-advised to reinvent themselves by incorporating digital technology and allowing it to become a catalyst, suggests a new report issued Thursday by McKinsey & Company. Some executives “know that staying

News Earnings / RatingsInsuranceMarkets / CoveragesMergers and Aqcuisitions

Echelon Financial Holdings Inc. sees lower net income for 2016 full-year, Q4 over prior-year periods

February 17, 2017 by Canadian Underwriter

It was a mixed bag for Echelon Financial Holdings Inc. (EFH) in the fourth quarter of 2016, with strong commercial lines results and lower personal lines results combining to contribute to a 70% drop in net income to about $2.6

News CatastrophesEarnings / RatingsInsuranceMergers and Aqcuisitions

Co-operators General Insurance Company net income $128.8 million in 2016 Q4, up from $103.3 million in 2015 Q4

February 16, 2017 by Canadian Underwriter

The consolidated net income for Co-operators General Insurance Company increased for the fourth quarter of 2016 over the same quarter in 2015, but net income for 2016 decreased from 2015. The Co-operators has posted net income of $128.8 million for

News InsuranceMergers and Aqcuisitions

Free windshield chip repair to be included in ICBC optional coverage

February 8, 2017 by Canadian Underwriter

Insurance Corporation of British Columbia announced Wednesday it will offer optional coverage for windshield repair for private passenger vehicles as well as some commercial light vehicles. “Starting this spring, customers who purchase ICBC’s optional comprehensive coverage will be able to

News AssociationsInsuranceLegalMergers and Aqcuisitions

Denying catastrophic impairment status to Ontario auto claimant is not denying benefit: OIAA speaker

February 8, 2017 Greg Meckbach, Associate Editor

When an Ontario auto insurer notifies a claimant that he or she has not sustained a catastrophic impairment, that does not constitute the denial of a benefit for the purposes of the two-year limitation on filing a lawsuit, a lawyer

News CatastrophesEarnings / RatingsInsurance

Personal lines cat ratio up 9.3 points at Intact due in part to Fort McMurray

February 8, 2017 by Canadian Underwriter

Intact Financial Corp. released Wednesday its financial results for 2016, reporting a 5% increase in direct premiums written and a 40% drop in underwriting income during a year when Canada’s most expensive natural disaster cost the firm $400 million before

News CatastrophesClimate ChangeMergers and AqcuisitionsReinsurance

2016 sees highest-ever catastrophe insured losses, hail has impact: Rennie

February 1, 2017 by Angela Stelmakowich

2016 was a year of records: the largest catastrophe-related insured losses in Canada’s history, the biggest loss for a single Cat and the most hail events in the month of July, Carolyn Rennie, managing director of Catastrophe Indices and Quantification

News InsuranceLegalLegislation / RegulationMergers and Aqcuisitions

Future CPP disability benefits not deductible from payments under Nova Scotia auto family protection endorsement: Supreme Court

January 27, 2017 by Canadian Underwriter

Future disability benefits under the Canada Pension Plan are not deductible from auto insurers’ payments under the Nova Scotia family protection endorsement, the Supreme Court of Canada found in a ruling released Friday. Canada’s highest court restored a 2013 ruling,

News AssociationsInsuranceMergers and Aqcuisitions

Ontario Trucking Association to investigate roadside towing charges of heavy-duty recovery companies

January 27, 2017 by Canadian Underwriter

The passing of the Fighting Fraud and Reducing Automobile Insurance Rates Act, 2014 has fuelled plans by the Ontario Trucking Association to investigate if roadside towing charges by heavy-duty recovery firms reflect the rates officially advertised on their websites. OTA

News InsuranceLegislation / RegulationMergers and Aqcuisitions

ICBC board finalizes terms of reference for independent review of insurance rates

January 26, 2017 by Canadian Underwriter

The Insurance Corporation of British Columbia’s (ICBC) Board of Directors (BoD) has finalized the terms of reference for an independent review of the fairness and affordability of basic insurance rates in the province, with the idea being to limit future

News InsuranceMergers and AqcuisitionsTechnology

LexisNexis Risk Solutions brings advanced analytics to U.S. telematics programs

January 24, 2017 by Canadian Underwriter

LexisNexis Risk Solutions has advanced its proprietary technology for insurance telematics programs in the U.S. to ensure the policyholder and driver are the same, contributing to a true picture of driver behaviour and improving consumer experience. “Up until now, U.S.