Keyword
IBC
Panel appointed by Ontario Ministry of Finance recommends creation of new regulatory agency
November 5, 2015 by Canadian UnderwriterA panel appointed by the Ontario Ministry of Finance has recommended the creation of a new regulatory agency to operate as an “integrated regulator of financial services with distinct market conduct, pensions and prudential regulatory functions; operating independently of each…
New demands under privacy act could pose some challenges
November 2, 2015 Angela Stelmakowich, EditorMost new requirements ushered in by the Canadian Digital Privacy Act (DPA) are very helpful and provide a fix, but a number could pose some challenges, including maintaining a record for every breach, John Beardwood, a partner with Fasken Martineau…
Consumer-based approach key, consolidation a potential threat to making Ontario auto insurance market competitive
October 30, 2015 Angela Stelmakowich, EditorTaking a consumer-based approach to auto insurance is what allowed New Jersey to punt the perennial political football from the state arena and create a truly competitive market – something that Holly Bakke suggests Ontario could accomplish as well. “What…
Understanding consumer view key to meeting expectations: Forgeron
October 29, 2015 Angela Stelmakowich, EditorConsidering things from the consumer perspective is important for insurers to truly understand – and, in turn, be able to respond to – ever-evolving consumer expectations, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), suggested Thursday at…
IBC applauds Alberta’s move to reduce flood risk
October 28, 2015 by Canadian UnderwriterThe Government of Alberta’s announcement this week that it will pump almost $450 million into funding flood protection measures along the Bow and Elbow Rivers shows its “commitment to building resilient communities,” Insurance Bureau of Canada (IBC) notes in a…
Record number of British Columbians participate in ShakeOut earthquake drill
October 15, 2015 by Canadian UnderwriterA record number of British Columbians – 785,000 – took part in the Great British Columbia ShakeOut on Thursday, joining millions around the world, the Insurance Bureau of Canada (IBC) said. “Since launching the Great British Columbia ShakeOut in 2011,…
David Marshall to serve as advisor on auto reforms to Ontario’s finance minister
October 9, 2015 by Canadian UnderwriterDavid Marshall has been appointed as advisor to Ontario’s finance minister on auto insurance and pensions, effective Feb. 1, 2016. Marshall will be charged with providing recommendations to the government on further ways to reduce auto insurance costs in the…
Insured damages from August B.C. storm estimated at over $25 million
October 6, 2015 by Canadian UnderwriterInsured damage arising from a windstorm Aug. 29 in British Columbia probably exceeded $25 million, Insurance Bureau of Canada suggested in a release Tuesday. Quoting from Toronto-based Catastrophe Indices and Quantification Inc., IBC said a preliminary estimate of insured damage…
‘No single correct answer’ on how to provide overland flood coverage but government must be involved: IBC
October 4, 2015 Greg Meckbach, Associate EditorNICC MONTREAL – In order to make overland flood insurance work in Canada, government must be involved – in some way – in pre-planning, but Canada cannot necessarily copy from any other nation’s flood program, Insurance Bureau of Canada’s chief…
Rain barrels an old-fashioned solution to modern water damage problem: IBC
September 16, 2015 by Canadian UnderwriterOld is new again when it comes to rain barrels and how they can be used to help combat the modern problem of increasing water damage, suggests Insurance Bureau of Canada (IBC). Insurance claims for water damage have soared in…
Moves and Views
June 1, 2015 by Canadian Underwriter1 Allianz Global Corporate & Specialty SE (AGCS) announced in May that Ulrich Kadow [1] has been appointed chief agent for AGCS Canada. Kadow was previously AGCS’s global head of package and multi-line, “where he established the mid-market property, liability…
Attack of the Clones
May 1, 2015 Greg Meckbach, Associate EditorCriminals are getting more sophisticated at cloning vehicle identification numbers. But because there is no single tool specifically designed to detect cloning, some consumers who buy vehicles do not realize they are actually stolen or declared irrepairable, often leaving insurers on the hook.