Topic
Mergers and Aqcuisitions
Hurricane activity expected to be “above-normal” in 2010: TSR
May 25, 2010 by Canadian UnderwriterHurricane activity in the Atlantic basin is anticipated to be 55% above the long-term (1950-2009) norm, according to storm modeler Tropical Storm Risk (TSR). This above-normal level is expected to be even higher if La Niña develops during the second…
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…
OPP lay charges in alleged staged collision
May 21, 2010 by Canadian UnderwriterOntario Provincial Police have laid fraud charges against 11 people for allegedly staging a collision on Highway 400 north of Toronto in June 2009, the National Post reports.According to the paper, nine occupants of a car and minivan, as well…
CSIO recognizes Brovada Technologies with achievement award
May 21, 2010 by Canadian UnderwriterThe Centre for Study of Insurance Operations (CSIO) honoured Brovada Technologies Inc. with the 3rd Annual CSIO Achievement Award.The award recognizes Brovada’s efforts in implementing real-time policy and billing inquiry with Pembridge Insurance Company. “Of all the awards we’ve received…
Immediate response will mitigate further damage and costs: Steamatic
May 21, 2010 by Canadian UnderwriterThe best way to mitigate water damage losses – and keep costs in check -is through immediate response, Dave Bonnar, director of franchising and insurance development of Steamatic, said. “The faster we can get in, the faster we can start…
ICBC fails to prove identity of hit-and-run driver, forced to assume liability
May 20, 2010 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has been ordered by B.C.’s provincial court to assume the liability of a hit-and-run accident when an investigation failed to determine the identity of the driver.In Spitman v ICBC, Jen Spitman was at…
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…
Ontario’s new electronic health claims processing system, HCAI, to be re-launched on May 22
May 18, 2010 by Canadian UnderwriterHaving been in dry-dock for repairs since April 2008, Ontario’s new Health Claims for Auto Insurance (HCAI) electronic claims processing system will be officially re-launched on May 22, 2010.The re-introduction of HCAI is just in time for Ontario’s auto reforms,…
Saskatchewan regulates sale of incidental insurance
May 17, 2010 by Canadian UnderwriterSaskatchewan has passed a new set of regulations targeting the sale of incidental insurance by unlicensed insurance agents. The Saskatchewan Insurance Act Amendment Regulations 2010 specify types of business entities allowed to be licensed to sell insurance through unlicensed employees,…
Insurer successfully proves arson as the cause of a car fire
May 14, 2010 by Canadian UnderwriterThe Ontario Superior Court of Justice has dismissed a claim for damages resulting from a vehicular fire, determining instead that arson caused the fire.In Salihi v TD General Insurance Company, Najib Ullah Salihi attempted to sue his auto insurer for…
Rates need to be raised, even though pricing cycle is overlapping economic downturn: Zurich Canada executive
May 13, 2010 by Canadian UnderwriterFor the Canadian property and casualty insurance industry, the ‘new normal’ is for a hardening market cycle, characterized by higher insurance premiums, to be required during an economic downturn, when policyholders need their money the most.And yet if insurance companies…