News
Quebec regulator designates Desjardins Group as ‘systemically important’
June 20, 2013 by Canadian UnderwriterQuebec’s financial regulator has designated Desjardins Group as a “domestic systemically important financial institution,” placing extra capitalization requirements on the company and putting it in a similar camp as Canada’s big six banks. The Autorité des marchés financiers (AMF), which…
Canadian regulators working on rules for online insurance sales
June 20, 2013 by Canadian UnderwriterMany of Canada’s insurance regulations pre-date electronic commerce, so the Canadian Council of Insurance Regulators is inviting recommendations from stakeholders, with the aim of bringing the rules into the 21st century. CCIR last month published a position paper, dubbed Electronic…
Flood-related insured losses in Germany estimated as high as 5.8 billion euros
June 20, 2013 by Canadian UnderwriterAIR Worldwide is estimating that insured losses from flooding in Germany, which the catastrophe modelling firm calls historic, will range from 4 billion to 5.8 billion euros. Despite the worst damage having already occurred, AIR Worldwide cautioned in a statement…
Number of supporters for UN sustainable insurance principles doubles since last year
June 19, 2013 by Canadian UnderwriterThe number of insurance industry participants that have embraced the Principles for Sustainable Insurance developed by a United Nations agency and industry partners has doubled since the framework was launched last year. The four Principles for Sustainable Insurance (PSI) act…
More than 70,000 claims now filed from May tornadoes in Oklahoma
June 19, 2013 by Canadian UnderwriterThe number of insurance claims filed in Oklahoma after severe tornado events in May is up to 70,782, the state’s insurance commissioner reported Tuesday. Insurance payments from the events also reached $561,976,781 as of Tuesday, according to the Oklahoma Insurance…
Restoration contractors group hires Deloitte to study cost inflation
June 19, 2013 by Greg Meckbach, Associate EditorProperty restoration contractors are facing increased costs but not necessarily a corresponding increase in revenues, and their industry is therefore “unsustainable,” suggests the president of the Restoration Contractors Organization of Canada (RCOC). So the organization has contracted with Deloitte Canada,…
Over half of Canadians not asking insurance providers to clarify policy details
June 19, 2013 by Canadian UnderwriterMore than half of Canadians aren’t taking the time to make sure they’re properly insured by asking questions about their policies, results from a new survey by TD Insurance suggest. While 55% of those surveyed said that they review their…
Government agreement increases absolute liability, modernizes standards for offshore drilling
June 19, 2013 by Canadian UnderwriterAn agreement among the governments of Canada, Nova Scotia and Newfoundland and Labrador proposes raising to $1 billion offshore absolute liability for companies operating in the Atlantic offshore and in the Arctic. That amount is considerably higher than the current…
New admin system for brokers allows for paperless policies, mobile updates
June 18, 2013 by Canadian UnderwriterInsurance wholesaler Affiliated Brokers Exchange Ltd. (ABEX) has teamed up with Insurance Technology Solutions Inc. to offer a new policy administration system that allows for paperless policy issuance, among other capabilities. The system allows brokers to provide “real-time quotes in…
Budget reforms a good first step, but more changes needed to hit Ontario auto premium cut
June 18, 2013 by Angela Stelmakowich, EditorIt may be necessary to contemplate additional reforms if the Ontario government expects to be able to soon fulfill its promise to cut insurance premiums by an average of 15%, one industry leader suggests. Ralph Palumbo, vice president for Ontario…
New course focuses on leadership challenges in Canada’s P&C industry
June 18, 2013 by Canadian UnderwriterThe Insurance Institute has announced its final “capstone” course for the Fellow Chartered Insurance Professional Program (FCIP). The course, Integrative Learning for the P&C Insurance Sector, requires FCIP candidates to practically apply what they’ve learned in their previous five courses.…
XL launches new environmental coverage for operators at North American airports
June 18, 2013 by Canadian UnderwriterXL Group plc’s (NYSE: XL) environmental business segment is offering pollution insurance protection for Fixed Base Operators at North American airports. The new policy addresses “on-site pollution incidents, including situations arising from noise pollution,” the company announced Tuesday. “Fixed Base…