News
Ontario appeal court upholds decision in favour of Meloche in optional auto accident benefits case
March 4, 2013 by Canadian UnderwriterThe Ontario Court of Appeal has upheld a lower court’s decision in favour of Meloche Monnex Insurance Company, reiterating that the insurance provider breached its duty of care to a claimant of optional auto insurance benefits, but that the claimant…
IBC surveys carriers on market for taxi insurance in Ontario
March 4, 2013 by Greg Meckbach, Associate EditorA decision by a major underwriter to stop offering commercial auto insurance to some taxi drivers in Ontario, and concern from cabbies about rising premiums, has prompted the Insurance Bureau of Canada to discuss the matter with the Financial Services…
FSCO warns that GIC Mutual Insurance not licensed to do business in Ontario
March 4, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario is warning consumers that GIC Mutual Insurance Company is not licensed to do business in the province. GIC Mutual is selling fraudulent insurance cards to consumers, FSCO says. The phone number 1-800-552-2323 has been used…
Australia invests $100 million in flood mitigation infrastructure
March 4, 2013 by Canadian UnderwriterAustralia Prime Minister Julia Gillard announced late last week that the federal government will invest $100 million over two years into flood mitigation projects to help reduce flood risk and bring about reductions in insurance premiums. The National Insurance Affordability…
Major Atlantic independent brokerage acquires Nova Scotia brokerage C.D. Armstrong
March 4, 2013 by Canadian UnderwriterMacdonald Chisholm Trask Insurance, one of the largest independent brokerages in the Atlantic Canada region has purchased Homburg Insurance Company Ltd. through the acquisition of all the outstanding shares from Homburg International Ltd. for an undisclosed amount. The transaction closed March…
National Brokers Insurance Services acquires family-owned Ontario brokerage
March 1, 2013 by Canadian UnderwriterNational Brokers Insurance Services Inc. announced Friday it has aquired Grant, Jones & Stuart Insurance Brokers Inc., a family owned and operated company formed in 1987. Grant, Jones & Stuart will now operate as a division of Mississauga, Ont.-based National…
U.S. P&C insurers at a turning point with claims management systems
March 1, 2013 by Canadian UnderwriterU.S. property and casualty insurers surveyed by Accenture are expected to spend US$17.5 million, on average, over the next three years to upgrade and modernize their claims functions. New York City-based Accenture’s 2012 North American Claims Investment Survey is based…
Canadian brokerage president to receive Enterprising Women of the Year award
March 1, 2013 by Canadian UnderwriterThe president of a Canadian brokerage is among the recipients of the Enterprising Women of the Year Award for 2013, an award that recognizes excellence among women entrepreneurs. Joyce Usher-Mesiano, president of National Brokers Insurance Services Inc. and Monarch Intermediaries…
IBAO rolling out iClarify training for brokers
March 1, 2013 by Canadian UnderwriterThe Insurance Brokers Association of Ontario is developing and deploying educational training for brokers throughout the province with the iClarify online tool. The training will focus on the service’s methodology and how it can be used to reduce time with…
Nominations open for CIP Society’s National Leadership Awards
March 1, 2013 by Canadian UnderwriterThe CIP Society has announced that nominations are open for its 2013 National Leadership Awards for the property and casualty industry. Nominations for the awards, which recognize excellence in the industry, will be accepted between March 1 and June 1.…
IBC meets with Ontario NDP to discuss auto insurance premiums
March 1, 2013 by Canadian UnderwriterThe Insurance Bureau of Canada is meeting with Ontario NDP leader Andrea Horwath Friday to discuss auto insurance rates in the province, after several public clashes in opinion. Horwath and her party have said they want a 15% reduction in…
Sluggish economic conditions, regulatory complexity major challenges for 2013
February 28, 2013 by Canadian UnderwriterLow interest yields in the U.S., proposed changes to capital requirements in Europe and insurance-linked securities will all affect the property and casualty insurance market this year, suggests a report from Conning Inc. Hartford, Conn.-based Conning predicts insurance firms in…