News
IBC says Ontario NDP’s plan to reduce auto insurance rates “arbitrary”
February 4, 2013 by Canadian UnderwriterResponding to Ontario NDP leader Andrea Horwath’s proposal to reduce auto insurance rates in the province by 15%, the Insurance Bureau of Canada said Monday that the proposal misses the mark. “…(B)and aid solutions may score political points, but for…
How insurance regulatory reform can help with disaster recovery in Asia Pacific
February 4, 2013 by Canadian UnderwriterAsian Development Bank recently published a report which suggests the Asia Pacific region could benefit from legislative reforms targetting the insurance sector. ADB, based in Manila, aims to reduce poverty in the Asia Pacific region through loans, grants and technical…
Hub International makes two Canadian acquisitions
February 4, 2013 by Canadian UnderwriterHub International Limited announced Monday that it has acquired a group home and auto insurance program book of business for members of Actra Fraternal Benefits Society (AFBS), a Toronto, Ont. based firm. The book of business was acquired from Dale…
Campaign on vehicle safety features launched after poll suggests most Canadians don’t fully understand them
February 4, 2013 by Canadian UnderwriterThe Traffic Injury Research Foundation (TIRF) and the Toyota Canada Foundation have launched a new education program to teach the public more about vehicle safety features, as the groups suggest that only a third of Canadians understand how such features…
Insured losses from Georgia storms estimated at $75 million
February 4, 2013 by Canadian UnderwriterGeorgia’s insurance and safety fire commissioner has announced the tornadoes that struck the state last Wednesday caused an estimated $75 million in insured losses. “That figure will rise as new claims are reported,” Ralph Hudgens said in a statement late…
Ontario NDP leader says lowering auto insurance rates a priority for spring session
February 4, 2013 by Canadian UnderwriterOntario NDP leader Andrea Horwarth has listed several of the party’s proposals and priorities for the new legislative session, with lowering car insurance rates among them. Among the ideas, listed Monday, would be a mandate for the Financial Services Commission…
Ontario judge rules on auto insurer’s duty to defend beyond limits
February 1, 2013 by Canadian UnderwriterAn Ontario court ruled this week against Jevco Insurance when a judge decided that auto insurance providers must defend actions against their policyholders even after paying their policy limits, but slammed the province’s Standard Automobile Policy (SAP) for “muddled and…
Most U.S. drought conditions to persist until end of April
February 1, 2013 by Canadian UnderwriterMuch of the United States will continue to see drought conditions over the next few months, although some areas will have some relief, according to the National Weather Service’s seasonal drought outlook. Over the past month, there had been some…
Home insurance clients advised to check coverage before renovating
February 1, 2013 by Canadian UnderwriterSquare One Insurance has issued a cautionary note to home and condo owners undertaking renovations, warning them to verify the liability and workers’ compensation coverage of contractors. In a press release Friday, Vancouver-based Square One noted even small renovations could…
RIMS donates $30,000 to risk management resource organization McGannon Foundation
February 1, 2013 by Canadian UnderwriterRIMS, the Risk Management Society, has donated $30,000 to The William H. McGannon Foundation, a charitable nonprofit organization that provides funding and resources to support the advancement of the risk management and insurance professions in Canada. The donation was presented at…
Quebec insurer partners with air ambulance service
February 1, 2013 by Canadian UnderwriterA Quebec insurance company has partnered with an air ambulance service to offer no-fee emergency assistance, up to a certain amount, beginning this May. La Capitale General Insurance has partnered with Airmedic, to allow the insurer’s clients who have a…
U.S. auto insurers aren’t targeting the right consumers, despite high marketing spend: report
January 31, 2013 by Canadian UnderwriterThe auto insurance industry in the United States is one of the most aggressive in terms of marketing spend, but it may not be having the desired impact, notes a new report from McKinsey and Co. Over the past nine…