News
Sprint to provide vehicle-tracking technology for usage-based insurance
July 20, 2012 by Canadian UnderwriterU.S. wireless carrier Sprint has set its sights on providing vehicle-tracking technology that will provide insurers with information about vehicle activity and driver behaviour. Sprint has announced its intention to market integrated, end-to-end, usage-based insurance (UBI) services, which the company…
European high court rules that flight cancellation insurance cannot be included automatically in the price of airfare
July 20, 2012 by Canadian UnderwriterCompanies selling air travel tickets online cannot automatically include cancellation insurance with the airfare, the Court of Justice of the European Union has ruled. “‘Optional price supplements’ relating to additional services which are not compulsory must be communicated clearly at…
Ontario PC proposal calls for private insurers to compete with the province’s Workplace Safety Insurance Board (WSIB)
July 20, 2012 by Canadian UnderwriterAn Ontario Progressive Conservative Caucus White Paper has recommended that private insurance companies be allowed to compete with the Workplace Safety Insurance Board (WSIB) for the provision of work-related insurance coverage. The WSIB is a government agency that provides injury…
Traditional reinsurance unlikely to contribute to systemic risk: IAIS
July 20, 2012 by Canadian UnderwriterTraditional reinsurance is unlikely to contribute to or amplify systemic risk, although the financial crisis has demonstrated the same may not hold for non-reinsurance activities, including certain banking activities, notes Reinsurance and Financial Stability, a new policy paper from the…
Glenn Gibson named CEO of Crawford’s Canadian consulting practice
July 19, 2012 by Canadian UnderwriterCrawford & Company (NYSE: CRDA; CRDB) has announced that Glenn Gibson is leaving his role as executive vice president for global strategy, projects and development to become CEO of a consulting practice the company is building in Canada. In his…
Hackers step up their attacks against small businesses: Symantec
July 19, 2012 by Canadian UnderwriterHackers are increasing their attacks on smaller enterprises with fewer than 250 employees, Symantec Corp. (Nasdaq: SYMC) announced in its June 2012 Symantec Intelligence Report (ISTR). The report shows that 36% of all targeted attacks (58 per day) during the…
CSIO appoints Pranab Pandey as manager of standards and business process improvements
July 19, 2012 by Canadian UnderwriterThe Centre for Study of Insurance Operations (CSIO) has appointed Pranab Pandey to the position of manager of standards and business process improvements. Pandey joins CSIO from TATA Consultancy Services, where he held various positions in project management, operations and…
FirstOnSite Restoration expands its operations to the United States
July 19, 2012 by Canadian UnderwriterFirstOnSite Restoration is expanding its operations to the United States. Currently, FirstOnSite works with U.S. clients who have property in Canada. This new initiative brings the company to American soil to serve Canadian customers who have property in the United…
Insurers identify “game-changing” opportunities in analytics
July 19, 2012 by Canadian UnderwriterInsurance companies are investing heavily in analytics and “big data” to seek competitive advantages and discover opportunities in pricing and fraud prevention, a new study has found. The research survey, commissioned by ACORD and conducted by Strategy Meets Action (SMA),…
B.C. court distinguishes between a “driver training event” and a “contest, show or race”
July 19, 2012 by Canadian UnderwriterA British Columbia court has determined the owner of a Corvette is entitled to insurance coverage after he severely damaged the car during an event the judge described as “driver training event,” as opposed to a “contest, show or race,”…
Crop hail insurance claims on the rise in Prairies
July 18, 2012 by Canadian UnderwriterCrop hail claims are off to a brisk start in Saskatchewan, based on the latest figures from the Canadian Crop Hail Association, published in the July 6, 2012 edition of the Hail Report. Companies providing hail insurance to farmers reported…
Insurance required for motor assisted scooters with pedals removed: B.C. court
July 18, 2012 by Canadian UnderwriterA British Columbia judge has dismissed appeals by a scooter rider convicted of driving without a licence or insurance, but suggests that provincial rules governing motor assisted cycles (MACs) could benefit from a review. British Columbia’s Motor Vehicle Act (MVA)…