News
Governments, insurers need to educate Canadians about earthquake disaster recovery: Swiss Re
March 29, 2012 by Canadian UnderwriterCanadian property and casualty insurers need to collaborate with Canadian governments to paint a kind of ‘pre-Day of Reckoning’ picture of what earthquake damage might look like, in order to better inform Canadians about the role of insurance in reconstruction…
PwC Report on insurance issues: data analytics is crucial
March 29, 2012 by Canadian UnderwriterThe emergence of “big data” poses both an opportunity and a challenge for the property and casualty insurance industry, according to a recent report from PricewaterhouseCoopers LLP. It defines big data as a combination of (a) sophisticated technologies and devices,…
Ontario budget seeks to modernize insurance regulation
March 29, 2012 by Canadian UnderwriterOntario plans to update how the Financial Services Commission of Ontario (FSCO) regulates the insurance industry as part of an effort to “transform public services.” In the provincial budget tabled Mar. 27, Finance Minister Dwight Duncan said the government will…
Celent studies how social media affect insurers’ internal operations
March 29, 2012 by Canadian UnderwriterIncreased transparency across the organization and improved project results are two key benefits of adopting a social media strategy, states a new report from research firm Celent. It notes insurers are using social media technology for internal staff, external partners…
Competition Tribunal denies IBC application that would prevent Ontario used car dealers’ association from accessing vehicle claims history database
March 29, 2012 by Canadian UnderwriterCORRECTION: An earlier version of this story incorrectly stated the decision came from the Competition Bureau. The decision was in fact from the Competition Tribunal. Canadian Underwriter apologizes for the error. Also, the version below contains updated content, including a…
Cross-border shopping slip-and-fall claim against U.S. Home Depot store allowed to proceed in Ontario
March 28, 2012 by Canadian UnderwriterA cross-border shopper living in Ontario has been allowed to proceed with her slip-and-fall claim in the Ontario Superior Court, even though her injury occurred in a Home Depot outlet located in the United States. The defendant, Home Depot, moved…
Ontario Brokers laud CSIO announcement
March 28, 2012 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) says a new CSIO XML standard will bring greater efficiency to broker-insurance company communications through electronic documents. The development of “E-Docs” allows brokers to see electronic copies of policies automatically attached to their…
Lloyd’s posts loss for 2011 in record catastrophe year
March 28, 2012 by Canadian UnderwriterLloyd’s of London recorded an annual loss of £516 million ($818 million) last year due to a huge spike in natural disaster losses. The loss compares to a profit of £2.2 billion ($3.5 billion) in 2010. The U.K.-based insurance market…
IBC, IBAO applaud fraud measures in Ontario budget; province proposes to establish administrative monetary penalties
March 28, 2012 by Canadian UnderwriterOntario announced new initiatives to crack down on insurance fraud in yesterday’s budget, which were welcomed by industry groups. The budget also indicates the province intends to propose administrative monetary penalties, for which the industry has advocated over the past…
Thomas Cook enhances travel insurance product
March 28, 2012 by Canadian UnderwriterThomas Cook Financial Services has enhanced its travel insurance product. “We are extremely pleased to introduce the new Thomas Cook Travel Insurance product,” said Kevin McAdam, director of financial services at Thomas Cook North America. “Pets, golf green fees and…
Global shipping safer but subject to human error: Allianz
March 27, 2012 by Canadian UnderwriterThe safety record of the modern maritime shipping industry has improved dramatically, but the majority of losses are still caused by human error, according to a report by Allianz Global Corporate & Specialty. Allianz noted that marine transport is one…
Swiss Re issues securitization for two reinsured parties
March 27, 2012 by Canadian UnderwriterSwiss Re Capital Markets announced the first catastrophe bond combining the risks of two primary insurers into a single transaction. The securitization, which provides $200 million in multi-peril annual aggregate indemnity protection, will help backstop the U.S. perils of severe…