News
ICBC to roll out translation service to all 20 of its driver licensing offices by Fall 2012
March 21, 2012 by Canadian UnderwriterCustomers who need language assistance during the handling of their driver licensing transactions will now be able to converse freely with the Insurance Corporation of B.C. (ICBC) in more than 170 languages through an interpreter. The initiative, provided by Language…
Cyclist’s collision with a parked van an “accident”: FSCO
March 20, 2012 by Canadian UnderwriterA woman who swerved on a bicycle to avoid a parked vehicle and injured herself was in a “motor vehicle accident,” according to an arbitrator from the Financial Services Commission of Ontario (FSCO). In the decision DiMarco and Chubb Insurance…
“Insurance” most expensive Adword on Google
March 20, 2012 by Canadian UnderwriterNot to be outdone by more impulse-buying choices, insurance now ranks at the top of the most expensive keywords in Google Adwords. The Internet search engine, which rakes in more than $32 billion in total advertising revenue, charges more for…
Applied Systems launching broker benchmark
March 20, 2012 by Canadian UnderwriterBrokers looking to measure their performance and growth against their peers will soon have a benchmark. Applied Systems recently announced a survey to identify common brokerage attributes that create efficient, effective and sustainable business operations. The insurance software company said…
U.S. states propose legislation to ban employers from asking job applicants for their social networking site passwords
March 20, 2012 by Canadian UnderwriterIllinois and Maryland are proposing legislation that would ban employers from asking for the usernames and passwords of prospective employees’ social networking accounts. The moves come about a year after the American Civil Liberties Union sent a letter to the…
Canadian P&C industry sees overall improved financial health in 2011, despite escalating claims in property lines
March 20, 2012 by Canadian UnderwriterFederally regulated Canadian property and casualty insurers saw their profits increase by just over $1 billion in 2011 despite static net investment income and claims ratios in property lines that are up across the board. Canada’s federal solvency regulator, the…
OECD predicts more frequent, severe storms by 2050 in the absence of more aggressive climate change policies
March 19, 2012 by Canadian UnderwriterIn the absence of more aggressive global initiatives targeting climate change in the future, “more disruptive climate change is likely to be locked in” by 2050, according to the Organisation for Economic Co-operation and Development (OECD). Released on Mar. 15,…
SCM Risk Management Services acquires Syntech Associates
March 19, 2012 by Canadian UnderwriterRisk inspection company SCM Risk Management Services (RMS) has completed its acquisition of Syntech Associates, an independent risk inspection company based out of Calgary, Alberta. Syntech Associates has been delivering residential inspections to Western Canadian clients for more than 25…
IBC launches new iPad app to help Canadians learn how to prevent water property damage
March 19, 2012 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has launched the Dry House Challenge iPad app to help Canadians learn how to prevent water damage to their properties. Based on recent estimates, the Canadian insurance industry pays $1.32 billion each year in claims…
Michigan twisters damage pegged at under $100 million
March 19, 2012 by Canadian UnderwriterEqecat Inc. suggests preliminary estimates of insured damage from the recent tornado outbreak in Michigan are less than $100 million. The catastrophe risk modeling firm said three tornado touchdowns on Mar. 15 in Michigan caused the destruction of 13 homes…
Tornado outbreaks “manageable” for U.S. insurers
March 19, 2012 by Canadian UnderwriterAn unusually early start to tornado activity in the United States has caused severe localized damage, but the overall impact on the insurance industry should be “manageable,” according to Standard & Poor’s. In an analysis released Mar. 16, the rating…
Brighter outlook for insurance CIOs regarding IT area: Celent
March 19, 2012 by Canadian UnderwriterChief information officers of insurance companies in the United States expect to see revenue growth in the area of information technology, plus a strengthened role for IT in the business, according to Celent’s annual CIO report, 2012 US Insurance CIO…