News
SCM Risk Management Services (RMS) appoints Colin Smith to oversee its operations, information and analytics
March 30, 2012 by Canadian UnderwriterSCM Risk Management Services (RMS) has appointed Colin Smith to the position of senior vice president of operations, information and analytics. He has more than 18 years of experience in business planning, execution, operations and information technology in continuously progressive…
ACE Canada appoints Andrew Lawrence as assistant vice president of commercial risk segment
March 30, 2012 by Canadian UnderwriterACE Canada, the Canadian-based operating division of the ACE Group, has appointed Andrew Lawrence as assistant vice president of its commercial risk segment. In this newly created role, Lawrence will be responsible for managing ACE Canada’s relationships in the middle…
OSFI reminds P&C insurers to document their B.C. and Quebec earthquake exposures
March 30, 2012 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) is reminding federally regulated property and casualty insurers that companies with earthquake exposure in British Columbia and Quebec are must file the Earthquake Exposure Data form with OSFI by Apr. 15,…
Economic losses from disasters highest ever in 2011: Swiss Re
March 30, 2012 by Canadian UnderwriterLast year saw the greatest economic toll for natural catastrophes and man-made disasters, at $370 billion, according to Swiss Re. Insured losses in 2011 ranked as the second-highest sum ever in a year, at $116 billion. The highest loss was…
Rapid global warming, slow economic growth, increased regulatory attention will challenge Canadian P&C industry: IBC
March 29, 2012 by Canadian UnderwriterCanada’s property and casualty insurers can expect to be challenged in the near future by the rapid pace of global warming in Canada, slow economic growth and increased attention from regulators, the Insurance Bureau of Canada (IBC) observed at the…
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…