News
Canadian companies falling behind global counterparts on some information security initiatives: PwC report
March 9, 2012 by Canadian UnderwriterCanadian companies are on par with the global average in their adoption of mobile and social media, and they are above average at not reducing their information security-related budgets, but they fall behind in a number of other information security…
Ontario politicians introduce two new auto insurance private members’ bills
March 8, 2012 by Canadian UnderwriterOntario politicians introduced two new private member’s bills into the legislature on Mar. 7: one would make it easier to report auto insurance fraud, and the other would eliminate the ability of insurers to rate auto insurance based on addresses…
Solar storm causes minor geomagnetic storm on Earth: NASA
March 8, 2012 by Canadian UnderwriterA solar storm, associated with two major solar flares on Mar. 6, has caused instruments to measure changes in Earth’s magnetic fields, indicating the onset of a geomagnetic storm, according to NASA. As of press time, NASA classified the geomagnetic…
RSA introduces web-based portal, e-Boiler, to streamline broker processes for small business accounts
March 8, 2012 by Canadian UnderwriterRSA’s Equipment Breakdown Insurance (EBI) division announced on Mar. 7 the implementation of e-Boiler, a web-based portal designed to streamline broker partners’ processes for handling small business accounts. “The program is unique in that it is fully customizable and empowers…
Ontario needs strategy for dealing with increased insurance premiums arising from climate change: environment commissioner
March 8, 2012 by Canadian UnderwriterThe Ontario government has failed to outline a strategy to deal with the increasing costs of climate change, including the costs of increased insurance premiums, according to Gord Miller, Ontario’s environmental commissioner. Miller released his report, Ready for Change? An…
U.S. commercial lines rates increase 3% in February 2012
March 8, 2012 by Canadian UnderwriterU.S. commercial property lines saw an average increase of 3% in February 2012, according to MarketScout’s Market Barometer. Overall, the U.S. composite commercial rate index saw an increase of 2% during the month. “In September 2011, rates were flat,” Richard…
ICBC adds commercial vehicles to its ‘bait’ vehicle fleet
March 8, 2012 by Canadian UnderwriterICBC has added commercial vehicles to its ‘bait’ vehicle fleet, including construction equipment and working commercial vans. Bait cars are used by the Integrated Municipal Provincial Auto Crime Team (IMPACT) to lure thefts. A bait car is a vehicle owned…
Alcohol interlocks reduce risk of first time DUI offenders repeating the offence
March 7, 2012 by Canadian UnderwriterPeople convicted of drunk driving are less likely to re-offend if they have to install alcohol interlocks on their vehicles, a study by the Insurance Institute of Highway Safety (IIHS) found. The study’s results provide support for requiring the devices…
Saskatchewan launches safety blitz against aggressive driving
March 7, 2012 by Canadian UnderwriterTraffic enforcement officers in Saskatchewan will be cracking down on aggressive driving on Mar. 14-15 as part of a coordinated safety blitz, a Saskatchewan Government Insurance (SGI) release says. Aggressive driving includes speeding, driving too fast for road conditions, running…
Tohoku earthquake unleashes multiple ways to explore earthquake risk changes: RMS
March 7, 2012 by Canadian UnderwriterThe 2011 Tohoku earthquake and tsunami has caused the seismic hazard research community to explore different ways to predict whether other related damaging earthquakes can be expected around Japan and whether Tohoku may have affected the timing of other earthquakes…
QBE unites reinsurance operations under QBE Re banner
March 7, 2012 by Canadian UnderwriterQBE Insurance Group announced it is combining its worldwide reinsurance operations under a single management team and unified brand, QBE Re. QBE Re will comprise of what’s currently known as Syndicate 566, QBE Re (Europe), Secura NV and QBE Re…
Nova Scotia Court of Appeal confirms province’s subrogated right to claim against an insurer for nursing home costs arising from auto injuries
March 7, 2012 by Canadian UnderwriterNova Scotia’s Court of Appeal confirmed in a 3-1 majority decision released on Feb. 23 that Nova Scotia’s Department of Health has a subrogated right to claim against an insurer for nursing home costs arising from injuries sustained in a…