News
Mild weather in Ontario leads to 23% decline in auto collision frequency
March 9, 2012 by Canadian UnderwriterThe mild winter weather has resulted in a 23% decline in the number of collisions when compared to last year, the Toronto Star reported on Mar. 9. Between November 2011 and February 2012, there were 17,411 collisions compared to 22,680…
Start of daylight savings time an lead to crash risk: ICBC survey
March 9, 2012 by Canadian UnderwriterThe start of daylight savings time leaves B.C. drivers feeling less alert and a little more bleary, according to an ICBC survey. According to the survey, 34% of drivers said the time shift does affect them and make them feel…
Moderate earthquakes hit near Honshu, Japan
March 9, 2012 by Canadian UnderwriterTwo moderate earthquakes — one a Magnitude 5.4 and the second, about an hour later, a 5.1 — hit near the east coast of Honshu Japan on Mar. 9. The area is near where the Magnitude 9 Tohoku earthquake and…
Insurance Council of Australia declares catastrophes in flood-ravaged areas
March 9, 2012 by Canadian UnderwriterThe Insurance Council of Australia (ICA) has declared a catastrophe for New South Wales and Victorian flood zones covering the NSW Riverina, NSW Central West and northern Victoria. The council reported on Mar. 9 that so far there have been…
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…