News
B.C. broker ordered to pay fine for providing a false insurance document as a favour to a friend
February 7, 2012 by Canadian UnderwriterThe B.C. Insurance Council has ordered a B.C. broker to pay a fine and legal costs totaling more than $3,000 after finding the broker arranged to create a false insurance cover letter as a favour to his friend, the broker’s…
Integro aligns into four divisions, including Integro Canada
February 7, 2012 by Canadian UnderwriterIntegro has established four divisions, including Integro Canada, to better serve its broadening client base going forward.The insurance brokerage and risk management firm reported a 21% growth in revenue in 2011, up to $101 million. Integro has established four client-centric…
U.S. property and casualty insurers in 2011 posted worst underwriting loss since 2002
February 7, 2012 by Canadian UnderwriterThe U.S. property and casualty industry experienced its largest underwriting loss in 2011 since 2002, reported A.M. Best. Driven primarily by high catastrophe-related losses, alongside elevated losses in select and non-catastrophe-exposed lines, less favourable loss-reserve development and weak macroeconomic conditions,…
CCIR posts issues paper about online insurance sales
February 7, 2012 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has circulated an issues paper that discusses issues raised by insurance sales on the Internet.In particular, the paper identifies the absence of a regulatory framework specific to the distribution of online financial or…
Insurance consumers are not taking advantage of discounts: Kanetix
February 6, 2012 by Canadian UnderwriterInsurance consumers in Ontario, Quebec and Alberta are leaving money on the table by passing up discount opportunities, Kanetix says.Kanetix, an online quote comparison website, recently published 2011 Q4 auto insurance rate results for Ontario, Quebec and Alberta. The study…
Direct writers likely to be first to use social platform for selling insurance: Celent
February 6, 2012 by Canadian UnderwriterThe first U.S. property and casualty insurer to use a social networking site as a platform for its business will likely be a direct writer that offers personal auto, motorcycle or dwelling insurance and not necessarily one of the biggest…
ClearRisk announces two appointments in sales and marketing department
February 6, 2012 by Canadian UnderwriterClearRisk has announced two appointments within its sales and marketing department. Ray Dillon joins the St. John’s-based company as chief sales and marketing officer and Chris Gardner has been promoted to vice president of sales and marketing. “Ray led the…
Minor earthquake hits offshore of Vancouver Island
February 6, 2012 by Canadian UnderwriterA Magnitude-5.6 earthquake struck offshore of Vancouver Island in B.C. around noon on Feb. 4. Natural Resources Canada estimated the depth of the epicenter at 12.8 kilometres. The epicenter was approximately 170 kilometres west of Ucluelet, B.C. (near Tofino, B.C.)“No…
RIMS launches how-to guide for handling cyber risk
February 6, 2012 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has launched a guide for risk managers to manage cyber risks using an enterprise risk management (ERM) approach. The report is a joint effort between RIMS, Identity Theft 911 and USLaw Network.ERM Best…
Quebec police pulling over more drivers for cell phone use
February 6, 2012 by Canadian UnderwriterQuebec police are reportedly concerned about the use of cell phones while driving and a lack of seat belt use, according to a CTV.ca report.CTV cites figures from the Sûreté du Québec (SQ) showing that 9,000 drivers were pulled over…
SGI proposes rate increase for auto customers
February 3, 2012 by Canadian UnderwriterSGI has proposed a net increase of 3.7% for Saskatchewan Auto Fund rates. If approved, the rate changes would take effect Aug. 4, 2012.The public insurer submitted its proposal to the Saskatchewan Rate Review Panel for “rate rebalancing.” Rebalancing takes…
Watch out for pizza delivery risk during the Super Bowl
February 3, 2012 by Canadian UnderwriterAs the United States gears up for the Super Bowl on Feb. 5, insurers are warning of the escalation of risks specific to the big football game.Take pizza delivery, for example.As U.S. households hunker down for the big game, which…