News
Arab Spring will cause businesses in emerging markets to re-asses risk: Aon Political Risk Map
February 8, 2012 by Canadian UnderwriterRegime changes and the political unrest arising from Arab Spring have raised concerns for businesses around the world, according to Aon’s 2012 Political Risk Map.“These uprisings and protests remain a key concern in 2012 and we see this reflected in…
Mediation applications in Ontario should be sent to insurers, not just the regulator: lawyer
February 8, 2012 by Canadian UnderwriterAn application for mediation in Ontario does not have to be sent to an insurer, only the regulator, which is a problem with the system, according to Philippa Samworth, a partner with Dutton Brock LLP. Samworth spoke as a panel…
Insurers warned to prepare to help Ontario regulator clear mediation case backlogs
February 8, 2012 by Canadian UnderwriterInsurance companies had better prepare for the effects of the Ontario insurance regulator’s stated intent to clear a backlog of mediation cases.Eric Grossman, a founding partner of Zarek Taylor Grossman Hanrahan LLP, moderated a panel discussion about the case backlog…
Economical adds former OSC chair and current chair of International Order of Foresters to board of directors
February 7, 2012 by Canadian UnderwriterThe Economical Insurance Group has added two new members to its board of directors.David Wilson, the past chair of the Ontario Securities Commission, and Richard Freeborough, chair of the International Order of Foresters and the board of governors of the…
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…