News
B.C. government requires insurers to be members of General Insurance OmbudService (GIO)
December 21, 2011 by Canadian UnderwriterThe Government of B.C. has passed regulations under the Insurance Act requiring companies transacting home, auto and business insurance – with the exception of ICBC and mutual companies – to be members of the General Insurance OmbudService (GIO) The regulations…
Former RIBO president Toots (Elsie) Everley honoured with 2011 Ontario Senior Achievement Award
December 21, 2011 by Canadian UnderwriterToots (Elsie) Everley, former RIBO president and IBAO territory director, is a recipient of the 2011 Ontario Senior Achievement Award.The award recognizes and honours outstanding seniors who, after age 65, have made significant contributions to their communities. The outstanding voluntary…
Less than 10% of Canadian executives use fraud detection software: SAS
December 20, 2011 by Canadian UnderwriterA vast majority (83%) of Canadian executives said fraud prevention and detection is a priority for their organizations, but only 9% of those surveyed said they have business analytics software designed to help detect fraud running all the time, according…
Law Society of B.C. expands lawyers’ professional indemnity coverage to respond to “bad cheque” scams
December 20, 2011 by Canadian UnderwriterThe Law Society of B.C. (LSBC) has broadened the scope of lawyers’ professional indemnity coverage to respond to trust fund shortfalls resulting from various forms of “bad cheque” scams.Typically, the scams involve between $200,000 and $350,000, with one matrimonial scam…
Premium growth in emerging markets is strong, but low profitability poses a challenge: Swiss Re sigma study
December 20, 2011 by Canadian UnderwriterPremium growth in emerging markets such as Asia and Latin America has expanded about 11 times as much over the past decade as premium growth in mature markets, according to the latest Swiss Re sigma publication.Insurance premiums in emerging markets…
Munich Re and SCOR estimate insured losses from Thai floods
December 20, 2011 by Canadian UnderwriterMunich Re and SCOR have estimated their respective losses from the Thai floods to be EUR 500 million (roughly Cdn$674 million), net before tax, and EUR 140 million (roughly Cdn$188.5 million), net of retrocession and before tax.In view of the…
FSCO introduces two new processes to expedite mediation backlog
December 19, 2011 by Canadian UnderwriterThe Financial Securities Commission of Ontario (FSCO) has introduced two expedited processes in mediation in an attempt to ease the backlog that has formed. In its December 2011 newsletter, FSCO describes the two new processes: •Consent failures (the option to…
Nearly 5-million Canadians admit to riding with a driver who had been drinking
December 19, 2011 by Canadian UnderwriterRoughly 7% of Canadians surveyed admitted to being a passenger in a motor vehicle driven by someone who had been drinking any amount of alcohol on one occasion in the last month, according to the Traffic Injury Research Foundation (TIRF).…
AM Best downgrades Allianz Global & Specialty North America’s ICR
December 19, 2011 by Canadian UnderwriterA.M. Best has affirmed Allianz Global Corporate & Specialty North America (AGCS NA)’s financial strength rating of A+ (Superior) and downgraded its issuer credit rating (ICR) to “aa-” from “aa.” The downgrading of the AGCS NA’s ICR reflects the fact…
IBC takes issue with false conclusions drawn from Ontario auditor general’s report about 12% rate of return
December 19, 2011 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has taken issue with false conclusions drawn from a statement in the 2011 Annual Report of the Ontario auditor general, which says the Financial Services Commission Ontario (FSCO) should reconsider its benchmark of a 12%…
Aviva Community Fund competition down to 30 finalists, winner announced in January 2011
December 19, 2011 by Canadian UnderwriterMore than 2 million votes have resulted in 30 finalists for the 2011 Aviva Community Fund competition. The 30 finalists and a description of their projects can be viewed at: This year, Aviva Canada has provided $1 million in donations…
Johnson Inc. donates 40,000 items to Canadian food banks
December 19, 2011 by Canadian UnderwriterJohnson Inc. has donated 40,000 items to food banks across Canada.This is the third consecutive year Johnson has rallied to support families in need through a national holiday food drive. Johnson employees donated non-perishable food items as well as grocery…