News
B.C. insurance agent’s license suspended for two years due to misuse of ICBC insurance decal
November 8, 2011 by Canadian UnderwriterThe Insurance Council of British Columbia has suspended the license of insurance agent April Dawn Fraser for two years after finding that she had misused an ICBC insurance decal for her own personal benefit.Fraser had allowed her car insurance to…
Oklahoma city experiences magnitude 5.6 quake
November 8, 2011 by Canadian UnderwriterOklahoma experienced the strongest earthquake ever recorded in the state’s history on Nov. 5, AIR Worldwide reported. With a magnitude of 5.6 and a focal depth of just three miles below the surface, the earthquake was centred about 44 miles…
Trust Insurance Company not to be trusted: FSCO
November 8, 2011 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers that Trust Insurance Company is not licensed to do insurance business in Ontario as either an insurer or insurance agency. “If consumers purchase insurance from agents or insurers that are…
Insurer has a duty to inform a policyholder about what it considers to be a “material change” to a risk: New Brunswick Appeal Court
November 8, 2011 by Canadian UnderwriterPrior to a loss, an insurer has a duty of good faith to advise a policyholder in plain language about what the insurer considers a “material change” to a risk, the New Brunswick Court of Appeal has ruled. In Aviva…
Lana Wood resigns as president of Western Financial Group
November 8, 2011 by Canadian UnderwriterLana Wood is resigning as president of Western Financial Group (Network) Inc., effective Nov. 30, for undisclosed reasons.President and CEO Scott Tannas will assume Wood’s responsibilities on an interim basis. The company will be conducting an executive search both externally…
Nearly $10 million in fraud savings for MPI
November 7, 2011 by Canadian UnderwriterManitoba Public Insurance announced total fraud savings of $9.4 million in the last fiscal year. “This financial figure is based on an estimate of money recovered and fraudulent claims denied,” said Ted Hlynsky, vice-president claims control and safety operations with…
Granite Claims Solutions acquires Advance Claims Services
November 7, 2011 by Canadian UnderwriterGranite Claims Solutions has purchased Vancouver-based Advance Claims Service Ltd.This is the company’s fifth acquisition in the past twelve months. Advance Claims is an independent adjusting firm in British Columbia, with offices in Vancouver, Abbotsford, Chilliwack, Kelowna, Penticton, Vancouver Island…
Severity of vehicle repair appraisals decreases in 2011 Q3: Mitchell
November 7, 2011 by Canadian UnderwriterThe severity of first and third-party repairable vehicle appraisals decreased to $3,036 in 2011 Q3 from 2010 Q3’s $3,408, according to Mitchell’s Canadian Collision Summary.The Canadian Collision Summary is included in Mitchell’s Industry Trends Report.“The average gross initial Appraisal Value,…
iClarify Services now available in Atlantic Canada
November 7, 2011 by Canadian UnderwriterSCM Risk Management Services (RMS) has launched iClarify Services in Atlantic Canada for more than 150 brokerages. This is part of a national rollout, with an anticipated completion by the end of Q4. Combining unique, proprietary data derived from the…
QBE appoints Canadian director of underwriting
November 7, 2011 by Canadian UnderwriterQBE has announced the appointment of Valerie Jobson to director of underwriting in the company’s Canadian branch. Having joined QBE in September, she reports to David Edgar, general manager of the Canadian branch.Jobson brings with her more than 31 years…
End of Daylight Savings Time brings heightened risk of crashes: ICBC
November 7, 2011 by Canadian UnderwriterB.C. drivers overestimate the benefits of an extra hour of sleep that comes with the end of Daylight Savings Time (DST), causing drivers to experience greater risks on the road, an ICBC survey found.There is a 10% increase in the…
Quebec consumers report highest satisfaction with home insurers
November 4, 2011 by Canadian UnderwriterCustomers in Quebec appear to have the highest level of satisfaction with their home insurers, compared to customers in the Western and Ontario/Atlantic regions, according to JD Power and Associates.The ‘2011 Canadian Home Insurance Study’ measures home insurance customers’ experiences…