News
Telematics could replace the need for credit scoring in the future: industry analyst
October 28, 2011 by Canadian UnderwriterAs the insurance industry’s use of predictive analytics evolves, product innovations such as telematics – described as “pay as you drive” auto insurance – may reduce the need for proxy underwriting factors such as credit scoring.In the auto insurance context,…
Forthcoming changes to federal Privacy Act allow insurers to share information without a person’s consent for the purpose of suppressing fraud
October 28, 2011 by Canadian UnderwriterIntended to help insurers suppress fraud, Bill C-29 amends Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) to allow disclosure of personal information without a person’s consent under certain circumstances.PIPEDA generally prohibits companies from releasing a person’s private information…
Access to private Facebook pages a question of logistics, not privacy
October 28, 2011 by Canadian UnderwriterDefence counsel’s use of private Facebook pages in litigation is not an issue of breaching the plaintiff’s privacy so much as it’s an issue of logistics and the timing associated with accessing information on private pages, Kadey B.J. Schultz, a…
Bangkok flooding expected to result in international supply chain interruptions
October 28, 2011 by Canadian UnderwriterHistorically high floodwaters in Thailand are threatening the capital city of Bangkok, as record water levels flowing through the capital’s river towards the Gulf of Thailand are to be met by high spring tides on Oct. 29 and 30.Cat modeler…
SPECS Limited announces joint leadership of Ontario region
October 28, 2011 by Canadian UnderwriterDavid Wallace, president of SPECS Limited, and Dave Riddell, SPECS’ Toronto branch manager, will take over, in partnership, the management of the property evaluation control company’s Ontario region.Rob Reynolds, SPECS’ most recent Ontario regional manager, chose to part ways with…
Regulatory tweaks required to prevent ‘papering’ of Ontario auto insurers with treatment plan submissions
October 27, 2011 by Canadian UnderwriterThe Statutory Accident Benefits Schedule (SABS) in Ontario is in need of further refinement to prevent insurers from getting “papered over” with an overwhelming number of treatment plans and assessments — a major component of auto insurance fraud.“There are still…
IBC launches major initiative designed to help Canada prepare for major earthquake
October 27, 2011 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has launched a major research initiative intended to help Canada prepare for a devastating earthquake in B.C. and eastern Canada.IBC president Don Forgeron outlined the bare bones structure of the initiative in a speech outlining…
Liability lurks in positive employee references on social media: Advisen
October 27, 2011 by Canadian UnderwriterAn employer offering an employee a positive recommendation through social media is exposing the employer to potential liability, Advisen warns.In its OneBeacon-sponsored report, Social Media: Employers’ Liability for the Activities of their Employees, Advisen said the potential for a company…
Alberta auto insurers reminded to ensure premium arrears still recoverable before denying or cancelling policy
October 27, 2011 by Canadian UnderwriterAlberta auto insurers cannot deny or cancel an auto policy on the ground of premium arrears if those arrears are more than two years old and therefore may not be recoverable, the province’s regulator clarified in a bulletin. Section 613.1(3)…
AIR Worldwide estimates up to $170 million for Turkey quake
October 26, 2011 by Canadian UnderwriterA Magnitude 7.2 earthquake that struck in the province of Van, Turkey on Oct. 23 caused insured losses of between $55 million and $170 million, AIR Worldwide says.In the three days since the event, at least 400 aftershocks above Magnitude…
Reinsurers failing to finance peak risks effectively
October 26, 2011 by Canadian UnderwriterReinsurance industry stakeholders need to focus on more than just rate movements, Frank Majors, managing principal at Nephilia Capital Ltd., told delegates of Guy Carpenter’s Baden-Baden Reinsurance Symposium.“Predicting price movement ignores more important questions,” a Guy Carpenter release quoted him…
Insurance Institute of Ontario names four recipients of scholarship
October 26, 2011 by Canadian UnderwriterThe Insurance Institute of Ontario announced four recipients of the John E. Lowes Insurance Education Fund Scholarships for 2011.The John E. Lowes Insurance Education Fund is a charitable trust dedicated to assisting Ontario students to complete full-time, post-secondary education, including…