News
More booster seats to choose from: IIHS
October 13, 2011 by Canadian UnderwriterA record 31 children’s booster seats have been designated ‘Best Bets’ by the Insurance Institute for Highway Safety (IIHS), marking an increase from the 10 seats that earned the designation in 2008.This designation means the booster correctly positions a safety…
ADS Forensics launches IRB Policy Limit calculator for brokers
October 13, 2011 by Canadian UnderwriterIn order to help brokers determine whether a client requires standard coverage or increased coverage, ADS Forensics is releasing an Income Replacement Benefit (IRB) Policy Limit calculator. The calculator, available at no cost, will allow brokers to determine whether an…
Pembridge earns Interface Partner Award
October 13, 2011 by Canadian UnderwriterPembridge Insurance Company was honoured with the 2011 Interface Partner Award. Applied Systems presented the award to honour achievements in, and dedication to, real-time communication. Pembridge was recognized for interface advancements in download and real-time rating for the “Broker Connectivity”…
Use of social data can be expanded into insurers’ core functions: Celent
October 13, 2011 by Canadian UnderwriterInsurers can expand their use of social data to build real-time risk profiles in underwriting, a Celent report suggests. In its report, ‘Using Social Data in Claims and Underwriting: Creating a Social Risk Profile,’ Celent recognizes that the use of…
Groupe Promutuel selects Guidewire claims management system
October 13, 2011 by Canadian UnderwriterGroupe Promutuel, a Quebec-based property and casualty insurer, selected Guidewire ClaimCenter as its new claims management system for all personal, commercial and farm lines of business across its 27 member companies.By implementing ClaimCenter, Promutuel companies aim to:•Reduce claims cycle times…
U.S. industry’s combined ratio likely to surpass 106% in 2011: Conning
October 13, 2011 by Canadian UnderwriterThe U.S. property and casualty’s combined ratio will likely creep higher than 106% in 2011, Conning Research & Consulting suggested.Conning’s ‘Property-Casualty Forecast & Analysis’ forecasts line of business and industry growth and performance for 2011-2013. It is based on Conning’s…
Insurers to start paying distribution tax on income from publicly traded income trusts
October 12, 2011 by Canadian UnderwriterInsurers will have to pay a distribution tax on income from publicly traded income trusts and partnerships for the 2011 taxation year, a report from PricewaterhouseCoopers (PwC) says.In its report, Insurance Industry: Key Tax Rates and Updates (2011-2012), PwC highlighted…
A.M. Best upgrades The Hartford Steam Boiler Group and its members
October 12, 2011 by Canadian UnderwriterA.M. Best Co. has upgraded The Hartford Steam Boiler (HSB) Group and its members’ financial strength rating to A++ (Superior) from A+ (Superior).HSB and its members’ issuer credit ratings were also upgraded to ‘aa+’ from ‘aa-‘.The outlook for all ratings…
Nova Scotia approaching a record for fewest highway deaths in a year
October 12, 2011 by Canadian UnderwriterNova Scotia is tracking toward the fewest highway deaths the province has had since record-keeping started in 1948, according to thechronicleherald.caAs of the end of September 2011, 51 people had died on Nova Scotia’s roads, four fewer than during the…
PPG Canada appoints new regional sales manager for Ontario
October 12, 2011 by Canadian UnderwriterPPG Canada Inc., Automotive Refinish has appointed Thane Higgs to the position of Ontario regional sales manager.Higgs recently held the position of director, sales and marketing in Canada with ITW Welding North America. Prior to that, he spent 12 years…
MPI sees 2011 H1 income halved
October 12, 2011 by Canadian UnderwriterManitoba Public Insurance (MPI) has reported a net income of $34.2 million for the six months ended Aug. 31, 2011, a decrease from the $69.3 million it earned during the same period in 2010.“Compared to last year, bodily injury claims…
It’s official: Banks now banned from promoting non-authorized insurance on their Web sites
October 12, 2011 by Canadian UnderwriterCanada’s new regulations prohibiting banks from promoting unauthorized insurance products and services on their Web sites are now official.The regulations came into force with very few amendments to the pre-published draft of regulations posted for public comment on Feb. 12,…