News
SGI reaches tentative agreement with unionized workers
July 27, 2011 by Canadian UnderwriterSGI and the Canadian Office and Professional Employees (COPE) Union Local 397 have reached a tentative agreement. SGI’s unionized workers took job action on July 7. Roughly 1,500 workers at the public insurer had been without a contract for 18…
OPP notes increase of insurance frauds involving ‘homemade’ trailers, marina chop shops and ATVs
July 27, 2011 by Canadian UnderwriterCar theft may be grabbing headlines these days, but frauds involving other types of vehicles have emerged recently on the radar screens of Ontario police. These include insured ‘homemade’ trailers, watercraft and all-terrain vehicles (ATVs).Sergeant Stephen Boyd of the Ontario…
Paying out small auto claims without investigation could embolden fraudsters
July 27, 2011 by Canadian UnderwriterInsurance companies settling small claims without any investigation may in fact be emboldening fraudsters to commit more serious forms of fraud in the future, a claims investigator warned at a seminar on combating auto fraud.Jordan Legg of Cunningham Lindsey spoke…
West coast forest fires likely to become much more severe
July 26, 2011 by Canadian UnderwriterBy 2050, forest fires in the Rockies will likely be an annual event, with little chance of forests being able to replenish between events, the Globe and Mail reported.The Globe and Mail reported on a study, which will be published…
WSI maintains its prediction of active hurricane season in 2011
July 26, 2011 by Canadian UnderwriterWSI (Weather Services International) is maintaining its forecast for above-average activity in the 2011 hurricane season, likely with a landfall on the US Gulf coastline. Its 2011 predictions include 15 named storms, eight hurricanes and four intense hurricanes (Category 3…
Lawsuits and identity theft keeping CEOs up at night
July 26, 2011 by Canadian UnderwriterThird party lawsuits and identity theft are the largest areas of concern for CEOs, according to a survey of more than 200 executives, a survey commissioned by Chartis Private Client Group found. Chartis commissioned Chief Executive Group to survey a…
B.C. privacy commissioner investigates ICBC’s use of facial recognition technology in aid of Stanley Cup riot investigation
July 25, 2011 by Canadian UnderwriterBritish Columbia’s information and privacy commissioner is investigating the Insurance Corporation of British Columbia’s (ICBC) use of facial recognition technology to ensure that it complies with privacy law. Commissioner Elizabeth Denham’s investigation comes in the wake of ICBC offering its…
OSFI releases its principle-based solvency framework vision paper
July 25, 2011 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) is requesting comment from industry stakeholders on its vision paper for new principle-based solvency framework for Canadian property and casualty insurers by Oct. 15, 2011.OSFI’s Property and Casualty Minimum Capital Test…
B.C. regulator to determine insurers’ exposure to US/European debt crisis
July 25, 2011 by Canadian UnderwriterBritish Columbia’s Financial Institutions Commission (FICOM) is surveying all insurance companies authorized in the province to determine the extent of their risk exposure to the recent European/United States fiscal debt issues.FICOM is requesting that insurers access the survey at the…
Guy Carpenter releases MetaRisk 6.0, an updated risk and capital decision tool
July 25, 2011 by Canadian UnderwriterGuy Carpenter & Company LLC, a global risk and reinsurance specialist and a member of Marsh & McLennan Companies (NYSE: MMC), has released MetaRisk 6.0, the latest version of the firm’s risk and capital decision tool. MetaRisk now features a…
Businesses to prep for power outages resulting from heat wave: Marsh
July 25, 2011 by Canadian UnderwriterA massive heat wave is pressuring utilities in Northeastern United States and Central Canada, potentially leading to power outages, rolling blackouts or brownouts, said Marsh.Businesses should review steps to protect their supply chain during a power outage, Marsh notes. It’s…
SGI Canada rolls out insurance declarations (“Dec”) page attachments technology
July 22, 2011 by Canadian UnderwriterSGI Canada, in conjunction with Mastercom Consulting Ltd. and Zycomp, has successfully completed a download transaction providing a no-touch inclusion of an insurance declaration (“Dec”) page attachment.A Dec page is typically the first page of an insurance policy, although a…