News
U.S. soft market persists, but premium decreases are slowing down: RIMS survey
October 20, 2010 by Canadian UnderwriterSoft market conditions persisted in the United States during 2010 Q3, although the rate of the price decreases slowed, according to the RIMS Benchmark Survey. Every line of insurance tracked by the Advisen-administered survey posted a decrease in average premium.…
Insurers can see 7:1 return on investment by implementing anti-fraud practices
October 20, 2010 by Canadian UnderwriterBy proactively mitigating against fraud and investing in anti-fraud practices, insurers can see a potential return on investment of 7:1, according to Jeffrey T. Bowman, president and CEO of Crawford & Company. In the fall issue of Claims Advisor, Bowman…
CARSTAR adds an ‘Express’ location in Edmonton
October 20, 2010 by Canadian UnderwriterCARSTAR Automotive Canada Inc. announced the grand opening of CARSTAR Express South, in Edmonton, Alberta.The 2,000 square foot facility specializes in small repair, paintless repair, detailing and 3M paint protection film application. CARSTAR’s Express model specializes in the less severe damage…
Demand for professional indemnity coverage surges in Oct. 1 renewal season: Aon
October 20, 2010 by Canadian UnderwriterDemand for professional indemnity (PI) coverage by the legal profession surged nearly 400% over 2009 leading up to Oct. 1 renewals, reports Aon.By August 2010, Aon reported receiving nearly four times the number of proposals than the same time last…
Heavy losses fail to stem softening catastrophic reinsurance market: Guy Carp
October 20, 2010 by Canadian UnderwriterCatastrophe reinsurance prices in the US have continued to soften, despite heavy losses so far in 2010, reports Guy Carpenter.The trend is also true on a global level, save for a few local areas like Chile, that experienced catastrophic events,…
Selling a home is not proof of intention to buy new one, arbitrator rules
October 19, 2010 by Canadian UnderwriterOn an “expenses incurred” issue, an Ontario arbitrator has found a claimant catastrophically injured in a car accident is not obligated to purchase a new home before an insurer is liable to pay home modification benefits.Nevertheless, the arbitrator added, in…
Catlin Canada continues its expansion across Canada
October 19, 2010 by Canadian UnderwriterCatlin Canada will be expanding its presence across the country with the opening of two new offices – one in Montreal and one in Vancouver.The two offices will begin operating in early November, a Catlin release says.Pat Bruzzes, will lead…
MPI launches FINEOS claims technology
October 19, 2010 by Canadian UnderwriterManitoba Public Insurance (MPI) of Canada has gone live with FINEOS Claims to manage its claims for personal injury.FINEOS Claims is a Web-based universal claims software solution for property and casualty, life, disability and government insurance. “The project at MPI…
State Farm invests more than $94,000 in research on building safer homes
October 19, 2010 by Canadian UnderwriterState Farm has partnered with the University of Western Ontario’s Insurance Research Lab for Better Homes (IRLBH), also known as the “Three Little Pigs Project,” to help discover ways to make homes safer and building materials stronger.Since December 2009, State…
Inflation concerns mount amid “easy” monetary policies: Swiss Re
October 19, 2010 by Canadian UnderwriterRecent commodity price spikes and the current trend of “easy” monetary policy have increased inflation concerns in the insurance market, reports Swiss Re.In its latest sigma study, ‘The Impact of Inflation on Insurers,’ Swiss Re notes that extended periods of…
FSCO lays out process for making arbitration decision public
October 18, 2010 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has outlined a process that an insurer must follow when it makes public an arbitrator’s decision regarding benefits in the company’s dispute with another insurer. In May 2010, FSCO announced that for accidents…
CAA Insurance implements iClarify in Ontario
October 18, 2010 by Canadian UnderwriterCAA Insurance (Ontario) has implemented SCM Risk Management Services’ iClarify into its property intelligence services for CAA Insurance agents and call centres servicing Ontario and Atlantic Canada.“We are very excited to have been chosen to work with CAA and to…