News

Insurance Brokers Association of Ontario (IBAO) is warning brokerages to be on high alert in light of several recent reports of cheque fraud.The incidents reported seem to have a common thread, an IBAO release says. They occur when the brokerage…

Marsh has launched a real-time industry benchmarking reporting service on purchasing and pricing trends in the United States.The service is available through Marsh’s ‘Global Benchmarking Portal.’ It covers 20 major industry groups, as well as cross-industry reports on property, casualty…

Aon Corporation (NYSE: AON) is acquiring Hewitt Associates Inc. (NYSE: HEW), an HR consulting and outsourcing company, for approximately $4.9 billion.Following the close of the transaction, Aon intends to integrate Hewitt with its existing consulting and outsourcing operations (Aon Consulting)…

A Vancouver filmmaker has started an online petition using social media to get the province’s public auto insurer to offer consumers a ‘pay-as-you-drive’ option.In a six-minute YouTube video presentation, Cliff Caprani says he wants the Insurance Corporation of B.C. (ICBC)…

An arbitrator at the Financial Services Commission of Ontario (FSCO) says resolving auto accident benefits claims disputes “on a timely basis” has become “an increasingly critical issue” in the province’s alternative dispute resolution (ADR) system.In his decision in Dominion of…

Fairfax Financial Holdings (TSX: FFH and FFH.U) is bidding farewell to one of its directors, David Johnston, the recently appointed Governor General of Canada.Johnston has served as a director of Fairfax since 2007. His appointment as governor general requires him…

Manitoba Public Insurance (MPI) has officially opened the doors to its newest service centre located at 1284 Main Street in Winnipeg.The new service centre, built to LEED environmental standards, replaces the old claim centre located at 445 King Street in…

La Nina conditions are likely to develop in July and August, potentially causing an increase in hurricane activity in the Atlantic and Gulf of Mexico.The U.S. Climate Prediction Center issued a watch on July 8, cautioning that sea temperatures in…

The Supreme Court of Canada has dismissed an appeal in Linn v. Kovach, upholding the principle that a court cannot split a jury trial without the consent of both parties.The Ontario Court of Appeal found in February 2010 that jury…

The average total cost of risk (TCOR) per $1,000 of revenue declined 3.1% in 2009, the Risk and Insurance Management Society (RIMS) 2010 Benchmark Survey found.TCOR is an equation that captures the total cost of self-retained losses, risk management administration…

Reputation risk has surpassed insurer solvency as the top risk facing risk managers, according to a survey done by the Association of Insurance and Risk Managers (AIRMIC).The U.K.-based association surveyed nearly 100 of its members to gain a sense of…

DAS Legal Protection Insurance Company Limited (DAS Canada) has received its insurance licence from The Financial Services Commission of Ontario, making DAS Canada the first specialty legal expense insurer in the country able to offer policies in Ontario. Legal expense…