News
Canada’s federally regulated P&C insurers double their profits in 2010 Q1
May 31, 2010 by Canadian UnderwriterCanada’s federally regulated property and casualty (P&C) insurers slightly more than doubled their profits in 2010 Q1 compared to the same period of 2009. Canadian P&C insurers fared better than their foreign counterparts.One notable feature of the 2010 Q1 results…
Price not as high a priority for insurance shoppers: J.D. Power
May 31, 2010 by Canadian UnderwriterWhen it comes to auto insurance shopping, the impact of price on new-buyer satisfaction has declined over the past year, according to a J.D. Power and Associates study. Ten per cent of auto insurance shoppers did not select the company…
ICBC applies for reduction in basic auto rate
May 31, 2010 by Canadian UnderwriterInsurance Corporation of British Columbia (ICBC) applied to reduce basic auto insurance rates by an average of 1.9%, effective Nov. 1, 2010.The proposed reduction still requires the approval of the British Columbia Utilities Commission (BCUC).“Rate changes are mainly driven by…
Aviva, The Economical and The Dominion all adopt iClarify
May 31, 2010 by Canadian UnderwriterAviva Canada, The Economical Insurance Group (TEIG) and The Dominion have announced their intentions to use iClarify validation services delivered by Compu-Quote. This support continues past the pilot phase of the data validation tool into full production.More than 50 Insurance…
Ontario Provincial Police warn public about auto insurance scam
May 28, 2010 by Canadian UnderwriterThe Canadian Anti-fraud Centre (formerly Phonebusters) and the Ontario Provincial Police are warning potential auto insurance consumers in Ontario of a fraud ring, in which fraudsters are advertising fraudulent insurance premiums in Ontario newspapers and on Web sites.The scam advertises…
QBE establishes a branch in Canada
May 28, 2010 by Canadian UnderwriterQBE European Operations, a specialist business insurer, will open an office in Toronto for the business it writes through Lloyd’s for the Canadian commercial insurance market.David Edgar has been named general manager of the new branch. The Toronto team will…
Forest fires continue to rage across Quebec
May 28, 2010 by Canadian UnderwriterMore than 60 forest fires are burning across Quebec, 12 of which are out of control, reports the Montreal Gazette.The Abitibi region in northern Quebec and the Haute-Maurice region, north of Trois Rivieres, are the two most active areas. Approximately…
Ontario requires auto insurers to send publications to consumers explaining auto reforms
May 28, 2010 by Canadian UnderwriterOntario’s insurance regulator is requiring the province’s auto insurers to mail out publications explaining the forthcoming auto insurance reforms to consumers.The content and wording of the documents, which are not to be altered when sent to consumers, is the product…
Canadian Hurricane Centre warns 2010 season may bring increased number of storms
May 27, 2010 by Canadian UnderwriterThe Canadian Hurricane Centre (CHC) is cautioning East coasters that the 2010 hurricane season may bring above average activity. “A number of international hurricane authorities are predicting that this year will be an active hurricane season in the Atlantic basin,”…
Canada proposing new legislation to ban non-authorized insurance from bank Web sites
May 27, 2010 by Canadian UnderwriterCanada is formally proposing new legislation that would prohibit banks from promoting “non-authorized insurance from all banking Web pages.”This includes banning the display of online links to Web pages that promote non-authorized insurance. The proposed regime would allow the “corporate…
IBAC welcomes regulations banning promotion of insurance on banking Web sites
May 27, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Canada is pleased with federal Finance Minister Jim Flaherty’s proposed regulations that would ban banks from promoting insurance on their banking Web sites. Flaherty proposed the regulations on May 27, 2010. Steve Masnyk, IBAC’s manager…
Supreme Court dismisses final appeal against Nova Scotia’s injury cap
May 27, 2010 by Canadian UnderwriterThe Supreme Court of Canada has effectively upheld Nova Scotia’s $2,500 cap on minor auto injury claims.The Supreme Court on May 27 dismissed leave to appeal a December 2009 decision by the Nova Scotia Court of Appeal, which confirmed the…