News
Consumers prefer advance warning about auto rate increases
September 23, 2009 by Canadian UnderwriterConsumer satisfaction declines substantially among auto insurance policyholders who are not notified in advance of rate increases, according to the J.D. Power and Associates 2009 Canadian Home and Auto Insurance Customer Satisfaction Study. The study, released on Sept. 23, finds…
Actuaries need to move beyond their “familiar zone”: OSFI
September 23, 2009 by Canadian UnderwriterAs expectations of risk management functions grow in the current economic and regulatory climate, actuaries will have to move beyond their “familiar zone” and begin to consider the entire range of risks faced by an insurer, said Julie Dickson, the…
Private companies more focused on risk management
September 23, 2009 by Canadian UnderwriterThe need to deal with catastrophic and project risks is driving an increased focus on risk management by private entities, according to a survey of more than 200 public entity organizations in Europe. More than half of the respondents had…
JEVCO assuming assets and liabilities of Kingsway General Insurance
September 23, 2009 by Canadian UnderwriterJEVCO Insurance Company will assume the assets and liabilities of Kingsway General Insurance Company (KGIC), effective Oct. 1, 2009, subject to regulatory approval. Both KGIC and JEVCO are subsidiaries of Kingsway Financial Services Inc. (Kingsway).JEVCO will be Kingsway’s marketing brand…
Marine insurers affected by global recession
September 22, 2009 by Canadian UnderwriterAs the global recession affects shipping activity, marine insurers are faced with decreased demand and an increase in piracy, according to A.M. Best. Impeding free trade could have a negative impact on the global economic recovery, Deidre Littlefield, president of…
Financial crisis spurs IT spending for risk management purposes
September 22, 2009 by Canadian UnderwriterEighty-nine per cent of companies surveyed by OpenPages, a provider of integrated risk management solutions, expect to increase spending on governance, risk management and compliance (GRC) activities in 2010.The survey polled more than 50 strategic risk, governance and finance professionals…
What’s New: In Brief (September 22, 2009)
September 22, 2009 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has released the Health Claims for Auto Insurance (HCAI) 2009 Pilot Guideline. The guideline was issued to facilitate a staged return of the HCAI system, which was suspended Mar. 11, 2008. More guidelines…
What’s New: In Brief (September 22, 2009)
September 22, 2009 by Canadian UnderwriterThe qualification and registration committee of Registered Insurance Brokers of Ontario (RIBO), a self-regulatory body for the province’s insurance brokers, is reminding brokers that if they take on employment outside of brokering, they need to resign their registration immediately.“We consistently…
California attorney general to investigate credit agencies’ possible role in financial crisis
September 21, 2009 by Canadian UnderwriterCalifornia’s attorney general, Edmund G. Brown, has issued subpoenas to Standard & Poor’s, Moody’s and Fitch as part of an investigation into whether or not the credit agencies’ role fuelled the financial crisis.“Standard & Poor’s, Moody’s and Fitch put their…
Proposed pandemic endorsement would extend the term of an expiring policy after emergency is declared
September 21, 2009 by Canadian UnderwriterA pandemic endorsement first proposed by insurance brokers is now pending approval by the board of Insurance Bureau of Canada (IBC).The premise of the proposed endorsement, brought to IBC by the Insurance Brokers Association of Canada (IBAC) and the Toronto…
What’s New: In Brief (September 21, 2009)
September 21, 2009 by Canadian UnderwriterThe Economical Insurance Group (TEIG) has become a development partner of the RMS insurance-to-value data validation service. The company has committed Cdn$150,000 towards the research and development of the ITV utility.In addition, the company will work closely with RMS during…
What’s New: In Brief (September 21, 2009)
September 21, 2009 by Canadian UnderwriterTwo brothers face a combined total of 33 counts of fraud following one of the most extensive fraud cases ICBC has ever investigated, the corporation reports. The trial began Sept. 18 at the Surrey Provincial Court. After receiving an anonymous…