News
Some elements of graduated licencing more effective than others: TIRF
September 18, 2009 by Canadian UnderwriterA Traffic Injury Research Foundation (TIRF) report has shown that some specific elements of graduated driver licencing (GDL) programs prove to be more effective at reducing the relative fatality risk than others.A sound body of evidence documenting the effectiveness of…
Co-operators Life and Central 1 Credit Union to buy CUMIS Group Ltd. for Cdn$232 million
September 18, 2009 by Canadian UnderwriterCo-operators Life Insurance Company and Central 1 Credit Union (Central 1) have announced an agreement to acquire The CUMIS Group Limited (CUMIS) for approximately Cdn$232 million.The deal is subject to regulatory, shareholder and court approvals and other standard closing conditions.…
Public supports alcohol detection devices in all vehicles, IIHS finds
September 18, 2009 by Canadian UnderwriterApproximately two of three respondents to an Insurance Institute for Highway Safety (IIHS) survey said they like the idea of using advanced technology, assuming the technology is reliable, to stop drunk drivers from operating their vehicles.A total of 1,004 people…
Marsh Inc. acquires Bermuda captive manager
September 18, 2009 by Canadian UnderwriterMarsh Inc. has announced the acquisition of International Advisory Services Ltd. (IAS), a captive and third-party insurance company in Bermuda. Terms of the transaction were not disclosed.“The acquisition strengthens Marsh’s position as a global leader in managing captive insurance companies…
McGannon Foundation continues to grow, despite financial crisis
September 17, 2009 by Canadian UnderwriterRoughly 75 delegates of the Risk and Insurance Management Society (RIMS) Canada Conference laced up their running shoes for the William H. McGannon Foundation’s annual Fun Run-Walk early on Sunday, Sept. 13.The event, sponsored by FM Global and the RIMS…
S&P’s maintains negative outlook for personal and commercial lines
September 17, 2009 by Canadian UnderwriterStandard & Poor’s (S&P’s) has maintained negative outlooks for both the commercial and personal North American insurance sectors, according to its recent industry report card.In 2008, net premiums written declined 6% in the commercial sector, but surveys show pricing declines…
What’s New: In Brief (September 17, 2009)
September 17, 2009 by Canadian UnderwriterThe Insurance Brokers Association of Alberta (IBAA) launched a bricks and mortar education centre at its new office in Edmonton.“With our own education centre, the IBAA can cost effectively maximize our team’s resources and offer more programs to our members,”…
What’s New: In Brief (September 17, 2009)
September 17, 2009 by Canadian UnderwriterKingsway Financial Services Inc. has appointed Gregory P. Hannon to the board of directors. Robert Cassels and Walter E. Farnam have resigned from the board of directors, according to a release. “We welcome the appointment of Greg Hannon to the…
B.C. reintroduces amendments to Insurance Act
September 16, 2009 by Canadian UnderwriterSixteen months after it shelved Bill 40, an act to amend B.C.’s dated Insurance Act, the B.C. legislature is now pressing ahead with insurance reform in Bill 6, the Insurance Amendment Act, 2009, introduced on Sept. 15, 2009.“The proposed amendments…
Canada needs different Employer Practice Liability (EPL) commercial insurance policies than U.S.: RIMS panel
September 16, 2009 by Canadian UnderwriterThe Canadian commercial marketplace requires standard policy wording for Employer Practice Liability (EPL) policies that are distinct from U.S. policies.The Risk Management Counsel of Canada delivered a seminar, ‘Employer’s Dream: Insurer’s Nightmare! Employer’s Liability: The Need for a Canadian Model,’…
Ontario to change Rules of Civil Procedure to expedite court processes, but jury out on savings to insurers
September 16, 2009 by Canadian UnderwriterUpcoming changes to Ontario’s Rules of Civil Procedure are designed to expedite cases before the courts, but insurers shouldn’t expect huge savings in claims costs as a result of the changes, one counsel cautions.On their face, the changes would appear…
Mitchell International launches new Web-based technology to connect Canadian insurers with contractors
September 16, 2009 by Canadian UnderwriterMitchell International Inc. has introduced new Web-based technology designed to improve communication between Canadian insurers and contractors, thereby streamlining the claims process.Mitchell provides workflow solutions to the collision repair and property and casualty claims industries. It has released a new…