The Insurance Brokers Association of Ontario (IBAO) is reminding consumers that if thieves break into a vehicle and steal some of its contents, two insurance claims will need to be filed.The auto policy covers damage to the vehicle, while the…
A recent Willis Group Holdings survey suggests liability insurance for financial loss will be a hot commodity in the near future.Willis’ Financial and Executive Risks (FINEX) division surveyed 40 delegates attending Willis’ quarterly Financial Institutions seminar. Sixty-six per cent of…
Most new small cars now earn good ratings in frontal crash tests but not when it comes to side and rear crashes, according to a report by the Insurance Institute for Highway Safety (IIHS). The IIHS recently completed front, side…
The Insurance Bureau of Canada (IBC)’s 2008 list of the Top 10 most frequently stolen vehicles in Canada includes the appearance of luxury Audis and aging Dodge Neons, reflecting two motivations for auto theft — export and parts. Luxury vehicles…
When it comes to anti-theft devices for automobiles, immobilizers aren’t the only game in town, says a Montreal-headquartered company that sells wireless tracking devices and vehicle recovery systems. Noting that IBC-approved immobilizers have not, when used as the sole method…
Kingsway Financial Services Inc. (TSX: KFS) has announced a number of initiatives in an effort to reduce costs by approximately $20 million.The actions include reducing staff, freezing salaries, eliminating bonuses (except for exceptional performance) and reducing corporate overhead, according to…
The International Association of Insurance Supervisors (IAIS) and specifically the Reinsurance Transparency Group (RTG) are considering an early warning/early reaction mechanism for reinsured major catastrophes, especially catastrophes that span multiple jurisdictions.IAIS’s Global Reinsurance Market Report (GRMR) 2008 notes that some…
The Saskatchewan Financial Services Commission (SFSC) has issued a cease-and-desist order to an unlicensed automobile warranty service that was telemarketing consumers in Saskatchewan.The SFSC’s allegations have not been proven in court.According to the SFSC, World Wide Warranty, Inc., also known…
The airline insurance market is showing sure signs of hardening, with premiums increasing 16% through the month of November, despite the fact that the line has not experienced any significant recent losses, reports Willis Group Holdings.In its report, Airline Insurance…
The Institute for Catastrophic Loss Reduction (ICLR) and The Co-operators are poised to unveil on Dec. 17 the third “safer living home” to be built in Canada.The house, which replaces a home that was previously destroyed by fire, has been…
Norm Angrove has been appointed senior manager of value-added programs with PPG Automotive Refinish. Angrove will be responsible for marketing the CertifiedFirst and MVP programs in North America effective Jan. 1, 2009.He will lead the strategic direction of CertifiedFirst in…
Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has issued a much-anticipated consultation paper on reinsurance that features discussion of a broad range of hot-button issues affecting the reinsurance sector.The 21-page document gives a broad synopsis…