News
What’s New: In Brief (April 26, 2007)
April 26, 2007 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has prepared a ‘Report on Action on the IPRC Principles by Industry Associations,’ which is anticipated to be posted on the CCIR website. The CCIRs industry practices review committee (IPRC) is conducting a…
IBC pushing for tougher punishments for auto theft
April 26, 2007 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is urging federal MPs to support Bill C-343, which would make auto theft a separate offence under the Criminal Code and implement mandatory jail times for repeat offenders.According to the IBC auto theft costs…
Workforce demographics a concern for insurance industry
April 25, 2007 by Canadian UnderwriterWorkforce demographics represent a major issue looming over the horizon, according to five senior executives sitting on the CIP Symposium 2007s leadership panel in Toronto.Silvy Wright, the president and CEO of Markel Insurance Company of Canada, says she has often…
Claims officers, underwriters must talk way through litigious environment
April 25, 2007 by Canadian UnderwriterGiven that litigation against insurers is on the rise in Canada and the countrys courts have responded with unpredictable decisions regarding policy coverage it is critical for insurance claims and underwriting departments to be in constant communication, a seminar leader…
Boost Canadian Wheat Board as risk management tool, CWB director says
April 25, 2007 by Canadian UnderwriterIn a plea to the Commons Standing Committee on Agriculture, Ian McCreary, farmer-elected director of the Canadian Wheat Board (CWB), asked for legislative support to strengthen the CWB and thereby help manage farmers risks. Risk management tools such as the…
Succession Planning 101: Difference Between Generation X and Y
April 25, 2007 by Canadian UnderwriterOne of the key hiring mistakes insurers and other employers make is not to recognize the different expectations of Generation X and Y employees, according to Andrea Plotnick, the national expertise director of organizational effectiveness at the Hay Group.Plotnick was…
Insurers advised to insure against contagions, not pandemics
April 24, 2007 by Canadian UnderwriterInsurers need to consider insuring against a contagion, rather than a pandemic, Barrett Hubbard, managing director of MINT Canadian Specialty, told attendants of the Insurance Institute Ontario Chartered Insurance Professionals Societys Symposium 2007.A pandemic is an epidemic that is geographically…
Aon celebrates 20th by building playgrounds across country
April 24, 2007 by Canadian UnderwriterIn celebration of its 20th anniversary on the New York Stock Exchange (AOC:NYSE), Aon Corporation has signed up to be a part of the People Helping People program, and has pledged to build a series of playgrounds across Canada.While the…
Cross-communication required when developing catastrophe contingencies
April 24, 2007 by Canadian UnderwriterAttendees at the The Insurance Institute Ontario – Chartered Insurance Professionals Societys Symposium 2007 were warned to focus on their companies interdependencies and resiliencies while developing a catastrophe contingency plan.Bruce Nelson, critical infrastructure assurance program coordinator for Emergency Management Ontario,…
What’s New: In Brief (April 24, 2007)
April 24, 2007 by Canadian UnderwriterPolicy Works Inc. has announced the launch of its Certified Data-Exchange Partner Program, designed to recognize insurers who have worked in partnership with Policy Works Inc. to ensure accurate transfer of commercial lines information. The program focuses on three key…
IIHS report finds declining average number of driver deaths
April 23, 2007 by Canadian UnderwriterIn a recent Insurance Institute for Highway Safety (IIHS) study examining the rates of driver deaths in collisions, Chevrolet models hold both the top spot for highest and lowest death rates.The lowest death rate among more than 200 vehicles is…
Chubb reports 2007 Q1 income increase
April 23, 2007 by Canadian UnderwriterThe Chubb Corporation [NYSE: CB] reported 2007 Q1 income of US$710 million, compared to a 2006 Q1 income of US$672 million.Net written premiums for 2007 Q1 declined 2%, to US$2.9 billion. Premiums for the insurance business increased 1%; they decreased…