Segment
Brokers
Quebec broker group says support for telematics programs conditional
April 10, 2014 by Canadian UnderwriterA group representing brokers in Quebec has issued a statement saying it is behind usage-based auto insurance programs, as long as they are voluntary. The note from the Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ) comes as insurers…
Quindell, U.K. firm partner on ‘connected car’ offering
April 10, 2014 by Canadian UnderwriterInsurance technology firm Quindell has partnered with United Kingdom auto services and insurance firm RAC to create a new business, Connected Car Solutions Limited, to distribute their telematics technology. The new joint venture, which includes a £30 million investment split…
Slight decrease in auto insurance rates in New Brunswick in 2013: report
April 9, 2014 THE CANADIAN PRESSFREDERICTON – New Brunswick’s consumer advocate for insurance says drivers continue to benefit from competition among companies as the average amount they paid to insure their cars last year fell by about $16. Ronald Godin says the average insurance rate…
State Farm paid out $1.3 billion in water-related claims in 2013
April 7, 2014 by Canadian UnderwriterState Farm is reminding consumers to check their homeowners’ policies and understand what’s covered for water damage, after paying out $1.3 billion for water loss claims last year. The insurer paid out that sum for more than 180,000 water loss…
Alberta’s Automobile Insurance Rate Board supports telematics as ‘voluntary discount’ program
April 7, 2014 by Canadian UnderwriterBefore carriers can roll out telematics-based auto insurance in Alberta, the issue of “informed consent” from consumers will need to be addressed, the province’s Automobile Insurance Rate Board suggested in its recent annual report. “A number of insurers and other…
Liberal, NDP politicians say government’s intentions on demutualization are unclear
April 4, 2014 by Canadian UnderwriterThe federal Liberal finance critic expressed concern Thursday about a proposal from the ruling Conservatives that could lead to regulations enabling the demutualization of property and casualty insurance companies. Scott Brison, Liberal MP for Kings Hants, Nova Scotia, spoke about…
FSCO seeks feedback on draft of priorities for 2014
April 3, 2014 by Canadian UnderwriterThe Financial Services Commission of Ontario has released its draft priorities for the year and is accepting feedback from interested stakeholders. The final outline of its priorities is due to the Minister of Finance by June 30 each year. This…
GPL Assurance acquires JLT Canada’s Quebec business
April 2, 2014 by Canadian UnderwriterGPL Assurance Inc. announced Wednesday it has acquired the Quebec business of Jardine Lloyd Thompson Canada, making it JLT’s exclusive broker in Quebec and a member of The JLT International Network. “This transaction cements GPL’s position as a growing force…
Majority of Canadians showing interest in usage-based auto insurance
April 2, 2014 by Canadian UnderwriterCanadian drivers are receptive to purchasing usage-based auto insurance policies, fairly in line with other global markets, according to a new survey from professional services firm Towers Watson. More than half (56%) of drivers here said they have a “strong…
RSA receives CSIO certification for eDocs
April 1, 2014 by Canadian UnderwriterRSA has obtained the Centre for Study of Insurance Operations (CSIO) eDocs Certification for their branded EZ-Docs solution. “As one of the first carriers to successfully transmit live policy documents to a broker system using CSIOnet, gaining CSIO Certification has…
2013 flood losses mean insurance carriers need to point out exclusions to policyholders: EY
April 1, 2014 by Canadian UnderwriterCanadian property & casualty insurance carriers need to work with government in order to determine how areas at risk of flooding can be insured, and they also need to “draw policyholders’ attention to exclusions,” suggests a new report from Ernst…
Power Play
April 1, 2014 Angela Stelmakowich, EditorMergers and acquisitions activity involving brokerages shows few signs of letting up, looking like it will remain hot to warm over the next year or two before cooling off. Transactions may take the form of insurer to insurer, insurer to broker or broker to broker. But how will this coming together play out in terms of broker independence, distribution, breadth of choice for customers and opportunities for brokers?