Segment
Brokers
New Brunswick’s consolidated financial services commission begins operation
July 4, 2013 by Canadian UnderwriterNew Brunswick’s consolidated financial services commission, which includes the regulatory authority for insurance, is now operational, barely a month after the government first introduced legislation to create the new body. The Financial and Consumer Services Commission, and independent organization, began…
Economical rolls out eDocs for broker partners
July 3, 2013 by Canadian UnderwriterEconomical Insurance announced Wednesday it has made eDocs an option for its broker partners across Canada that are using certain broker management systems. The Waterloo, Ont.-based insurer said eDocs are now an option for those using the following systems: Deltek Epic…
Hub International acquires two Canadian insurance brokerages
July 3, 2013 by Canadian UnderwriterHub International Ltd. announced Wednesday it has acquired The Dorsey Group Inc. of Brantford, Ont. and Southeastern Insurance Services Ltd. of Steinbach, Man. Chicago-based Hub International, which was formed in 1998 through the merger of 11 Canadian brokerages, provides property…
Ontario regulator releases final statement of priorities for 2013
July 3, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario has released its Statement of Priorities for 2013, outlining its intention to clear the dispute resolution backlog around auto insurance in the province and implement a new Minor Injury Guideline. In early April, FSCO…
Western Financial closes Coast Capital Insurance acquisition
July 2, 2013 by Canadian UnderwriterWestern Financial Group Inc. announced Tuesday it has closed the acquisition of Surrey, B.C.-based Coast Capital Insurance Services Ltd., which is the property, commercial and casualty insurance subsidiary of Coast Capital Savings Credit Union. Under the terms of the agreement,…
Beware of flood-damaged vehicles from Alberta: Economical Insurance
July 2, 2013 by Canadian UnderwriterConsumers looking to buy a used automobile are advised to be aware that vehicles deemed a total loss from the flooding in Alberta will find their way to market for unsuspecting buyers elsewhere, Economical Insurance reports. “History has shown that…
Insurance industry well-positioned to absorb estimated insured losses from Alberta flooding: A.M. Best
July 2, 2013 by Canadian UnderwriterThe relative scarcity of property coverage for flooding in Canada is likely to keep claims in the range of $1 billion to $3.75 billion, well below early estimates of total economic loss of as much as $5 billion, A.M. Best…
Moves and Views
July 1, 2013 by Canadian UnderwriterMoves and Views 1 Crawford & Company (Canada) Inc. recently announced that Pat Van Bakel [1a] is its new CEO, replacing John Sharoun [1b]. Van Bakel, a claims adjuster who was appointed Crawford Canada’s chief operating officer (COO) in 2012,…
Insurance organizations using ‘antiquated’ communications tech: report
June 28, 2013 by Canadian UnderwriterMany insurance companies aren’t supporting modern communications in their businesses and for interacting with customers, despite many saying such multichannel communication is a priority, according to a report sponsored by GMC Software Technology. The survey of 90 insurance organizations, conducted…
Global market for commercial insurance brokers set for rapid growth
June 25, 2013 by Canadian UnderwriterThe global market for commercial non-life insurance brokers is set for strong growth up to 2016, led by rapid growth in emerging markets, according to research firm Finaccord. Commercial non-life insurance markets for brokers outside of Europe and North America…
Customer satisfaction drops for U.S. auto insurers: J.D. Power
June 24, 2013 by Canadian UnderwriterCustomer satisfaction with U.S. auto insurance carriers has dropped in five categories over the past year, suggests a study released Monday by J.D. Power and Associates. The J.D. Power 2013 U.S. Auto Insurance Study measures customer satisfaction in interaction, price,…
New product allows policyholders to mark valuables with their DNA
June 21, 2013 Harmeet Singh, Online EditorAfter several years of development, a Canadian company is launching a product that uses a consumer’s DNA to mark valuable assets, a tool it says insurers can use to track items after loss or theft. Alastair Russell, now CEO of…