Segment
Brokers
Repairs for hybrid vehicles cost more than repairs for non-hybrids
August 9, 2010 by Canadian UnderwriterClaims costs are higher for hybrid cars and SUVs than for non-hybrids, according to Mitchell International. In its Quarterly Feature of the Mitchell Industry Trends Report, Mitchell International says hybrids have higher collision claims frequencies and severity than non-hybrids.Overall, hybrids…
RSA creates new product for sellers of renewable energy
August 9, 2010 by Canadian UnderwriterRSA has launched a new product designed to protect homeowners and small businesses that sell renewable energy to the Ontario government in the event of lost income. The product covers the actual equipment against all risks of direct physical damage…
AMF investigates ex-insurance broker’s role in $1.4-million Ponzi scheme
August 6, 2010 by Canadian UnderwriterQuebec’s securities regulator, the Autorité des marchés financiers (AMF), has blocked the accounts and companies of a former insurance broker as part of its investigation into an alleged $1.4-million Ponzi scheme.Acting on the authority of an administrative tribunal, the Bureau…
Western Financial Group doubles ownership interest in Falkins Insurance Group
August 4, 2010 by Canadian UnderwriterWestern Financial Group has increased its ownership of Falkins Insurance Group Limited from 20% to 40%. In addition, all parties have agreed upon a pathway to provide Western with the ability to acquire full ownership of Falkins by Jan. 1,…
Marsh announces five Canadian appointments to managing director status
August 3, 2010 by Canadian UnderwriterMarsh announced the appointment of 59 new managing directors in North America, five of which are Canadian.The 2010 ‘Class of Managing Directors’ work within a number of different risk practice and industry groups within Marsh and are located across both…
Willis sees gain in 2010 Q2 net income
July 29, 2010 by Canadian UnderwriterWillis Group Holdings plc (NYSE: WSH) reported a net income of $89 million in 2010 Q2, a slight increase from the net income of $87 million in 2009 Q2.Organic growth in commissions and fees grew 4% from 2009 Q2. Net…
MPI increases vehicle safety inspection fee by $10
July 28, 2010 by Canadian UnderwriterA government-authorized vehicle safety inspection will increase by $10, Manitoba Public Insurance announced.The cost of a vehicle safety inspection will be $55 as of Aug. 1, 2010. The increase applies to safety inspections for cars, motorcycles and light trucks.“This is…
DAS Canada joins ranks of the Broker Identity Program
July 28, 2010 by Canadian UnderwriterOnly one month into its operations in Canada, DAS Canada has already become a full partner of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program.The program’s centerpiece is the magenta broker logo known as the ‘Bipper.’ The symbol…
Manitoba calls for fraud endorsement in brokers’ E&O insurance
July 23, 2010 by Canadian UnderwriterManitoba licensed insurance agents are now required to have an endorsement that covers fraud and dishonest acts as part of their mandatory errors and omissions insurance.The amendment to the Insurance Agents & Adjusters Regulation was implemented on May 31, 2010,…
Banks’ customer satisfaction ratings increase in 2010
July 22, 2010 by Canadian UnderwriterAs insurance brokers prepare once more to negotiate with the government about the mandatory Bank Act review, customer satisfaction related to banks’ specialized accounts for borrowing, investment and insurance “has improved notably in 2010,” according to a study by J.D.…
Keal launches software to aid brokers in auto reform implementation
July 21, 2010 by Canadian UnderwriterKeal Technology has launched software to support brokers through the implementation of the Ontario auto insurance reforms, which take effect Sept. 1, 2010.To comply with Financial Services Commission of Ontario (FSCO)’s reform standards, a special release of Keal’s Broker Management…
Contingent commission controversy stirred back up in US
July 21, 2010 by Canadian UnderwriterThe debate about whether or not commercial brokers should accept contingent commissions has heated up again, with brokerages drawing a line in the sand when it comes to whether or not they will use the remuneration approach.The New York Attorney…