Segment
Brokers
RIBO warns brokers about ‘negative option billing’ in the context of Ontario auto reforms
June 10, 2010 by Canadian UnderwriterOntario’s broker regulator is cautioning brokers who are about to sell the province’s new auto insurance product about ‘negative option billing,” which is illegal in Ontario. Specifically, RIBO’s Ontario Auto Reform 2010 Best Practices Guideline observes that a number of…
Ontario broker regulator issues best practices guide related to province’s auto reforms
June 10, 2010 by Canadian UnderwriterOntario’s insurance brokers should be establishing procedures for educating all of their clients about Ontario’s upcoming auto insurance reforms, according to the Ontario Auto Reform 2010 Best Practices Guideline posted by the province’s broker regulator.The Registered Insurance Brokers of Ontario…
Gore Mutual CEO cautions against premature auto rate reductions
June 4, 2010 by Canadian UnderwriterInsurers applying for and receiving auto rate reductions prior to Ontario’s reform implementation may be creating an unrealistic consumer expectation that auto insurance rates are now on the decline, Kevin McNeil, president and CEO of Gore Mutual said.McNeil spoke at…
Reinsurance rates continue to decline, despite significant cat losses
June 2, 2010 by Canadian UnderwriterSignificant catastrophe losses in 2010 Q1 failed to halt declining reinsurance rates, according to Aon Benfield’s June 1 Renewals Update report.Reinsurance capital rose by 8% in Q1 to $434 billion, surpassing record levels set in 2007 before the global financial…
Up to 15% chance of a major earthquake hitting B.C. area over next 50 years
June 2, 2010 by Canadian UnderwriterThere is a 10-15% of a mega-earthquake hitting the northern segment of the Cascadia Subduction Zone at some point during the next 50 years, according to research from Oregon State University.The northern segment of the Cascadia Subduction Zone covers an…
The Co-operators introduces discount for LEED certification
June 1, 2010 by Canadian UnderwriterThe Co-operators has introduced a 10% insurance discount for dwellings that are Leadership in Energy and Environmental Design (LEED) certified. The discount, in conjunction other sustainable products and services such as discounts for hybrids, is intended to encourage and reward…
Price not as high a priority for insurance shoppers: J.D. Power
May 31, 2010 by Canadian UnderwriterWhen it comes to auto insurance shopping, the impact of price on new-buyer satisfaction has declined over the past year, according to a J.D. Power and Associates study. Ten per cent of auto insurance shoppers did not select the company…
Aviva, The Economical and The Dominion all adopt iClarify
May 31, 2010 by Canadian UnderwriterAviva Canada, The Economical Insurance Group (TEIG) and The Dominion have announced their intentions to use iClarify validation services delivered by Compu-Quote. This support continues past the pilot phase of the data validation tool into full production.More than 50 Insurance…
Ontario Provincial Police warn public about auto insurance scam
May 28, 2010 by Canadian UnderwriterThe Canadian Anti-fraud Centre (formerly Phonebusters) and the Ontario Provincial Police are warning potential auto insurance consumers in Ontario of a fraud ring, in which fraudsters are advertising fraudulent insurance premiums in Ontario newspapers and on Web sites.The scam advertises…
Ontario requires auto insurers to send publications to consumers explaining auto reforms
May 28, 2010 by Canadian UnderwriterOntario’s insurance regulator is requiring the province’s auto insurers to mail out publications explaining the forthcoming auto insurance reforms to consumers.The content and wording of the documents, which are not to be altered when sent to consumers, is the product…
Canada proposing new legislation to ban non-authorized insurance from bank Web sites
May 27, 2010 by Canadian UnderwriterCanada is formally proposing new legislation that would prohibit banks from promoting “non-authorized insurance from all banking Web pages.”This includes banning the display of online links to Web pages that promote non-authorized insurance. The proposed regime would allow the “corporate…
IBAC welcomes regulations banning promotion of insurance on banking Web sites
May 27, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Canada is pleased with federal Finance Minister Jim Flaherty’s proposed regulations that would ban banks from promoting insurance on their banking Web sites. Flaherty proposed the regulations on May 27, 2010. Steve Masnyk, IBAC’s manager…