Segment
Brokers
Insurers should think more like judges when drafting insurance contracts
October 27, 2008 by Canadian UnderwriterInsurers and brokers need to think more like judges when they read or draft insurance policy contracts, because judges will ultimately determine whether or not policy coverage exists in a claim situation, a litigator told brokers attending an education session…
IBC board may revisit distribution issue in its mandate
October 24, 2008 by Canadian UnderwriterThe Insurance Bureau of Canada’s board of directors will discuss whether the IBC’s mandate should be revised to include a discussion about distribution issues, Jean Francois Blais, president and CEO of Axa Canada said.Blais was a member of the CEO…
Does size matter when determining survival of insurers during financial crisis?
October 24, 2008 by Canadian UnderwriterWhen it comes to using a reliable indicator to figure out which Canadian P&C insurance company is best-positioned to survive the worst financial crisis to hit the North American markets since the Great Depression era, does size matter?The answer, as…
IBAO asks insurers to sign memorandum of understanding on brokerage control
October 24, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has asked the province’s insurance companies to sign a memorandum of understanding, promising, in effect, that the insurers will not purchase a majority control in brokerages.In Spring 2008, IBAO leadership suggested it would…
Insurance industry needs to harness societal ‘renaissance’ to succeed in marketing
October 23, 2008 by Canadian UnderwriterThe insurance industry has been taking its old marketing techniques and just dumping it into a new channel the Internet and the approach will not work, Mitch Joel, president of Twist Image, told delegates at the Insurance Brokers Association of…
Ontario’s independent brokers stop bleeding off of consumers to direct channel
October 23, 2008 by Canadian UnderwriterOntario’s independent broker channel appears to have turned a corner in 2007, with consumers showing signs of remaining loyal to the channel despite the aggressive marketing of direct writers, according to Rodney Hancock, the president of the Insurance Brokers Association…
What’s New: In Brief (October 22, 2008)
October 22, 2008 by Canadian UnderwriterKeal Technology’s commercial management system (CMS), comXP, will be integrated with Aviva Canada’s Fastrax, a web-based commercial insurance application. The partnership will enable brokers to upload small commercial package information including client, risk and coverage details from comXP to Fastrax,…
Berkley Corporation creates new underwriting leg
October 15, 2008 by Canadian UnderwriterW. R. Berkley Corporation (NYSE: WRB) has formed Berkley Underwriting Managers Canada, Ltd., which will offer a wide range of specialty casualty commercial insurance products. Products include general liability, products liability and other commercial lines on behalf of the Canadian…
Quebec Appeal Court says manufacturer’s extended warranty is not an insurance contract
October 10, 2008 by Canadian UnderwriterThe Quebec Court of Appeal has found that the “Extra Care Protection” contract of a vehicle manufacturer is a warranty, not an insurance contract, thus reversing a lower court decision that found the opposite.In making its decision in the Automobile…
What’s New: In Brief (October 10, 2008)
October 10, 2008 by Canadian UnderwriterMichael Donoghue, president and CEO of Allstate Canada, has announced his retirement. Chris Kiah, assistant field vice president in the southeast region for Allstate Corporation, will take over the role. Donoghue and Kiah will work together through the transition until…
BFL Canada joins forces with Kansas City broker Lockton
October 8, 2008 by Canadian UnderwriterBFL Canada and Kansas City-based Lockton have formed an alliance to serve clients in North America. BFL Canada is Canada’s largest independent commercial insurance broker and Lockton is the world’s largest privately held insurance broker, according to a news release…
Canadians homes and businesses estimated to be underinsured by Cdn$11 billion
October 6, 2008 by Canadian UnderwriterAbout 80% of Canadian houses today are undervalued by 27%, which hasn’t changed since 1995, according to Peter Wells, president of Marshall & Swift/Boeck (M&S/B), a provider of building cost technologies.In addition, 60% of commercial buildings are undervalued by 40%.In…