Segment
P&C Companies
Obesity epidemic could weigh heavily on insurers
June 14, 2007 by Canadian UnderwriterExperts at Lloyds are warning that the global obesity epidemic could have hefty implications for insurers claims payouts. Some jurisdictions are attempting to hold fast food restaurants liable for the epidemic, causing pre-emptive obesity legislation to be passed, particularly in…
IBAC stresses importance of brokers to Members of Parliament
June 13, 2007 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) went to Parliament Hill on June 12 to emphasize the importance of more than 30,000 independent brokers across the country.Members of Parliament and Senators met with 50 insurance brokers across the country, as…
What’s New: In Brief (June 13, 2007)
June 13, 2007 by Canadian UnderwriterTravelers has enhanced its SelectOne liability policy for investment advisors and funds in Canada, by protecting Independent Review Committee (IRC) members.National Instrument 81-107 requires the creation of an Independent Review Committee for each investment fund that is a reporting issuer.…
Alberta storms cause more than Cdn$42 million in insured damages
June 13, 2007 by Canadian UnderwriterStorms and flash floods in Alberta on June 5 are expected to exceed Cdn42 million in insured damages, according to the Insurance Bureau of Canada (IBC).In Calgary alone, there have been 3,094 insurance claims so far as a result of…
FSCO increases service rendered rates for whiplash injuries
June 13, 2007 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has released an adjustment to its PAF Guideline WAD I and its PAF Guideline WAD II that will see the fees for services rendered (as outlined in Appendix A of the respective guidelines)…
RMS predicts increased storm activity in 2007
June 12, 2007 by Canadian UnderwriterRisk Management Solutions Inc. (RMS) has predicted above-average activity during the 2007 tropical storm season, due to the dissipation of last years El Nino condition and a potential El Nina event on the horizon. Authors of the white paper 2007…
What’s New: In Brief (June 12, 2007)
June 12, 2007 by Canadian UnderwriterThe Co-operators Group Limited has donated more than Cdn$220,000 to 183 different charities across the country. The donations were made on behalf of staff members, each of whom contributed $75 to the charity of their choice. “We’re proud to stand…
Increased regulation “joined at the hip” with reputational risk
June 12, 2007 by Canadian UnderwriterInsurance companies interested in reducing regulation need to take a hard look at their reputational risks, Scott Newquist, the managing director of the consulting firm Perception Partners, told a seminar organized by the Insurance Bureau of Canada (IBC).Experience has shown…
Principle-based regulation preferable, but regulators won’t rule out making rules
June 12, 2007 by Canadian UnderwriterCanadas insurance regulators are working with the industry to establish a foundation for a new principles-based (as opposed to rules-based) approach to regulation, but that doesnt mean regulators are likely to throw out more prescriptive approaches should they be deemed…
Study finds women involved in fewer auto incidents
June 11, 2007 by Canadian UnderwriterWomen are better drivers than men, according to research done by kanetix.ca, an online quoting service for Canadas insurance marketplace. The results are based on a study of 2006s auto insurance shoppers, which looked at insurance shoppers as a whole,…
What’s New: In Brief (June 11, 2007)
June 11, 2007 by Canadian UnderwriterThe average number of deals involving insurance carriers purchasing software rose 42% by quarter from 2005 to 2006, according to an annual deal trends study issued by Celent.Of the deals analyzed, 43% were between vendors and totally new customers. Core…
Canada goes against global terrorism insurance trend
June 11, 2007 by Canadian UnderwriterThe Canadian government has failed to follow the global trend of becoming more involved in mitigating the risk exposure of insurance and reinsurance companies, according to a Guy Carpenter & Company, LLC report. While a number of countries have developed…