Aviva Canada looking into electronic payments standard
February 22, 2018 by Jason ContantAs payment systems continue to modernize globally and locally, one Canadian insurer says it is hoping to explore opportunities related to its payment infrastructure. While it is not currently using ISO 20022, an international standard that supports electronic payments, Aviva…
Want to offer real-time claims payments? Start planning now
February 19, 2018 by Jason ContantCanadian insurance companies should start to plan now how they will implement ISO 20022, an international standard that supports electronic payments, the chief operating officer of Payments Canada told Canadian Underwriter Wednesday. “Your large insurance companies… ought to be thinking…
B.C. lacks climate change policies, especially on wildfires and flooding: audit
February 15, 2018 The Canadian Press (CPSTF)VANCOUVER – British Columbia’s auditor general says the provincial government is working to adapt to the risks posed by climate change but it has no clear plan for wildfires and flooding. Carol Bellringer says there is little monitoring of progress…
Cataclysmic hailstorm could cause up to $13.5 billion in damage: ICLR report
February 14, 2018 by David GambrillIn a low-probability, worst case scenario, a single major hailstorm in Canada could result in insurance claims of up to $13.5 billion, according to a new research paper from the Institute for Catastrophic Loss Reduction (ICLR). “Of concern is that…
Workplace harassment policies should include non-employees, risk manager says
February 14, 2018 Greg Meckbach, Associate EditorManaging liability risk includes making workplaces free from harassment for not only employees, but also for non-employees, advises Darius Delon, an independent risk consultant based in Calgary. Lawsuits arising from harassment are one major emerging area of risk, said Delon,…
Dating danger? Businesses rethink workplace romance policies
February 14, 2018 Joyce M. Rosenberg - THE ASSOCIATED PRESSNEW YORK – It happens in so many workplaces – two colleagues begin a romantic relationship. But a heightened awareness about sexual harassment means small business owners can get more anxious when employees start dating. Many owners have consulted with…
GM brings Maven car-sharing startup to Toronto
February 13, 2018 David Paddon - THE CANADIAN PRESSTORONTO – General Motors Co. is bringing its Maven car-sharing business to Canada for the first time as part of the Detroit-based company’s broader strategy for navigating through a rapidly changing automotive world. Toronto will be the first city outside…
Industry seeks government help to deal with homes in high-risk flood areas
February 1, 2018 by David GambrillCanadian property and casualty insurers cannot be the sole financial backstop for homeowners who build their homes in high-risk flood areas, a senior industry executive told a catastrophe risk conference in Ottawa. “We have to resolve the issue of high-risk…
Your first step towards a digital brokerage lies in your BMS
January 19, 2018 by David GambrillHow many brokers would be willing to change how their data is organized and housed if it meant a revenue increase of 144% per employee? The goal is actually within your reach, says Michael Howe, senior vice president of product…
Why consumers may be snubbing telematics
January 9, 2018 by Jason ContantPrivacy and security concerns may be contributing to a lower-than-expected uptake of telematics programs, Andrew Lo, the president and CEO of Kanetix Ltd., said on Monday. Also, there seems to be some confusion among consumers about the data insurers are…
Why insurers don’t want a sudden hike in interest rates
January 8, 2018 by Greg MeckbachInsurers might be happy if lending rates rise by a few percentage points, but a financial executive with one mutual warns a sudden rise in interest rates carries a noticeable risk. The Bank of Canada announced in December it is…
Fierce storm causes storm surges, extensive power outages in Atlantic Canada
January 8, 2018 Alison Auld - THE CANADIAN PRESSHALIFAX – Work crews were fanning out across parts of Atlantic Canada on Friday after a fierce winter storm blasted the region with hurricane-force winds that flooded coastal roads, knocked out power and lashed waterfronts with surging seas. Tens of…