Technologies Behind Underwriting
June 1, 2003 Scott FitzgeraldGeneral insurance underwriters analyze a variety of important factors in determining the risk of an applicant. Determining underwriting risk is a tricky science that involves a number of factors before the appropriate coverages are allowed and rates defined. Apart from determining the level of insurance permitted and priced, underwriters must also decide if the risk should be taken at all. Electronic data transmission and storage has cultivated new databases that should be used as criteria in assessing underwriting risks.
Klees takes over Ontario Transport Ministry
February 27, 2003 by Canadian UnderwriterMPP Frank Klees, perhaps best know for his advocacy of new regulations for the collision repair industry, has been moved up to Minister of Transport in an Ontario Tory government cabinet shuffle.The move is being praised by the Collision Industry…
Cost of risk puts pressure on small companies
February 21, 2003 by Canadian UnderwriterThe cost of risk, including insurance, is about US$2.45 for every US$1,000 of revenue, says a new study from Marsh Inc. The study of U.S. companies also found that this cost varies dramatically depending on the size of the business,…
Location! Location! Location!
February 1, 2003 AxiomIt was not hard to find the spanking new offices of Triple D Adjusters Ltd. They occupied the main floor of a new low-rise office building close to one of the city’s main expressway exits. My insurance company used Triple…
Insight: B.C. Auto Insurance Deregulation: Anchored?
January 1, 2003 Sean van ZylThe B.C. government’s announcement toward the end of last year that it plans to maintain crown insurer the Insurance Corp. of British Columbia’s (ICBC) monopoly position in providing basic auto coverage has left a bad taste in the mouth of…
IBC pleased with sanctions against “road racing”
December 16, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is pleased to see new controls to prevent “road racing” along with other road safety measures introduced in Bill 241, The Road Safety Act of 2002, by Ontario’s legislature. Transportation Minister Norm Sterling has…
Snow No Mercy
December 1, 2002 Craig HarrisIce and snow removal contractors are in the insurance spotlight, as growing liability exposures force property and casualty insurance carriers to pull back coverage. Those insurers that remain in the business are taking a careful approach to underwriting – and loss prevention.
Legislation sets timetable for UV project
November 11, 2002 by Canadian UnderwriterAmong the changes included in last week’s introduction of Bill 198 in the Ontario legislature is a countdown for the industry’s Uninsured Vehicles project.Through changes to the province’s Compulsory Automobile Insurance and Highway Traffic acts which stand to be passed…
Ontario auto insurance reform debuts to mixed reaction
November 1, 2002 by Canadian UnderwriterMuch anticipated Ontario auto insurance reforms have been put before the legislature with the view of having legislation enacted by the beginning of next year. Auto insurers, represented by the Insurance Bureau of Canada (IBC), say they “applaud” the actions…
IBC applauds Ontario auto reform
October 30, 2002 by Canadian UnderwriterThe much anticipated Ontario auto insurance reforms have now been put before the legislature and the industry’s lobby body is pleased.Reacting to the news that Ontario Finance Minister Janet Ecker has tabled legislation that will allow future changes to the…
Throne speech gives attention to climate change
October 1, 2002 by Canadian UnderwriterIn the swirling controversy over the Kyoto Protocol, yesterday’s throne speech from Prime Minister Jean Chretien focussed on the environment and climate change as among the nation’s priorities. “On a global scale, the problem of climate change is creating new…
Event Planning: Anticipate Everything!
October 1, 2002 Barry MilavskyIt was already difficult for organizers to get liability coverage for public events before September last year – now more so than ever. Insurers are retrenching and the liability coverage required for outdoor events has been difficult to source. Motor…