Claims
Four members of the Canadian Council of Insurance Regulators (CCIR), an inter-jurisdictional association of insurance regulators, announced on Monday that they have signed a memorandum of understanding (MOU) that “sets out the terms for cooperation and exchange of information across provincial and territorial jurisdictions” to make the process simpler and more effective. “CCIR members represent […]
By Canadian Underwriter | June 1, 2015
1 min read
Despite continuing unknowns around “whale phishing” – when criminals fraudulently lure organizations into transferring money or surrendering important information – the property and casualty insurance is responding, reports Christopher Giovino, director of forensic services for Aon Global Risk Consulting. Commenting during a recent episode of A.M. BestTV, Giovino acknowledged “the industry is unsure how these […]
The United States’ Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) announced the start of Hurricane Sandy flood insurance claims review, part of a “broad process to reform NFIP claims and appeals procedures.” FEMA opened the Hurricane Sandy claims review process and began mailing letters to approximately 142,000 NFIP policyholders, offering them an […]
2 min read
The "sharing economy" of services like Uber and Airbnb represents a murky area for property and casualty insurance. Brokers, insurers and regulators in Canada have issued warnings about the gaps in coverage as the lines blur between personal and commercial usage of property and vehicles. The trench fighting about insurance deficiencies masks a bigger issue - the growing popularity of these unique shared economic services will require a new approach to risk and rate assessment.
By Craig Harris, Freelance Writer|Craig Harris, Freelance Writer | May 31, 2015
13 min read
Both data and technology are having an impact on the development of flood insurance products. With recent breakthroughs that advance the ability to perform stochastic modelling, more insurers appear open to writing flood insurance, a move that could help shrink the coverage gap for homeowners.
By Anya Sri-Skanda-Rajah, Managing Director, GC Analytics, Canada Flood Model Strategic Lead, Guy Carpenter & Company|Anya Sri-Skanda-Rajah, Managing Director, GC Analytics, Canada Flood Model Strategic Lead, Guy Carpenter & Company | May 31, 2015
6 min read
The country's regulators are taking corrective actions and issuing penalties related to Canada's Anti-Spam Legislation, which took effect last July. The serious consequences arising from breaching related requirements, though, make clear that companies need to take steps to develop corporate compliance programs.
By J. Andrew Sprague, Associate, Miller Thomson LLP|J. Andrew Sprague, Associate, Miller Thomson LLP | May 31, 2015
5 min read
Proposed amendments to Canada's Personal Information Protection and Electronic Documents Act, if passed, would vastly change the current privacy landscape. Beyond modernizing the way personal information is protected, Bill S-4 may impact how cyber insurance is underwritten. This new environment will demand a corresponding change in cyber insurance's approach and coverage to remain in step.
By Christopher Gonzales, National Product Leader, Professional Liability, Burns & Wilcox Canada|Christopher Gonzales, National Product Leader, Professional Liability, Burns & Wilcox Canada | May 31, 2015
When considering excess auto coverage in British Columbia, it is important to remember that even in a leasing or rental car scenario, the owner's policy remains primary. A recent ruling by B.C.'s Court of Appeal illustrates the limits of vicarious liability and makes clear that underwriters looking to limit coverage to the leasing company alone must include related language in a prominent place in the policy.
By Todd Davies, Partner; and Scott Harcus, Associate, Alexander Holburn Beaudin + Lang LLP|Todd Davies, Partner; and Scott Harcus, Associate, Alexander Holburn Beaudin + Lang LLP | May 31, 2015
7 min read
Training and educating employees about the risks and penalties associated with violating Canada’s Anti-Spam Legislation (CASL) is key to managing emerging privacy challenges, speakers said last week at the Canadian Insurance Financial Forum. CASL came into effect on July 1, 2014 and prohibits the sending of a commercial electronic message (CEM) without consent or implied […]
By Canadian Underwriter | May 31, 2015
4 min read
After initially focusing on underwriting and pricing, many insurance companies have expanded their view of data analytics to loss management. The claims handling process represents a rich area for data modeling tools that can provide better insight into everything from adjuster assignment and operational efficiency to fraud detection and subrogation. How does data analytics fit into the claims management process for insurers - and adjusters?
12 min read
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