Industry
Willis Group Holdings Limited (NYSE: WSH), a global insurance broker, reported a hit in its 2007 Q3 income based on a tax gain on the sale of its London headquarters and a significant expenditure on 2006 Shaping our Future initiatives.Shaping Our Future refers to a company strategy, outlined in Willis 2006 annual report, for achieving […]
By Canadian Underwriter | October 25, 2007
2 min read
Canadas insurance industry is not in danger of seeing the same kinds of wild personal injury and product liability lawsuits launched in the United States, based on a number of reasons related to Canadas legal system and culture, a panelist told Swiss Res 2007 Casualty Seminar in Toronto.Its my firm belief that I dont think […]
By Canadian Underwriter | October 24, 2007
The Insurance Brokers Association of Ontario (IBAO) is asking the provincial brokers regulator, the Registered Insurance Brokers of Ontario (RIBO), to adopt a control-in-fact test to assess the independence of insurance brokers in Ontario.Brokers that do not meet the control-in-fact standard should be regulated as agents, said IBAO president-elect Rod Hancock in a speech to […]
The Insurance Brokers Association of Ontario (IBAO) will be prohibiting its non-voting affinity members from using the Broker Identity Program (BIP) logo in any manner whatsoever, starting Apr. 1, 2008.The brokers association passed this bylaw during its annual general meeting at the Royal York Hotel in Toronto on Oct. 19. The Insurance Brokers Association of […]
By Canadian Underwriter | October 23, 2007
1 min read
Brokers need to be pro-active on the technology front and create a sense of value and prestige in their service if they are to survive, Michael Vickers, author of Becoming Preferred: How to Outsell your Competition, told delegates at the Insurance Brokers Association of Ontarios annual conference in Toronto.Brokers who resist change will be changed […]
By Canadian Underwriter | October 19, 2007
Insurance companies that are lax about following the letter of their agreements with brokers may find themselves sharing responsibility and liability with brokers in E&O claims, the audience attending an Insurance Brokers Association of Ontario (IBAO) education panel heard.This may even be true even in seemingly open-and-shut E&O cases illustrating broker negligence. Insurers need to […]
Allstate Insurance Company of Canada is expanding its presence in eastern Canada and has opened a branch Kirkland, Quebec the first of a string of branches to open in the near future.During the remainder of 2007, it is expected that nine more Allstate Insurance Agencies will open in Quebec, followed by 10 more in the […]
The Supreme Court of Canada has sided with insurers in two cases that threatened to expand the definition of an injury arising directly or indirectly from the use or operation of an automobile.In both Citadel General Assurance Co. v. Vytlingham and Lumbermens Mutual Casualty Company v. Herbison, Canadas high court found that car-related activities were […]
About 51% of Ontario insurance consumers buy their insurance products through the independent broker channel, while 38% buy from agents or direct markets, according to a 2007 independent consumer survey commissioned by the Insurance Brokers Association of Ontario (IBAO).The survey found a further 11% of Ontario consumers purchased insurance through group plan providers and 4% […]
By Canadian Underwriter | October 17, 2007
The Insurance Brokers Association of Ontario (IBAO) is planning to ask the Registered Insurance Brokers of Ontario (RIBO) and the Financial Services Commission of Ontario (FSCO) to restrict the ability of non-brokers to buy and control insurance brokerages.The IBAO changed its membership structure in 2006 to make non-broker-controlled brokerages affiliate or non-voting members. In this […]
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