Industry
Economical Insurance is integrating the management of all its personal lines business in British Columbia under Family Insurance Solutions, its wholly-owned subsidiary, in an effort to simplify business for brokers in the province. Beginning Sept. 24, the distribution, underwriting and policy administration for its personal auto and property insurance will all be under the subsidiary, […]
By Canadian Underwriter | September 3, 2013
2 min read
Satisfaction among small business policyholders is significantly higher when a broker or agent provides more guidance, the latest survey from J.D. Power in the U.S. suggests. Overall customer satisfaction among small business insurance customers was 777 points on a 1,000-point scale, according to the survey, based on 3,742 responses from insurance decision-makers in businesses with […]
The Insurance Corporation of British Columbia (ICBC) is seeking a 4.9% increase to basic insurance rates, a move that it says will have an average impact of less than a dollar per month for most customers when combined with changes to optional insurance rates. If approved, the proposed rate hike – filed with the British […]
3 min read
As more customers buy insurance through aggregators, price will become a key differentiator. But brokers who are good at delivering insurance will be in the best position to compete.
By Karl Greenlaw, Founder and CEO, Brovada | August 31, 2013
5 min read
1 EGI Financial Holdings Inc. announced in August it has reached an agreement to sell the company’s non-standard automobile insurance operations in the United States. It has entered into a stock purchase agreement with Michigan-based White Pine Insurance Company, in which White Pine Insurance will purchase EGI Insurance Services, Inc. and all subsidiaries, including American […]
August 31, 2013
While there have been some accomplishments in insurance regulation in the United States since 2010, overall, the country needs more uniformity in its approach and modernized solvency requirements, says a report from the G-20’s Financial Stability Board. In what it calls a peer review of the U.S. financial regulatory system, the FSB notes that the […]
By Canadian Underwriter | August 30, 2013
Towers Watson & Co. announced Wednesday a report on enterprise risk management programs, designed to help insurance carriers establish better links between an organization’s risk and its mission. The report, titled Another Bite of the Apple: Risk Appetite Revisited, is the first in a three-part series. “Towers Watson explores how insurers can enhance risk appetite […]
By Canadian Underwriter | August 29, 2013
The Financial Services Commission of Ontario has lowered its return on equity benchmark for auto insurers’ rate filings in the province to 11%, from the previous 12%. The move comes following a review by two consultants, Dr. Fred Lazar and Dr. Eli Prisman, both part of the Shulich School of Business at York University. That […]
CAA Insurance Company (Ontario) has applied for a rate reduction with the province’s regulator, less than a week after the government announced its intention to hit an average rate reduction of 15% within two years. “CAA fully supports this new (government) strategy, which targets a 15 per cent auto insurance decrease over the next two […]
1 min read
Western Financial Group’s board of directors announced Thursday that Jeff Burke will be president effective Sept.1. Burke will also assume CEO responsibilities on Jan.1, 2014, in the first leadership change in Western’s 17-year history. Company founder Scott Tannas will remain as CEO and work with Burke during the ransition period, Western said in a statement. Tannas […]
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