Industry
The International Association of Insurance Supervisors published Thursday a new set of policy measures setting out how global insurers will be deemed “systemically important,” while an initial list of nine such companies has been released. The policy measures address “recovery and resolution planning requirements, enhanced group-wide supervision and higher loss absorbency requirements,” according to the […]
By Canadian Underwriter | July 19, 2013
2 min read
Canada’s Transportation Safety Board released Thursday the results of an investigation of an incident in which two executive jets nearly collided mid-air west of London, Ont. On March 8, 2012, American air traffic controllers had put them at the same altitude though they were travelling towards each other. No collision occurred because the airplanes actually […]
By Canadian Underwriter | July 18, 2013
4 min read
Insurance premiums in the airline market continued their downward direction in the first half of of the year, according to an update from Willis Group. In its Airline Insight issue for the second quarter, the company reports that premium levels have reduced by 5% in the first half of 2013, or about $13 million being […]
By Canadian Underwriter | July 17, 2013
Insurance claims in the United States resulting from hail damage increased 84% between 2010 and 2012 and auto hail claims were up six-fold, while thousands of claims were deemed “questionable” due to vendor fraud or inflated loss, according to a recent report. The National Insurance Crime Bureau released a report Wednesday on hail loss claims […]
3 min read
The Co-operators has launched a new tool on its website that it says can provide an auto insurance estimate in as little as 30 seconds. The Guelph, Ont.-based insurer’s QuickQuote tool provides an estimate for users after they provide their name, date of birth, sex, postal code and make and model of their vehicle. The […]
By Canadian Underwriter | July 16, 2013
1 min read
No changes to insurance products have been announced in the wake of Loblaw Companies Ltd.’s proposed $12.4-billion acquisition of Shoppers Drug Mart Corp. Through its President’s Choice brand, Brampton, Ont.-based supermarket chain Loblaw sells home, auto, pet, travel, critical illness and life insurance through PC Financial Insurance Agency Inc. and PC Financial Insurance Broker Inc. […]
The rate filings for private passenger auto insurance in Ontario declined 0.09% in the second quarter of this year, based on the entire market, according to the province’s regulator. The Financial Services Commission of Ontario publishes rate filings that have been approved each quarter. The numbers of filings reviewed varies based on updated information on […]
By Canadian Underwriter | July 15, 2013
The insurance industry seems to be getting on board with social media use, and is now shifting to getting it right, some industry experts say. Speaking recently at an Insurance Marketing and Communications Association event, Robert Hartwig, president of the Insurance Information Institute, said social media is an important way for insurers to communicate with […]
By Canadian Underwriter | July 12, 2013
Lloyd’s has completed an 18-month review of binding authority agreements in the market with the publication of three new wordings by the Lloyd’s Market Association. The new model agreements, down from the previous number of nine wordings from 2006, are for Canada, the United States, and Rest of the World. A binding authority is an […]
The North American Fatigue Management Program, designed help reduce fatigue among drivers of commercial vehicles, launched its website this week. The NAFMP website includes a return-on-investment calculator, which is intended to let users estimate the monetary benefits of implementing the NAFMP, either in its entirety or select components in a customized program. NAFMP offers fatigue […]
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