Industry
Loss ratios for the P&C industry as a whole in Canada have dropped but the Insurance Bureau of Canada is concerned about the auto sector in Ontario, an IBC official said Thursday. Gregor Robinson, IBC’s senior vice president and chief economist, suggested the loss ratio for the industry as a whole across Canada has improved, […]
By Canadian Underwriter | April 4, 2013
2 min read
Editor’s Note: An earlier version of this article incorrectly stated that Epic 7 includes a Canadian French translation and was available in the United Kingdom, which it is not. Canadian Underwriter regrets the error. Addressing the Canada-specific needs of brokers here was a key part of developing the latest version of Epic 7, the broker […]
3 min read
The Financial Services Commission of Ontario (FSCO) has released a draft of its priorities for the year and unsurprisingly, taking on problems with the province’s auto insurance system factor heavily into the document. FSCO’s Draft 2013 Statement of Priorities sets out what the commission plans to address during the year and seeks feedback from stakeholder […]
Nearly one in five vehicles inspected at community events need brake service, while nearly one in ten had improperly inflated tires, according to an organization representing American repair shops and parts suppliers. Bethesda, Md.-based Car Care Council, a division of the Automotive Aftermarket Industry Association (AAIA), announced Wednesday results of its inspections from last year. […]
By Canadian Underwriter | April 3, 2013
Canadian auto sales were down slightly in March, compared to the same time in 2012, but the industry is still on track to meet last year’s strong performance, BMO Economics said this week. Auto sales decreased by 0.7% year-over-year in March, the company said. “These figures demonstrate continued strength in Canadian auto sales,” Alex Koustas, […]
1 min read
Belairdirect, part of Intact Financial, has launched a new social media campaign in an effort to improve the customer experience and offer claims assistance and information more quickly. The Quebec-based company, which says it was the first insurer in North America to offer online insurance quotes directly to customers, has created pages and presence across […]
One in four deaths on the road can be attributed to distracted driving, according to Manitoba Public Insurance. The public insurer says that more than 160 road deaths have been linked to distracted driving since 2005, which translates to an average of 25 per year. “Cell phones don’t cause crashes, distracted drivers do,” MaryAnn Kempe, […]
Many organizations are using social media actively within their businesses, but recent survey results suggest that a lack of clear policy on its use, combined with its evolving nature, makes social media risk a top concern for internal audits. The 2013 Internal Audit Capabilities and Needs Survey Report from research and consulting firm Protiviti includes […]
By Canadian Underwriter | April 2, 2013
An increased flow of capital into the reinsurance market can be seen as a threat by traditional reinsurers, notes the latest renewals report from Willis Re. There is currently about $35 billion of capital that has entered the market from various sources, notes the company’s 1st View April Renewals Report, entitled “Capital Overflow,” which also […]
Despite the high number of property claim settlements from natural catastrophes in the United States over the past two years, overall customer satisfaction with the claims experience remains high, according to recent survey findings. The 2013 Property Claims Satisfaction Study by J.D. Power and Associates measures satisfaction with the property claims experience among insurance customers […]
By Canadian Underwriter | April 1, 2013
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