Industry
Alberta’s Automobile Insurance Rate Board (AIRB) is permitting premium levels for mandatory automobile insurance in the province to increase by as much as 5%, effective Nov. 1. As part of the competitive process, insurance companies have the option to implement all or part of the 5% increase over the next three years. Both the insurance […]
By Canadian Underwriter | July 26, 2012
2 min read
Insurance Bureau of Canada (IBC) has launched a new consumer awareness campaign to stimulate stakeholder feedback on how best to bring down auto insurance rates in Ontario and to help consumers better understand their own insurance policies. The campaign will include television, Internet and newspaper ads, billboard messages, mail drops and mall displays in several […]
1 min read
“Data mastery” has been one of the Top 3 insurance priorities for the past several years, yet most insurers still struggle with how best to use their own information to achieve their business goals, research firm Celent says. Celent’s report, Data Mastery Spectrum Overview 2012, defines the concept as “mastery of data available to an […]
By Canadian Underwriter | July 25, 2012
Most European companies are not properly covered for emerging risks such as terrorism and political violence, according to research from ACE Group. Roughly one-third (32%) of firms cited terrorism and political violence as the most important risk concern for their business, yet only 7% of companies have comprehensive insurance for these exposures and 34% have […]
Standard & Poor’s Services has assigned long-term ‘A’ counterparty credit and financial strength ratings to Canadian-based Chartis Insurance Company of Canada (Chartis Canada). The outlook on the company is stable, S&P’s says. “Chartis Canada is strongly capitalized with a capital redundancy above the rating level based on the Standard & Poor’s capital model,” the ratings […]
CARSTAR has appointed Terry Holowaty as its new quality systems specialist for Western Canada. Holowaty will work directly with franchise partners in British Columbia, Alberta, Saskatchewan and Manitoba, helping them to understand and implement CARSTAR Quality Systems best practices in the technical, estimating and production aspects of their operations. He will also work towards supporting […]
The catastrophe reinsurance market may be on the cusp of a strategic shift, with third party capital providers set to take on increasing amounts of peak catastrophe risk in the future, according to Willis Capital Markets & Advisory (WCMA), part of the global insurance broker, Willis Group Holdings (NYSE: WSH). The latest Insurance-Linked Securities (ILS) […]
By Canadian Underwriter | July 23, 2012
Western Financial Group (Western) has acquired B.C. Yacht Insurance Brokers Inc. (B.C. Yacht), as of July 1. B.C. Yacht is headquartered in Sidney, British Columbia and is Sidney’s only specialized marine insurance brokerage. The deal is Western Financial Group’s second acquisition on Vancouver Island this year. “We have developed specialized expertise and underwriting agreements with […]
U.S. wireless carrier Sprint has set its sights on providing vehicle-tracking technology that will provide insurers with information about vehicle activity and driver behaviour. Sprint has announced its intention to market integrated, end-to-end, usage-based insurance (UBI) services, which the company contends will enable insurance carriers to identify better drivers and reduce risk. This will help […]
By Canadian Underwriter | July 20, 2012
An Ontario Progressive Conservative Caucus White Paper has recommended that private insurance companies be allowed to compete with the Workplace Safety Insurance Board (WSIB) for the provision of work-related insurance coverage. The WSIB is a government agency that provides injury and disability benefits to workers. Employers fund the WSIB through payroll taxes in the form […]
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