Industry
A benchmark survey of more than 1,000 companies found that the total cost of risk (TCOR) increased marginally in the past year, despite fears of hefty rate hikes after a spate of natural disasters in 2011. The Risk and Insurance Management Society’s (RIMS) annual survey, produced by Advisen, discovered only a mild bump up in […]
By Canadian Underwriter | June 27, 2012
1 min read
Faced with the prospect of rocky economic times, Canadians are cutting back on the insurance they are buying, a 2012 survey commissioned for TD Insurance states. The Environics Research Group survey conducted for TD found that 42% of Canadians are less likely to purchase a new policy or buy enough insurance because of the current […]
2 min read
The federal regulator for financial institutions received positive feedback in a recent survey of property and casualty insurance companies. The Office of the Superintendent of Financial Institutions Canada (OSFI) commissioned the poll in late 2011 to explore perceptions of the insurance marketplace and of its role as regulator, with results released June 22. Overall impressions […]
By Canadian Underwriter | June 26, 2012
An Ontario arbitrator has awarded a $5,000 ‘special award’ against Economical Mutual Insurance Company after the company denied a claim on the basis that the claimant, Roda Egal, had not provided a reason for a delay in making her application following her injury in a motor vehicle accident. Four months after the accident, Egal’s lawyer […]
3 min read
The Office of the Superintendent of Financial Institutions (OSFI) has released a draft of its 2013 Minimum Capital Test (MCT) Guideline for industry consultation. The draft guideline includes new amounts to be deducted from or adjusted within total capital available, including net defined benefit pension plan assets. The change was made in response to amendments […]
By Canadian Underwriter | June 25, 2012
Insurance companies in the United Kingdom can “shift the customer satisfaction curve” in claims by focusing on big data, analytics and operational excellence, according to a recent study by Celent. “Tweaking” the claims process by ensuring that insurers communicate using their customers’ preferred methods (i.e. SMS, email, letter, etc.) is the easiest investment for insurers […]
The Bermuda Monetary Authority (BMA) says it is confident it will achieve equivalence with Europe’s proposed Solvency II capital provisions, following high-level talks with European officials in Brussels earlier this month. In the meantime, the BMA expressed confidence that a promise to exempt captive insurance firms in Bermuda from those provisions will be honoured. The […]
The issue is not if, but how, insurers should leap into the world of social media, a new report from Accenture has concluded. “Insurers, of course, really have no choice about participating in social media,” the consulting firm noted in its study, Insurers and Social Media: Vast Potential, Significant Challenges. “With people engaged in social […]
By Canadian Underwriter | June 22, 2012
Software provider Brovada has laid claim to being first out of the gate in North America for introducing a real-time policy change XML upload without the need for a broker to interact with a company portal. Brovada gave a live demonstration of its new technology in Toronto on June 21. “This is a big announcement […]
A new study from Cisco indicates 65% of respondents globally would favour bank branches offering an expanded portfolio of financial and advisory services, including insurance. The Cisco Internet Business Solutions Group (IBSG) Omnichannel Study: Winning Strategies for Omni-Channel Banking surveyed 5,300 consumers in both developed and emerging countries, including Canada, France, Germany, United States, United Kingdom, […]
By Canadian Underwriter | June 21, 2012
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