Industry
The Insurance Council of B.C. recently released disciplinary findings against a broker who used insurance premiums from clients to pay business and personal expenses and another agent who accessed confidential files at the Insurance Corporation of British Columbia (ICBC) to spy on his ex-girlfriend. Theodore (Ted) Young Lee of International Insurance Agencies Ltd. had his […]
By Canadian Underwriter | June 13, 2012
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About 66% of Canadians surveyed by Desjardins Financial Security expect to travel within Canada in 2012 and yet almost one-quarter of these travelers aren’t planning on purchasing travel insurance. The 2012 Desjardins Financial Security national health survey surveyed 1,529 Canadians across the country. The survey found 57% of respondents expected to travel to the United […]
By Canadian Underwriter | June 12, 2012
Insurance software company Applied Systems has announced it will release Epic 7, the upcoming version of the insurance industry’s agency and brokerage management system, in 2013 Q1. “The release of Epic 7 marks the first time the Epic system will enter the Canadian market,” the company says in a press release. “Applied Systems reports that […]
1 min read
Conservation officers in Vernon, B.C. are reportedly concerned about the number of people riding All Terrain Vehicles (ATVs) without insurance. Vernon media quote conservation officers saying a recent enforcement sweep in Noble Canyon, B.C. found 25 individuals were discovered to be riding ATVs without carrying proper insurance coverage. “Our guys were so overwhelmed by the […]
By Canadian Underwriter | June 8, 2012
A controversial private member’s bill designed to prevent insurers from using granulated geographical areas for underwriting auto insurance was defeated in second reading in Ontario’s provincial legislature on June 7. Bill 45, brought forward by Brampton NDP MPP Jagmeet Singh, was debated yesterday in the Ontario legislative assembly and “lost on recorded division,” meaning that […]
Insurance rates for businesses are still firming in the United States, with premiums increasing on average by 4% in May compared to the same month last year, according to an electronic insurance exchange and market reporting firm. MarketScout recently reported that commercial property saw the largest rate hike, at 5%, matched by workers compensation. No […]
The Economical Insurance Group has announced its “Straight Through Processing,” allowing brokers to begin and issue new business or make policy changes in real-time using Power Broker, Applied Systems TAM and and SigXP broker management systems. “These enhancements bring us another step closer to achieving the ultimate goal of full integration with broker management systems,” […]
By Canadian Underwriter | June 7, 2012
Two of Canada’s independent medical evaluation (IME) companies have come together to become Cira Medical Services Inc. The rebranded company offers the combined strengths of the client-focused operations, Riverfront Medical Services and Medisys IMA. “We felt that the best way to communicate this client-driven direction was to re- brand the combined entity,” Cira president Corey […]
By Canadian Underwriter | June 6, 2012
Canadian consumers identified fast claims processing as the most-valued feature when dealing with insurance companies, note new findings from InsurEye Inc. To get a fix on what consumers value most in their insurance providers, the study analyzes 600-plus consumer reviews of home, auto and life insurance companies. The survey was conducted using InsurEye’s online insurance […]
Marsh has introduced an insurance product to help companies manage the risks associated with cloud computing. Called CloudProtect, the endorsement protects against first-party losses stemming from a cloud service provider’s failure. The customized risk transfer solution was developed “in conjunction with leading cyber risk insurers” to cover lost revenue and extra expense, Marsh noted in […]
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