Industry
A new 7% retail sales tax on home, business and auto insurance is an unfair burden on Manitoba consumers, according to Insurance Bureau of Canada (IBC). The tax, introduced in the Manitoba provincial budget Apr. 17, will be added to “embedded” premium taxes and fire tax of 4.25%, creating an effective tax rate of 11.5% […]
By Canadian Underwriter | April 19, 2012
1 min read
The Conference Board of Canada estimates New Brunswick’s insurance industry contributed $781.2 million in direct and spin-off effects to the provincial economy in 2010. So says INSURECONOMY, an economic impact and future growth study released Apr. 19 that summarizes separate reports from The Conference Board of Canada and Jupia Consultants Inc. Medical, health and life […]
2 min read
Insurance Bureau of Canada (IBC) supports British Columbia’s proposed legislation that will limit civil actions in the province. B.C.’s Bill 34, the Limitation Act, was tabled in the provincial legislature earlier this week. It simplifies the limits for filing civil lawsuits, establishing a single two-year basic limitation period for all civil claims. It also changes […]
By Canadian Underwriter | April 18, 2012
As Canadians mark National Volunteer Week, the Insurance Bureau of Canada (IBC) is reminding individuals and organizations alike that the specific type and amount of insurance will depend on how, when and where volunteers do their work for these organizations. The most common types of coverage related to volunteer work include commercial general liability insurance, […]
RISK PAC, a political action committee in the United States sponsored by the Risk and Insurance Management Society (RIMS), does not appear to be heading to Canada. “At the current time, we don’t have any intention to do something similar in Canada, but we have brought our Canadian members to our recent ‘RIMS on the […]
Auto insurance premiums in New Brunswick have dropped for the seventh straight year, revealing “continued stability” since reforms were introduced in 2003, according to the 2011 Consumer Advocate for Insurance annual report. Average premium in the province was $731, down from $742 the year before, notes Ronald Godin, the consumer advocate for insurance. He adds […]
By Canadian Underwriter | April 17, 2012
The Insurance Brokers Association of Ontario (IBAO) will soon introduce a mobile application that offers consumers access to individual brokers, their represented insurance companies and reporting assistance for auto and property claims. Cost for the app will be $500 for the first year and $300 for each year at renewal, according to IBAO president Rick […]
Absent realistic forecasting, a solid business plan and adequate pricing, trying to grow too quickly and aggressively can serve as ingredients in the recipe for disaster, noted a paper released by the Property and Casualty Insurance Compensation Corporation (PACICC) on Apr. 17. This may be the biggest lesson learned from Markham General Insurance Company (MGIC), […]
Seeking that ‘Holy Grail’ of producing a policy at inception will motivate the insurance industry’s technology spending over the next three years, according to a panel of senior U.S. insurance company and broker executives speaking at the 2012 Risk and Insurance Management Society (RIMS) Annual Conference & Exhibition in Philadelphia on Apr. 17. David Bidmead, […]
Risk managers would be wise to start preparing for a hard market insurance cycle that they haven’t seen for while, a panel of senior U.S. insurance company and broker executives told delegates of the 2012 Risk and Insurance Management Society (RIMS) Annual Conference & Exhibition in Philadelphia on Apr. 17. “Be ready to buy insurance […]
3 min read
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
