Industry
The Office of the Superintendent of Financial Institutions (OSFI) has added ‘Unpaid Claims and Loss Ratio Analysis Exhibit’ to the list of returns to be uploaded via the automated data transfer (ADT) site. The addition of the unpaid claims and loss ratio analysis exhibit is part of OSFI’s move toward total electronic filing, an OSFI […]
By Canadian Underwriter | January 5, 2012
1 min read
The use of telematics, particularly in auto lines, will become commonplace, leaving insurers unwilling to make the investment in a position of adverse selection, reported Celent.In its report, Telematics-Based Insurance: Has its Time Finally Arrived? Celent notes that several big insurance brands in the United Kingdom and the United States have launched telematics programs in […]
The Financial Services Commission of Ontario (FSCO) is warning consumers that Kenneth Gibson is not licensed to do insurance business in Ontario as an insurance agent.FSCO said in a statement posted online that Gibson appears to be affiliated with Easy Trust Group. FSCO issued a separate but related warning notice that Easy Trust Group (www.easytrustgroup.com […]
XN Financial has appointed Keith Doan as senior vice president of casualty, management liability and specialty lines underwriting practices for North America. Prior to joining XN Financial, Doan held senior positions with AON Ltd., Marsh USA and Chubb Insurance. Doan’s underwriting experience in the United States and Canadian markets spans more than 20 years.”Keith’s knowledge […]
A large number of weather-related events and earthquakes made 2011 the costliest ever year in terms of natural catastrophe losses, reported Munich Re.Global economic losses tallied up to US $380 billion, nearly two-thirds higher than in 2005, the previous record year with economic losses of US$220 billion. Insured losses of US $105 billion also exceeded […]
By Canadian Underwriter | January 4, 2012
A clumsy arsonist and a stick-shift-challenged auto thief appeared at the top of Manitoba Public Insurance (MPI)’s list of Top 5 frauds in 2011.In MPI’s Number 1 fraud, a Winnipeg man agreed to set fire to a vehicle owned by an acquaintance, who wanted his decrepit beater written off for the insurance proceeds. According to […]
2 min read
Intact Financial Corporation (TSX: IFC) has officially completed the $300 million sale of AXA Life Insurance Inc. to SSQ, Life Insurance Company Inc. AXA Life Insurance Inc. was acquired in September 2011 by IFC as part of the $2.6-billion acquisition of AXA Canada. AXA Life Insurance Inc. has approximately 250 employees and offers health and […]
Winmar Franchise Corp. has announced an executive appointment on the West Coast and the opening of a new location on the East Coast.Sean M. Douglas will serve as Winmar’s new regional vice president of British Columbia. Based in Chilliwack, he will be responsible for corporate support for the current Winmar locations in B.C., as well […]
The Insurance Brokers Association of Canada (IBAC) is moving onto the third phase of its Data Exchange Project.The intention of IBAC’s Data Exchange Project is to develop concurrent communication between broker and insurer systems within guidelines articulated by IBAC. These guidelines include:• data transactions that start and end in the BMS;• data flowing between systems […]
By Canadian Underwriter | January 3, 2012
A sustained market hardening in the global reinsurance market is more likely to be caused by economic turmoil than catastrophe losses, according to Willis Re’s ‘1st View’ report.Last year was the second-worst year for catastrophe losses (insured losses in excess of $100 billion and reinsured losses of more than $50 billion), with many of those […]
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