Industry
The State Farm Youth Advisory Board is donating $68,725 to Red Deer, Alberta’s Aspen Heights Elementary School for its MicroSociety service-learning project.The Aspen Heights Elementary MicroSociety is the only one of its kind in Canada. Children create a microcosm of the real world inside their school with each student having a role in running that […]
By Canadian Underwriter | October 17, 2011
1 min read
Solar flares may appear in the media as “death rays” from the sun, but thus far in Canada, they seem to have caused no worse than a nine-hour power blackout in Quebec in 1989.Power blackouts are definitely a risk associated with solar flares, says William Bartley, assistant vice president and chief electrical engineer at Hartford […]
By Canadian Underwriter | October 14, 2011
2 min read
A record 31 children’s booster seats have been designated ‘Best Bets’ by the Insurance Institute for Highway Safety (IIHS), marking an increase from the 10 seats that earned the designation in 2008.This designation means the booster correctly positions a safety belt on a typical four- to eight-year-old in almost any car, minivan or SUV. Booster […]
By Canadian Underwriter | October 13, 2011
In order to help brokers determine whether a client requires standard coverage or increased coverage, ADS Forensics is releasing an Income Replacement Benefit (IRB) Policy Limit calculator. The calculator, available at no cost, will allow brokers to determine whether an insured requires the standard $400 coverage, or increased coverage at $600, $800 or $1,000. The […]
Pembridge Insurance Company was honoured with the 2011 Interface Partner Award. Applied Systems presented the award to honour achievements in, and dedication to, real-time communication. Pembridge was recognized for interface advancements in download and real-time rating for the “Broker Connectivity” technology solution, according to a Pembridge release. The solution allows brokers to begin and end […]
Insurers can expand their use of social data to build real-time risk profiles in underwriting, a Celent report suggests. In its report, ‘Using Social Data in Claims and Underwriting: Creating a Social Risk Profile,’ Celent recognizes that the use of social data is still in its formative stages.”However, it also must be remembered that, at […]
Groupe Promutuel, a Quebec-based property and casualty insurer, selected Guidewire ClaimCenter as its new claims management system for all personal, commercial and farm lines of business across its 27 member companies.By implementing ClaimCenter, Promutuel companies aim to:•Reduce claims cycle times to ensure fast, efficient customer service, and minimize the impact of claims on clients;•Improve relationships […]
The U.S. property and casualty’s combined ratio will likely creep higher than 106% in 2011, Conning Research & Consulting suggested.Conning’s ‘Property-Casualty Forecast & Analysis’ forecasts line of business and industry growth and performance for 2011-2013. It is based on Conning’s proprietary property and casualty industry model and analysis of key industry drivers, data and reporting. […]
Insurers will have to pay a distribution tax on income from publicly traded income trusts and partnerships for the 2011 taxation year, a report from PricewaterhouseCoopers (PwC) says.In its report, Insurance Industry: Key Tax Rates and Updates (2011-2012), PwC highlighted tax changes, rates and deadlines affecting the Canadian insurance sector.As of 2011, a distribution tax […]
By Canadian Underwriter | October 12, 2011
A.M. Best Co. has upgraded The Hartford Steam Boiler (HSB) Group and its members’ financial strength rating to A++ (Superior) from A+ (Superior).HSB and its members’ issuer credit ratings were also upgraded to ‘aa+’ from ‘aa-‘.The outlook for all ratings is stable, an A.M. Best release says.”HSB’s rating upgrades places it in line with its […]
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