Industry
SGI and the Canadian Office and Professional Employees (COPE) Union Local 397 have reached a tentative agreement. SGI’s unionized workers took job action on July 7. Roughly 1,500 workers at the public insurer had been without a contract for 18 months. With the tentative agreement in place, members of COPE’s Local 397 have suspended job […]
By Canadian Underwriter | July 27, 2011
1 min read
By 2050, forest fires in the Rockies will likely be an annual event, with little chance of forests being able to replenish between events, the Globe and Mail reported.The Globe and Mail reported on a study, which will be published online in Proceedings of the National Academy of Sciences. Researchers collected climate information from 1972 […]
By Canadian Underwriter | July 26, 2011
Third party lawsuits and identity theft are the largest areas of concern for CEOs, according to a survey of more than 200 executives, a survey commissioned by Chartis Private Client Group found. Chartis commissioned Chief Executive Group to survey a group of CEOs to measure their risk preparedness. Being sued by a third party was […]
British Columbia’s information and privacy commissioner is investigating the Insurance Corporation of British Columbia’s (ICBC) use of facial recognition technology to ensure that it complies with privacy law. Commissioner Elizabeth Denham’s investigation comes in the wake of ICBC offering its facial recognition technology to assist police in identifying individuals subject to an investigation into possible […]
By Canadian Underwriter | July 25, 2011
2 min read
The Office of the Superintendent of Financial Institutions (OSFI) is requesting comment from industry stakeholders on its vision paper for new principle-based solvency framework for Canadian property and casualty insurers by Oct. 15, 2011.OSFI’s Property and Casualty Minimum Capital Test Advisory Committee (P&C MAC) published its Key Principles for the Future Direction of the Canadian […]
British Columbia’s Financial Institutions Commission (FICOM) is surveying all insurance companies authorized in the province to determine the extent of their risk exposure to the recent European/United States fiscal debt issues.FICOM is requesting that insurers access the survey at the following link: http://www.fic.gov.bc.ca/pdf/insurance_forms/INS11-007RiskExposureSurvey.xlsUpon completing the survey, the insurer can submit it electronically as an Excel […]
Guy Carpenter & Company LLC, a global risk and reinsurance specialist and a member of Marsh & McLennan Companies (NYSE: MMC), has released MetaRisk 6.0, the latest version of the firm’s risk and capital decision tool. MetaRisk now features a number of new capabilities and enhancements:•Greater speed and performance: Through the use of multiple processors, […]
A massive heat wave is pressuring utilities in Northeastern United States and Central Canada, potentially leading to power outages, rolling blackouts or brownouts, said Marsh.Businesses should review steps to protect their supply chain during a power outage, Marsh notes. It’s also important to review loss control and security guidelines to ensure protection against damage to […]
SGI Canada, in conjunction with Mastercom Consulting Ltd. and Zycomp, has successfully completed a download transaction providing a no-touch inclusion of an insurance declaration (“Dec”) page attachment.A Dec page is typically the first page of an insurance policy, although a policyholder can receive the page as a standalone item. It provides basic information about the […]
By Canadian Underwriter | July 22, 2011
A new advanced, forward-collision-avoidance feature used in Volvo’s XC60 midsize SUV should prevent about a quarter of the common low-speed crashes that happen in everyday in commuter traffic, the Insurance Institute for Highway Safety (IIHS) reported. A study of insurance claims found that Volvo XC60s outfitted with the ‘City Safety’ feature had 27% fewer claims […]
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