Industry
Ontario’s broker regulator says it has received a significant increase in the number of phone calls from brokers who have been recent victims of cheque fraud. “Similar to the instances that occurred in the past, the broker’s accounts payable cheque from their trust account was intercepted by unknown parties and subsequently cashed by other than […]
By Canadian Underwriter | September 27, 2010
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People who recently passed their exams to obtain their broker licences may have been too quick off the mark to start practising as brokers, Ontario’s broker regulator says.”It has come to our attention that individuals who have recently passed their exams began dealing with the public and acting as a broker before being officially licensed,” […]
The Risk and Insurance Management Society, Ontario Chapter (ORIMS) has presented the Donald M. Stuart Award to Tina Gardiner, manager of insurance and risk at the Regional Municipality of York.Presented annually since 1979, the Donald M. Stuart Award acknowledges Canadians who have made outstanding contributions in the field of risk management.Gardiner received the award during […]
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Compu-Quote announced the launch of a quoting module for individually rated commercial automobile (IRCA).As of October, the service will be available via Compu-Quote’s AutoRater to brokers with rates for Aviva Canada, AXA Insurance, Intact Insurance and The Economical Insurance Group.The IRCA quoting application is a Web-based module embedded in AutoRater designed to provide full underwriting […]
By Canadian Underwriter | September 24, 2010
Chesterfield Canada launched its sabotage and terrorism product to the Canadian market.The product expands the scope of the terrorism peril, which is traditionally defined as an act of a foreign government or organization. Under Chesterfield’s product, the peril would also include the act of domestic individuals or groups with a grudge against a business or […]
The Risk and Insurance Management Society Inc. (RIMS) has created a new department to help RIMS member companies tie their risk management programs to strategic goals. Carol Fox will be director of the new Strategic and Enterprise Risk Practice. She was previously the senior director of risk management for Convergys Corporation, a $2.8-billion, publicly traded […]
ICBC has announced an average reduction of 3% in optional insurance premiums, effective Nov. 1, 2010.”In addition to the 2.4% reduction to our basic insurance rates announced last month, we are also reducing our optional premiums by an average of 3%, generating combined savings of $80 million for our customers,” said Jon Schubert, ICBC’s president […]
Ontario’s cottage country in North-Central Ontario has drawn the attention of the property and casualty insurance industry.The industry is focused on three main risks associated with the cabins by the lake.One is wildfire risk. The Institute for Catastrophic Loss Reduction (ICLR) is currently conducting research on wildfire risk in the region. The study does not […]
The Office of the Superintendent of Financial Institutions (OSFI)’s new governance and risk management expectations regarding reinsurance arrangements may lead some (re)insurers to consider insurance linked securities solutions (ILS).In the MSA/Baron Outlook Report Q2-2010, Robert McDowell and Koker Christensen examine the potential emergence of an ILS market in Canada.According to McDowell and Christensen, some recent […]
By Canadian Underwriter | September 23, 2010
XN Financial has launched XN Special Risks, a virtual storefront providing Canadian insurance agents and brokers online access to a broad range of domestic and international specialty product lines. XN Special Risks’ online systems are designed to enable agents and brokers to submit insurance applications in a one-step, real-time process, thus expediting the paperless management […]
By Canadian Underwriter | September 22, 2010
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