Industry
Only one month into its operations in Canada, DAS Canada has already become a full partner of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program.The program’s centerpiece is the magenta broker logo known as the ‘Bipper.’ The symbol is intended to represent the value insurance brokers bring to their clients, including choice, coverage, […]
By Canadian Underwriter | July 28, 2010
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Insurance adjusters and claims examiners have been added to the list of occupations on the Federal Skilled Worker program. The program identifies occupations in Canada that are considered in-demand or high-need. Should an immigrant have at least one year of paid work experience during the last 10 years in one of the qualifying occupations they […]
By Canadian Underwriter | July 27, 2010
Health Claims for Auto Insurance (HCAI), Ontario’s new electronic system for submitting auto insurance forms, is now preparing to process documents related to the province’s new auto insurance reforms.”Auto reform requirements were solidified, and the development of the functionality for OCF 18s, 21s and 23s is currently underway,” HCAI reported in a July 26 update.HCAI […]
By Canadian Underwriter | July 26, 2010
Canada’s inflation rate slowed to 1% in the 12 months to June 2010, following a 1.4% increase in May. The inflation rate is determined by the Consumer Price Index (CPI), which measures the pricing of selected, typical consumer goods and services over time.Statistics Canada noted homeowner’s replacement costs rose 5.2% in June, following a 4.4% […]
By Canadian Underwriter | July 23, 2010
The Financial Services Commission of Ontario (FSCO) has released new guidelines to reflect the reforms under the Statutory Accident Benefits Schedule. The revised Professional Services Guideline caps fees for completion and submission of forms at $200.The Transportation Expense Guideline applies to any travel on or after Sept. 1, 2010, regardless of the accident date. The […]
By Canadian Underwriter | July 22, 2010
The corollary effects of the global financial crisis – featuring dramatically downsized staffs and reduced budgets – on the total cost of risk is a major concern for corporate risk and finance managers, according to a Towers Watson survey. Retained claims (including claims paid by a captive) are the single greatest concern for risk managers, […]
Police-reported crime in Canada continued to decline in 2009, according to a new study released by Statistics Canada.”Nearly 2.2 million crimes were reported to police in 2009, about 43,000 fewer than in 2008,” Statistics Canada says. “Overall, three property crimes accounted for the majority of this drop: 17,000 fewer motor vehicle thefts, 10,000 fewer mischief […]
As insurance brokers prepare once more to negotiate with the government about the mandatory Bank Act review, customer satisfaction related to banks’ specialized accounts for borrowing, investment and insurance “has improved notably in 2010,” according to a study by J.D. Power and Associates.”In order to maintain their respective competitive advantages, Canadian banks are acquiring new […]
Total gross written premium of out-of-Canada business written by branches in Canada amounted to almost $70 million in 2010 Q1 (annualized roughly to $280 million), according to the MSA/Baron Outlook Report Q1-2010.This is the first financial quarter in which the effects of the changes to Part XIII of the Federal Insurance Companies Act are incorporated […]
By Canadian Underwriter | July 21, 2010
Excess capacity in the commercial lines insurance marketplace continued to keep premiums under pressure during 2010 Q2, according to the RIMS Benchmark Survey.In the survey, administered by Advisen Ltd., risk managers reported decreases in average renewal premium of between 2.5% and 3.8% for property, general liability, directors & officers liability (D&O) and workers’ compensation insurance. […]
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