Industry
Insurance Brokers Association of Ontario (IBAO) is warning brokerages to be on high alert in light of several recent reports of cheque fraud.The incidents reported seem to have a common thread, an IBAO release says. They occur when the brokerage is shipping a payment to an external payee using window envelopes. Another pattern is that […]
By Canadian Underwriter | July 12, 2010
1 min read
Marsh has launched a real-time industry benchmarking reporting service on purchasing and pricing trends in the United States.The service is available through Marsh’s ‘Global Benchmarking Portal.’ It covers 20 major industry groups, as well as cross-industry reports on property, casualty and financial and professional lines. The portal contains information on 90,000 policies, covering $50 billion […]
Aon Corporation (NYSE: AON) is acquiring Hewitt Associates Inc. (NYSE: HEW), an HR consulting and outsourcing company, for approximately $4.9 billion.Following the close of the transaction, Aon intends to integrate Hewitt with its existing consulting and outsourcing operations (Aon Consulting) and operate the segment globally under the newly created Aon Hewitt brand. The transaction is […]
A Vancouver filmmaker has started an online petition using social media to get the province’s public auto insurer to offer consumers a ‘pay-as-you-drive’ option.In a six-minute YouTube video presentation, Cliff Caprani says he wants the Insurance Corporation of B.C. (ICBC) to offer a pilot project in which consumers are offered a pay-as-you-drive option. The option […]
Fairfax Financial Holdings (TSX: FFH and FFH.U) is bidding farewell to one of its directors, David Johnston, the recently appointed Governor General of Canada.Johnston has served as a director of Fairfax since 2007. His appointment as governor general requires him to step down from his other positions, including that of director of Fairfax.”David has been […]
By Canadian Underwriter | July 9, 2010
Manitoba Public Insurance (MPI) has officially opened the doors to its newest service centre located at 1284 Main Street in Winnipeg.The new service centre, built to LEED environmental standards, replaces the old claim centre located at 445 King Street in Winnipeg. MPI is donating the old King Street property to Ma Mawi Wi Chi Itata […]
The average total cost of risk (TCOR) per $1,000 of revenue declined 3.1% in 2009, the Risk and Insurance Management Society (RIMS) 2010 Benchmark Survey found.TCOR is an equation that captures the total cost of self-retained losses, risk management administration expenses and insurance premiums, according to Marsh.The survey, produced by Advisen Ltd., also found the […]
By Canadian Underwriter | July 8, 2010
Reputation risk has surpassed insurer solvency as the top risk facing risk managers, according to a survey done by the Association of Insurance and Risk Managers (AIRMIC).The U.K.-based association surveyed nearly 100 of its members to gain a sense of the landscape in which they are operating.”Risk managers increasingly take a broad view of their […]
Newfoundland businesses cite insurance costs as Number 1 among their “major cost concerns” in a business barometer survey conducted by the Canadian Federation of Independent Business (CFIB).The survey canvassed the business optimism of 1,100 CFIB members across the country. Provincial results cite a list of 10 “major cost concerns” of provincial businesses, including tax/regulatory costs, […]
By Canadian Underwriter | July 7, 2010
Certain excess liability carriers are expected to add broadly worded, event-specific exclusions to their 2010-2011 policies to prospectively eliminate coverage for the Deepwater Event, according to an online posting by Marsh Ltd.”Although Marsh is engaged in discussions with these carriers in an attempt to withdraw or narrow these exclusions, this is an emerging market trend […]
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