Industry
The Insurance Brokers Association of B.C. (IBABC), with the support of RSA and CNS, has launched the New Broker Essential Skills certificate program.IBABC unveiled the new program at its annual conference and trade show in Victoria on June 18.The program provides entry-level licensees with the technical knowledge, customer-service skills and learning habits that are the […]
By Canadian Underwriter | June 25, 2010
2 min read
Environment Canada has confirmed that two tornadoes ripped through the Midland area on June 24.The first was an F2 tornado on the Fujita scale, with peak winds of between 180 and 240 km-h. The twister travelled for 25 kilometres, with a maximum width of damage around 300 metres. Numerous mobile homes were severely damaged or […]
1 min read
The Financial Services Commission of Ontario (FSCO) has amended its Unfair or Deceptive Acts or Practices (UDAP) regulation to ensure fair pricing among insurance company affiliates and their distribution channels. The UADP now requires “affiliated insurers and their agents/brokers to provide a consumer with the lowest rate that is available having regard to all of […]
Lloyd’s of London has launched an insurance product that temporarily replaces a car owner’s auto policy, should they decide to rent out their private vehicle. WhipCar provides an online booking service that allows London car owners to rent out their vehicles to friends, family and members of their local communities. WhipCar checks and validates all […]
Private U.S. property and casualty insurers’ saw net income rebound to $8.9 billion in 2010 Q1, a marked improvement from the net loss of $1.3 billion in the same period of 2009, according to the Insurance Services Office.This return to profitability was despite continuing declines in both written and earned premiums. Net written premiums dropped […]
By Canadian Underwriter | June 24, 2010
The Loyalist Insurance Group Limited has dropped the ‘Insurance’ from its moniker.Moving forward, the corporation will be known as The Loyalist Group.The change was approved at the company’s annual shareholder meeting and by the NEX trading forum.As of June 24, trading of the company’s shares will be under its new name. It will retain the […]
Terrorism insurance uptake in the United States increased last year, from 57% in 2008 to 61%, despite a challenged economy, reports Marsh.Marsh surveyed 1,382 of its clients, and found the number of firms purchasing this type of insurance has steadily climbed over the years, from 27% in 2003.Utility, real estate, health care, transportation, financial institutions […]
The Financial Services Commission of Ontario has approved marginal increases for the maximum hourly rates payable by auto insurers for the services of health care providers listed in the Professional Services Guideline.The updated guidelines come into effect on July 1, 2010.None of the increases were more than one dollar. The updated guideline recognizes the change […]
By Canadian Underwriter | June 23, 2010
The Dominion of Canada General Insurance Company has launched a Web site ‘MyChoiceCarInsurance.ca’ to help Ontario auto insurance consumers understand the coverage options that will become available to them after the Sept. 1, 2010 auto reform implementation date.MyChoiceCarInsurance.ca features:• an overview of four types of car accidents and the expenses that might follow;• detailed case […]
By Canadian Underwriter | June 22, 2010
U.S. property and casualty insurer financial impairments have more than tripled since 2007, reports A.M. Best.In contrast, regulators have not closed a Canadian insurance company during that time frame, confirms the Property and Casualty Insurer Compensation Corporation (PACICC).Eighteen property and casualty insurer impairments were reported in the United States in 2009, up from 16 in […]
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