Industry
Having been in dry-dock for repairs since April 2008, Ontario’s new Health Claims for Auto Insurance (HCAI) electronic claims processing system will be officially re-launched on May 22, 2010.The re-introduction of HCAI is just in time for Ontario’s auto reforms, which are to be implemented on Sept. 1, 2010. HCAI will be embedded with the […]
By Canadian Underwriter | May 18, 2010
2 min read
The Office of the Superintendent of Financial Institutions (OSFI) says it believes 2010 will be a “mixed bag” for the Canadian property and casualty financially, with capital levels improving, but the introduction of enterprise risk management (ERM) still lagging behind that in other sectors. OSFI notes the industry has bulked up its capital base since […]
By Canadian Underwriter | May 17, 2010
British Columbia’s regulator is warning property and casualty insurers about interest rate risk in the existing volatile financial markets and the potential affects on insurers’ assets and liabilities.Financial Institutions Commission (FICOM) has issued a bulletin advising insurers to review the potential impact to investment assets from interest rate risk.“For example, P&C insurers may be exposed […]
1 min read
The Women in Insurance Cancer Crusade (WICC) Relay For Life committee has increased its 2010 fundraising goal to $444,000 — double the amount raised in 2009. Relay For Life is an outdoor community event run by the Canadian Cancer Society in communities across the country. It is a 12-hour overnight event, and has proven […]
By Canadian Underwriter | May 14, 2010
For the Canadian property and casualty insurance industry, the ‘new normal’ is for a hardening market cycle, characterized by higher insurance premiums, to be required during an economic downturn, when policyholders need their money the most.And yet if insurance companies don’t raise their rates now, they are only “digging themselves deeper into a hole,” says […]
By Canadian Underwriter | May 13, 2010
Outdated legacy systems, managing pricing cycles and changing policyholders’ expectations are three of the top risks facing the Canadian property and casualty industry over the next three to five years, according to Susan Meltzer, assistant vice president of risk management at Aviva Canada.Meltzer was responding to a question from the audience after delivering a presentation, […]
Glenn McGillivray of the Institute for Catastrophic Loss Reduction (ICLR) and his wife Sandra are planning a dinner/dance to raise funds to send their son, Spencer, to Kelowna, B.C. in July 2010 to take part in an intensive therapy developed in Europe. Spencer, 12, has cerebral palsy (CP). “Although CP is not curable, Spencer has […]
By Canadian Underwriter | May 12, 2010
Insurance premiums for both offshore and onshore accounts will likely increase immediately, even though it could take years to determine the total insured loss resulting from the British Petroleum oil rig explosion in the Gulf of Mexico, reports MarketScout.“British Petroleum is largely self-insured; however, energy underwriters across the globe will participate in this loss via […]
Insurance Bureau of Canada (IBC) has launched a two-fold initiative to improve property valuations.One part of the initiative targets insurers, while the other is an educational campaign directed towards consumers.For insurers, IBC released best practice guidelines. The best practices offer practical advice about the roles and responsibilities of insurers and their expectations of other principal […]
Recent amendments to Nova Scotia’s minor injury cap and definition will increase average bodily injury claims costs by 17%, Oliver, Wyman Limited estimates. The Nova Scotia government announced amendments to the Insurance Act and draft regulations on Apr. 28, 2010. The amendments triple the minor injury cap’s maximum limit to $7,500.Oliver Wyman estimates the required […]
By Canadian Underwriter | May 11, 2010
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