Industry
A ‘What’s New In Brief’ item published on Feb. 10, 2010 stated: “An Insurance Bureau of Canada (IBC) steering committee is recommending full adoption of the Health Claims for Auto Insurance (HCAI) electronic system for processing auto insurance health claims by Mar. 31, 2010.”The sentence should have read: “An Insurance Bureau of Canada (IBC) steering […]
By Canadian Underwriter | March 5, 2010
1 min read
Women made up 17.4% of the total number of directors in 81 finance and insurance companies surveyed in 2009 by Catalyst, an organization that provides resources related to the women’s leadership development. The biennial count in 2009 Catalyst Census: Financial Post 500 Women Board Directors surveyed 478 of the National Post’s Top 500 companies in […]
By Canadian Underwriter | March 4, 2010
2 min read
Aviva has reported a preliminary International Financial Reporting Standard (IFRS) operating profit of £213 million (Cdn$330.2 million) for the North America division, compared to £149 million (Cdn$231 million) in 2008. “In Canada, where we are the second largest general insurer, we experienced good growth in the commercial lines market, which has had the desired benefit […]
The B.C. government plans to take $778 million from the Insurance Corp. of B.C. over the next three years for general revenue, the Vancouver Sun has reported.”First revealed in the provincial budget Tuesday, the plan is for ICBC to transfer $487 million to the province in 2010, $144 million in 2011 and $147 million in […]
Reinsurers could bear upwards of three-quarters of insured losses from the Chilean earthquake, according to the Insurance Information Institute (III).Early estimates by AIR Worldwide place insured losses at more than $2 billion.Many large international insurers and reinsurers compete for business in Chile, in addition to Chilean insurers. Reports note the maturity of the insurance market […]
Regulations for Ontario’s auto insurance reforms are now public, and will take effective on Sept. 1, 2010, the province’s insurance regulator has announced. The reforms include a new Statutory Accident Benefits Schedule (SABS) that will cap medical/rehabilitation and assessment/examination expenses for minor injuries at $3,500. The new SABS also features a new Minor Injury Guideline […]
By Canadian Underwriter | March 3, 2010
Crawford & Company (NYSE: CRDA; CRDB) is mobilizing its staff of in-country, regional and Global Technical Services (GTS) adjusters to handle the losses resulting from the Feb. 27 earthquake in Chile.”Crawford’s offices in Chile are being supported by our professionals worldwide to ensure that we deliver superior adjusting services to the country’s residents and businesses […]
New auto insurance regulations to take effect in Ontario in September 2010 are designed to make it impossible for insurers to place an accident benefits claim on hold in order to resolve a dispute between insurers.In addition, Ontario regulations now ban credit scoring in auto insurance lines as an “unfair or deceptive act or practice.” […]
There is growing interest in buying standalone intellectual property insurance, Lloyd’s of London says.“There’s huge demand out there from customers,” David Rees, vice president of the financial and professional risks practice at Marsh, tells lloyds.com. “In fact, there’s more demand than there is market capacity at the moment.”Intellectual property insurance coverage pays for the legal […]
By Canadian Underwriter | March 2, 2010
The Applied Systems Client Network (ASCnet), the user group of Applied Systems insurance agency management software, will relocate by year-end 2010 to the Chicago area. Prior to the move, ASCnet will hire a permanent CEO to succeed interim CEO Rick Morgan.The association has called the Orlando, Florida area home since the mid-1980s. “Most ASCnet leaders […]
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