Industry
CLARIFICATION: The following piece is intended to clarify remarks attributed to IBANS president Ken Myers, as reported by Canadian Underwriter in an online item entitled, “Only a matter of time before Nova Scotia cap is scrapped, premier suggests to brokers.” Nova Scotia brokers are more optimistic about negotiating the future of the province’s auto insurance […]
By Canadian Underwriter | October 26, 2009
2 min read
About 1,600 collisions with wildlife are reported to Manitoba Public Insurance each November. This makes November the worst month for wildlife-related collisions, followed closely by October, which sees an average of 1,300 collisions with wildlife reported. More than 10,000 wildlife claims are reported annually. MPI paid out Cdn$28.9 million for claims related to wildlife collisions […]
ING is moving towards a complete separation of banking and insurance operations by 2013. In order to get approval for its restructuring plan, ING needs to divest ING Direct USA by the end of 2013. ING plans to launch a EUR7.5-billion rights issue to finance the repayment of the Core Tier 1 securities for EUR5 […]
Would adherence to a single tool for estimating reconstruction costs help to resolve the insurance-to-value (ITV) issue?Insurance company CEOs debated the point at the 89th annual convention of the Insurance Brokers Association of Ontario (IBAO), held in Toronto on Oct. 22, 2009.George Cooke, president and CEO of The Dominion, got discussion started when he said: […]
By Canadian Underwriter | October 23, 2009
Brokers need to do more of the grassroots style of communication with their clients that made the channel so successful in the first place, proprietary research by the Insurance Brokers Association of Ontario (IBAO) suggests.IBAO CEO Randy Carroll and IBAO director of operations Paul Taylor both presented the research results at the 89th annual convention […]
Direct writers obtain no benefit from using credit scores when pricing or underwriting, Charles Brindamour, president and CEO of Intact Insurance, told delegates at the Insurance Brokers Association of Ontario (IBAO)’s 89th annual convention in Toronto.Speaking as a member of the CEO panel, Brindamour was asked if the use of credit scoring for pricing favours […]
Although a broker might not remember each and every insurance application he or she fills out, it is imperative for legal reasons that every application for insurance be filled out the same way, Stephen Scullion, director of professional development at Crawford & Company (Canada) Inc., said at the 2009 IBAO Convention in Toronto on Oct. […]
PuroClean has announced an expansion strategy that calls for 40 franchise locations throughout Canada over the next five years. Within the last six months, the property emergency services provider opened a Canadian headquarters in Markham, Ont. in addition to six new franchises in the Toronto market for a total of seven existing franchises in the […]
By Canadian Underwriter | October 22, 2009
1 min read
The Office of the Superintendent of Financial Institutions (OSFI) is testing the practicality of the market and credit risk components of its proposed minimum capital test.A working group is now undertaking the first quantitative impact study for the new Minimum Continuing Capital and Surplus Requirements (MCCSR).The study covers the market and credit risk components of […]
Health Canada has approved a pandemic H1N1 flu vaccine. The federal health regulator and the Public Health Agency of Canada are currently working with provincial and territorial governments to deliver the H1N1 flu vaccine to health care facility sites so that immunization programs can get underway.National recommendations on the use of H1N1 flu vaccine include:• […]
By Canadian Underwriter | October 21, 2009
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