Claims
The Office of the Privacy Commissioner in Alberta says it’s “incomprehensible” why data encryption was not used in seven self-reported breaches of personal information over the past three months, each involving a stolen or lost laptop or digital device. “Encryption technology is pretty much commonplace, and it’s irresponsible that an organization would allow this stuff […]
By Canadian Underwriter | December 13, 2010
1 min read
Industry
The Office of the Superintendent of Financial Institutions (OSFI)’s proposed changes to the 2012 Minimum Capital Test (MCT) would decrease federally-regulated Canadian P&C insurers’ aggregate MCT ratio by 14%, to 212.6%.When applied to the Branches Adequacy of Assets Test (BAAT), foreign property and casualty branches would see their aggregate BAAT ratio drop by 31.9% to […]
An overcapitalized U.S. commercial insurance market and weak demand will continue to drive down rates in 2011, eliminating any chance of a market hardening, Advisen reported.In its most report, The Insurance Market in 2011: The Lingering Effects of the Recession Fuel Competition, Advisen Ltd. said commercial lines property and casualty insurance companies have seen the […]
The Nova Scotia Utility and Review Board says the province’s decision to triple its minor auto injury cap from $2,500 to $7,500 will result in a 17% increase in third party liability-bodily injury claims costs, and the industry-wide rates are adequate to absorb the costs.The board held a hearing on the effects of the cap, […]
By Canadian Underwriter | December 10, 2010
2 min read
The Manitoba Public Utilities Board (PUB) has approved Manitoba Public Insurance (MPI)’s overall 4% premium reduction for 2011-12, but has called on MPI to offer better vehicle premium discounts for drivers with the “best” experience.The board also “direct(ed) a change in the attribution of claims for single vehicle accidents involving wildlife and livestock, a change […]
For many insurers, large portions of their business processes are still ill-defined, poorly documented (or not documented), and labor-intensive, according to a new report from Boston-based research firm Celent.The name of the report is Creating Business Value from Business Process Management: Solutions in Insurance. It finds Business Process Management (BPM) is “a maturing domain within […]
Core underwriting results of the U.S. property and casualty insurance industry are expected to deteriorate in 2011, with net income dropping 30% and industry return on surplus sinking to 4.9%, Fitch reported.In its 2011 outlook, Fitch made the following projections: Catastrophe risk is still a prime source of volatility for the industry, Fitch continued. “While […]
Next year will likely see nine hurricanes in the Atlantic basin, five of which will be major, predicted scientists at Colorado State University.”We foresee an above-average Atlantic basin tropical cyclone season in 2011 and anticipate an above-average probability of U.S. and Caribbean major hurricane landfall,” Philip J. Klotzbach and William M. Gray, climatologists at Colorado […]
Drivers seeking auto insurance in Manitoba, Saskatchewan, and British Columbia are confronted with limited choice, uncompetitive rates, and some of the most highly regulated markets in all North America, according to a new study released by the Fraser Institute.”B.C., Saskatchewan, and Manitoba are dominated by government-run auto insurance monopolies that attach social goals to insurance, […]
By Canadian Underwriter | December 9, 2010
Greg Thierman, branch manager of Crawford & Company (Canada) Inc.’s Kelowna, B.C. branch, is a recipient of the CIP Society’s 2010 Established Leadership Award. The award recognizes individuals who have shown exceptional leadership abilities and a strong commitment to upholding the CIP’s tenants of imparting knowledge and instilling professionalism within the insurance industry. Thierman is […]
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