Industry
Recent commodity price spikes and the current trend of “easy” monetary policy have increased inflation concerns in the insurance market, reports Swiss Re.In its latest sigma study, ‘The Impact of Inflation on Insurers,’ Swiss Re notes that extended periods of accelerating inflation are especially problematic for long-tail lines of business.”Insurers can mitigate the impact by […]
By Canadian Underwriter | October 19, 2010
1 min read
The Financial Services Commission of Ontario (FSCO) has outlined a process that an insurer must follow when it makes public an arbitrator’s decision regarding benefits in the company’s dispute with another insurer. In May 2010, FSCO announced that for accidents that occur on or after Sept. 1, 2010, insurers found by an arbitrator to be […]
By Canadian Underwriter | October 18, 2010
CAA Insurance (Ontario) has implemented SCM Risk Management Services’ iClarify into its property intelligence services for CAA Insurance agents and call centres servicing Ontario and Atlantic Canada.”We are very excited to have been chosen to work with CAA and to deliver iClarify services into the direct writer, agency and call centre insurance distribution channel,” said […]
Tim Hudak, leader of the Progressive Conservative Party of Ontario, will serve as a keynote speaker at the Insurance Brokers Association of Ontario (IBAO)’s Annual Convention.Hudak will deliver his speech on Thursday, Oct. 21 at 9:15 am. The Convention runs from Oct. 20 to 22 in Niagara Falls, at the Sheraton on the Falls. The […]
Theft of information and electronic data at global companies has overtaken physical theft for the first time, according to the latest edition of the Kroll Annual Global Fraud Report. The 2010 study shows the amount businesses lost to fraud rose from $1.4 million to $1.7 million per $1 billion of sales in the past 12 […]
2 min read
Claims
Small business owners in Canada were increasingly affected by inclement weather in 2009, but they aren’t prepared to change their insurance programs because of it, according to a recent Leger Marketing poll.RSA Canada commissioned the poll, which found that 98% of small business owners aren’t planning to upgrade their insurance even though 61% per cent […]
The Insurance Brokers Association of Canada (IBAC) and its member associations have launched online Master of Business Administration (MBA) and Honours Bachelor of Commerce (H.B.Com) programs. The degree programs are available to insurance brokers across Canada through an exclusive arrangement with Laurentian University and its Faculty of Management. “The programs are affordable, fully online, and […]
Ontario’s auto insurance rates decreased by an average of 0.21% in 2010 Q3, when weighted by market share.Rate filings approved by the Financial Services Commission of Ontario (FSCO) during 2010 Q3 averaged negative 0.09%, based on the entire market.Only three companies received approval to raise its rates by more than 1%. They include:• Jevco Insurance […]
By Canadian Underwriter | October 15, 2010
Lloyd’s of London is a reaping the rewards of a market trend to spread counterparty risk in the wake of the 2008-09 financial crisis, Ironshore chairman Ron Sandler said in an Oct. 15 speech in Toronto.”Risk managers and brokers are now more sensitized to counterparty risk,” Sandler said. “[They are] spreading counterparty risk through syndication, […]
Saskatchewan motorists will be able to buy or renew vehicle licences at agencies that do not have contracts with SGI Canada, effective Jan. 1, 2011.Previously, only insurance brokers holding contracts with SGI could sell or renew vehicle licences. Saskatchewan’s policy change will allow insurers with agency distribution models, direct writers or banks with insurance operations […]
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