Industry
The Financial Services Commission of Ontario (FSCO) has released new guidelines to reflect the reforms under the Statutory Accident Benefits Schedule. The revised Professional Services Guideline caps fees for completion and submission of forms at $200.The Transportation Expense Guideline applies to any travel on or after Sept. 1, 2010, regardless of the accident date. The […]
By Canadian Underwriter | July 22, 2010
1 min read
The corollary effects of the global financial crisis – featuring dramatically downsized staffs and reduced budgets – on the total cost of risk is a major concern for corporate risk and finance managers, according to a Towers Watson survey. Retained claims (including claims paid by a captive) are the single greatest concern for risk managers, […]
Police-reported crime in Canada continued to decline in 2009, according to a new study released by Statistics Canada.”Nearly 2.2 million crimes were reported to police in 2009, about 43,000 fewer than in 2008,” Statistics Canada says. “Overall, three property crimes accounted for the majority of this drop: 17,000 fewer motor vehicle thefts, 10,000 fewer mischief […]
As insurance brokers prepare once more to negotiate with the government about the mandatory Bank Act review, customer satisfaction related to banks’ specialized accounts for borrowing, investment and insurance “has improved notably in 2010,” according to a study by J.D. Power and Associates.”In order to maintain their respective competitive advantages, Canadian banks are acquiring new […]
Total gross written premium of out-of-Canada business written by branches in Canada amounted to almost $70 million in 2010 Q1 (annualized roughly to $280 million), according to the MSA/Baron Outlook Report Q1-2010.This is the first financial quarter in which the effects of the changes to Part XIII of the Federal Insurance Companies Act are incorporated […]
By Canadian Underwriter | July 21, 2010
Excess capacity in the commercial lines insurance marketplace continued to keep premiums under pressure during 2010 Q2, according to the RIMS Benchmark Survey.In the survey, administered by Advisen Ltd., risk managers reported decreases in average renewal premium of between 2.5% and 3.8% for property, general liability, directors & officers liability (D&O) and workers’ compensation insurance. […]
Keal Technology has launched software to support brokers through the implementation of the Ontario auto insurance reforms, which take effect Sept. 1, 2010.To comply with Financial Services Commission of Ontario (FSCO)’s reform standards, a special release of Keal’s Broker Management System sigXP was developed and released ahead of schedule, a Keal release says. The most […]
The debate about whether or not commercial brokers should accept contingent commissions has heated up again, with brokerages drawing a line in the sand when it comes to whether or not they will use the remuneration approach.The New York Attorney General banned contingent commissions for the three global brokers, Willis, Marsh and Aon, in 2005.Five […]
Claims
Weather Services International (WSI) has downgraded its 2010 hurricane forecast slightly to account for a slow start to the early season in June and July, but nevertheless predicts an “extremely active” season in August through to October.In total, WSI is now calling for 19 named storms, 11 hurricanes and five intense hurricanes (Category 3 or […]
By Canadian Underwriter | July 20, 2010
The U.S. government investigation of Goldman Sachs and the Deepwater Horizon oil spill may have sparked a surge in securities litigation in 2010 Q2, Advisen reports.In its quarterly report, Advisen noted the number of securities lawsuits filed in 2010 Q2 was nearly 30% higher than in 2010 Q1, and 19% higher than in 2009 Q2.New […]
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