Industry
Marsh will no longer accept contingent commissions in its core broking segment in Canada or the United States.The firm will “continue to provide detailed transactional disclosure to clients in its core brokerage operations, including all quotes received and compensation information,” a release says.Marsh & McLennan Agency LLC and Marsh Consumer’s affinity, sponsored program and personal […]
By Canadian Underwriter | March 29, 2010
1 min read
The Office of the Superintendent of Financial Institutions (OSFI) is warning that Canada’s strengthening dollar is an emerging risk for which financial institutions should be prepared.“In recent months, a risk related to the global competitiveness of the Canadian economy has materialized,” OSFI notes in its 2010-11 Estimates: Part III — Report on Plans and Priorities.“The […]
By Canadian Underwriter | March 26, 2010
2 min read
Claims
A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of Lawyers’ Professional Indemnity Company (LAWPRO), but changed its outlook from stable to negative on the basis of an increased loss ratio and a one-time re-evaluation of reserves based on the projected impact of the HST.LAWPRO is a wholly owned subsidiary of the […]
The insurance industry “dodged a bullet” in 2009 with wildfire losses, but it currently has its “head in the sand” when it comes to pricing this risk, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR).McGillivray spoke on global changes and catastrophic loss at the Ontario Mutual Insurance Association’s conference in […]
The insurance industry performed well in phone customer service, but was ranked as below average when it came to customer service through email or the Web, an eGain survey found.eGain Communications Corporation, a customer service software provider, evaluated multiple aspects of Web self-service and contact centre customer service of 175 companies in the U.S. and […]
Canada’s solvency regulator says effective supervisory oversight is just as important as the imposition of rules when it comes to the regulation of financial services.Julie Dickson, superintendent of the Office of the Superintendent of Financial Institutions (OSFI), weighed in with her observations of what makes for an effective regulatory apparatus when speaking in March in […]
By Canadian Underwriter | March 25, 2010
The Financial Services Commission of Ontario (FSCO) has reversed an arbitration decision that placed the onus on an insurer to prove that a disputed settlement offer of $17,000 had not been agreed upon.In Allstate Insurance Company of Canada and Edna Klimitz, FSCO director delegate David Evans found the onus to prove the existence of an […]
Lloyd’s of London reported a pre-tax profit of GBP3.9 billion (Cdn$5.9 billion) in 2009, the highest in its history and a marked increase from 2008’s pre-tax profit of GBP1.9 billion (Cdn$3.2 billion).The market reported a combined ratio of 86.1% for the year, an improvement from 2008’s combined ratio of 91.3%.Gross written premium for the year […]
Greenscape Capital Group Inc. has appointed Marsh Canada Limited as an advisor to the company, as Greenscape embarks on an aggressive growth phase of its energy retrofit business.Marsh’s Vancouver construction and design practice will provide insurance product placement, insurance and risk consulting services for Greenscape’s corporate and project needs on a global basis, according to […]
Custom Software Solutions Inc. (CSSI)’s Windows-based broker management system, The Broker’s Workstation (TBW), and its standalone rating and underwriting tool Intelliquote (IQ) will soon integrate in real time with The Economical Insurance Group’s TEIG Rogo.TEIG Rogo provides real-time billing, policy and claims inquiry for both commercial and personal lines of business in an easy-to-read PDF, […]
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