Industry
Because size matters, the hurried pace of consolidation in the brokerage sector will be slowed only temporarily by the recession, according to an Advisen Ltd. report. “Large brokers enjoy certain advantages of scope and scale,” said John Molka III, the author of the report on the insurance brokerage market. “At least in theory, their costs […]
By Canadian Underwriter | October 8, 2009
1 min read
The Insurance Brokers Association of Canada (IBAC) is applauding Minister of Finance Jim Flaherty for sending formal letters to the large Canadian banks and the Canadian Bankers Association, making it clear the government intends to adopt policy measures that would require bank Web sites to be subject to the insurance business regime that currently applies […]
By Canadian Underwriter | October 7, 2009
2 min read
A private member’s bill tabled in the House of Commons on Oct. 7 calls for amendments to the Bank Act that would limit banks’ activities in the insurance business.Alexandra Mendès, MP for Brossard–La Prairie in Quebec, introduced the bill. It includes four key amendments intended to prevent banks in Canada from having an undue advantage […]
Insurers continue to renew commercial property and casualty insurance programs at deeply depressed rates, despite depressed balance sheets, reports the Risk and Insurance Management Society’s Q3 Benchmark Survey.Advisen Ltd. administers the RIMS Benchmark Survey, which tracks changes in insurance policy renewal prices as reported by North American corporate risk managers.Property insurance policies renewed in the […]
The program administrators and managing general agents (PA/MGA) market showed little change from 2008 to 2009, despite the global financial crisis, according to Guy Carpenter & Company LLC ‘s fifth annual survey of specialty insurance program issuing carriers. Generally speaking, program administrators, in contrast to wholesale agents, concentrate on being aware of unique risk exposures […]
Age does not determine how customers prefer to communicate with the financial services sector, according to a new study from Telus and IDC Canada. The study, The Future Consumer, looks into shifting communications expectations of Canadian consumers, according to Telus. The white paper from Telus and IDC Canada features research intended to help Canadian retailers […]
Aviva plc has announced a series of executive-level shuffles that will see Igal Mayer appointed CEO, North America, and the current CEO of Canada, Robin Spencer, promoted to chief risk officer (CRO) for the organization. Both appointments are effective Jan. 1, 2010. In his new role, Spencer he will become a member of the executive […]
By Canadian Underwriter | October 6, 2009
Based on changes to Part XIII of Canada’s Insurance Companies Act, insurance branches in run-off may find that 2009 is a good time to consider transferring the branch’s business to a Canadian entity and closing down the branch, according to Frank Palmay of Lang Michener LLP.”Branches wishing to complete the transfer in 2009 will need […]
Claims
The insurance industry yielded 17% of the Personal Information and Electronic Documents Act (PIPEDA)-related complaints lodged in 2008.Last year there were 442 new complaints in total, marking an increase from 2007’s 350 complaints. Financial institutions as a whole took the lion’s share of complaints (between 22% and 30%) and the insurance industry took second place, […]
A North Vancouver man has been fined Cdn$4,000, double what the Crown asked for, after totalling his boss’ truck and telling police it had been stolen. Rodney Dean Johnson, 26, was driving along Highway 1 in North Vancouver on Jun. 30, 2007, when he slammed the truck into a signpost, the ICBC says in a […]
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