Industry
A pandemic endorsement first proposed by insurance brokers is now pending approval by the board of Insurance Bureau of Canada (IBC).The premise of the proposed endorsement, brought to IBC by the Insurance Brokers Association of Canada (IBAC) and the Toronto Insurance Conference (TIC), is that no policyholder should be penalized because of a disruption arising […]
By Canadian Underwriter | September 21, 2009
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The Economical Insurance Group (TEIG) has become a development partner of the RMS insurance-to-value data validation service. The company has committed Cdn$150,000 towards the research and development of the ITV utility.In addition, the company will work closely with RMS during the developmental phases of the project, TEIG notes in a release. “We believe the RMS […]
Two brothers face a combined total of 33 counts of fraud following one of the most extensive fraud cases ICBC has ever investigated, the corporation reports. The trial began Sept. 18 at the Surrey Provincial Court. After receiving an anonymous tip that two men were buying used vehicles and rolling back the odomotres before reselling, […]
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A Traffic Injury Research Foundation (TIRF) report has shown that some specific elements of graduated driver licencing (GDL) programs prove to be more effective at reducing the relative fatality risk than others.A sound body of evidence documenting the effectiveness of GDL programs in reducing collisions, fatalities and injuries among novice drivers is available. But information […]
By Canadian Underwriter | September 18, 2009
Co-operators Life Insurance Company and Central 1 Credit Union (Central 1) have announced an agreement to acquire The CUMIS Group Limited (CUMIS) for approximately Cdn$232 million.The deal is subject to regulatory, shareholder and court approvals and other standard closing conditions. CUMIS provides a range of personal insurance, including credit and mortgage protection; life; disability and […]
Approximately two of three respondents to an Insurance Institute for Highway Safety (IIHS) survey said they like the idea of using advanced technology, assuming the technology is reliable, to stop drunk drivers from operating their vehicles.A total of 1,004 people were surveyed in July 2009 as part of the IIHS’s first take on what people […]
Marsh Inc. has announced the acquisition of International Advisory Services Ltd. (IAS), a captive and third-party insurance company in Bermuda. Terms of the transaction were not disclosed.“The acquisition strengthens Marsh’s position as a global leader in managing captive insurance companies and its rank as Bermuda’s largest captive management organization,” according to a Marsh release. Marsh […]
Roughly 75 delegates of the Risk and Insurance Management Society (RIMS) Canada Conference laced up their running shoes for the William H. McGannon Foundation’s annual Fun Run-Walk early on Sunday, Sept. 13.The event, sponsored by FM Global and the RIMS Canada Council, raised more than Cdn$2,200 for the foundation, which provides learning and networking opportunities […]
By Canadian Underwriter | September 17, 2009
Standard & Poor’s (S&P’s) has maintained negative outlooks for both the commercial and personal North American insurance sectors, according to its recent industry report card.In 2008, net premiums written declined 6% in the commercial sector, but surveys show pricing declines are progressively smaller year-over-year, S&P’s said in Industry Report Card: Outlook Remains Negative for Most […]
The Insurance Brokers Association of Alberta (IBAA) launched a bricks and mortar education centre at its new office in Edmonton.“With our own education centre, the IBAA can cost effectively maximize our team’s resources and offer more programs to our members,” said Ginny Bannerman, IBAA’s CEO.In 2008 IBAA provided its members with 1,489 hours of classroom […]
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