Industry
Ontario’s auto market is quickly becoming the main crisis point for the insurance industry, as loss ratios, particularly in accident benefits, climb to unprofitable levels, warns Joel Baker, president and CEO of MSA Research Inc., in the latest MSA/Baron Outlook Report.In the Ontario auto insurance market, for the first nine months of 2007: the accident […]
By Canadian Underwriter | January 28, 2008
1 min read
Claims
TIC Travel Insurance Coordinators Ltd. raised more than Cdn$20,000 for charity this past holiday season, the result of the company’s second annual “Have a Heart” campaign. TIC donated to three charities on behalf of its travel agents and insurance broker customers: OneChild, Canadian Association of Food Banks and Canadian Diabetes Association.Throughout December and early January, […]
British Columbia public safety minister John Les has asked motor vehicles superintendent Steve Martin to study the issue of cell phone use in cars and report back by the end of February, according to a report by bclocalnews.com.Les told the news service that he didn’t “want to presuppose what I’m going to be presented with. […]
By Canadian Underwriter | January 25, 2008
2 min read
FSCO has approved 2007 Q4 auto insurance rates that averaged +0.08% based on the entire market.During 2007 Q4, for the 20.21% of the Ontario auto insurance market that had rate changes approved, the average rate change was +0.41%, when weighted by market share.Rate changes approved over the past four years are as follows:2004: -10.60%2005: -2.43%,2006: […]
A.M. Best has published a rating methodology outlining how risk management is incorporated into the overall rating process for insurers and reinsurers, and exploring the key risk-management trends in the insurance industry.”Risk Management and the Rating Process for Insurance Companies,” details the three key areas that A.M. Best believes encompasses enterprise risk management.The three areas […]
The Canadian Council of Insurance Regulators has published its three-year planning objectives for 2008-2011, among them it listed its strategic initiative including several components. The first component involves facilitating informed consumer decision-making by: developing and facilitating the implementation of consumer friendly disclosure documents for individual variable insurance contracts (IVICs) and other insurance products; and reviewing […]
By taking the six digits of a postal code into consideration, rather than the first three digits, underwriters can determine risk levels of a particular area on a far greater detail, including whether or not a property is located in a flood plain or in an area with adequate fire protection, said Alan Pang, director, […]
By Canadian Underwriter | January 24, 2008
Aviva Canada has changed the structure of its senior executive team. The following changes will come into effect on Feb. 4, 2008: Ross Betteridge, executive vice president and chief operating officer, corporate partnerships and emerging markets, will continue in his role. He will have increased capacity to lead and execute long-term business strategies to grow […]
The Co-operators has expanded its membership, welcoming two new members the Canadian Worker Co-operative Federation (CWCF) and Fdration des coopratives qubcoises en milieu scolaire/COOPSCO.The new members bring to 39 the number of co-operatives, credit unions and like-minded organizations that make up the ownership group of The Co-operators Group Ltd.”Our members provide important links to a […]
Faced with a high volume of policy requests and underwriting information, AXA Canada is turning towards an XML-based platform to automate its data systems, according to a report by ITWorldCanada.com.The insurer has made the change as Canada’s insurance industry standards have moved towards XML regulations, such as those created by Canada’s Centre for Studies in […]
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