Industry
Insurance companies interested in reducing regulation need to take a hard look at their reputational risks, Scott Newquist, the managing director of the consulting firm Perception Partners, told a seminar organized by the Insurance Bureau of Canada (IBC).Experience has shown us over the past 10 years that what causes regulation is a decline in reputation, […]
By Canadian Underwriter | June 12, 2007
1 min read
Risk
Canadas insurance regulators are working with the industry to establish a foundation for a new principles-based (as opposed to rules-based) approach to regulation, but that doesnt mean regulators are likely to throw out more prescriptive approaches should they be deemed more appropriate, the executive director of the Financial Services Commission of Ontario (FSCO) told an […]
2 min read
Auto
Women are better drivers than men, according to research done by kanetix.ca, an online quoting service for Canadas insurance marketplace. The results are based on a study of 2006s auto insurance shoppers, which looked at insurance shoppers as a whole, and then further broken down by gender. The study found that men are more likely […]
By Canadian Underwriter | June 11, 2007
The average number of deals involving insurance carriers purchasing software rose 42% by quarter from 2005 to 2006, according to an annual deal trends study issued by Celent.Of the deals analyzed, 43% were between vendors and totally new customers. Core systems and document management are particular focus areas, senior analyst Craig Weber, author Insurance Software […]
Claims
The Canadian government has failed to follow the global trend of becoming more involved in mitigating the risk exposure of insurance and reinsurance companies, according to a Guy Carpenter & Company, LLC report. While a number of countries have developed explicit schemes or terror pools that address the risks of terrorism, Canada has not implemented […]
Companies in the financial sector need to provide more narrative information in their financial reporting, according to a new survey by PricewaterhouseCoopers (PwC).PwC recently published the results of its new survey on the reporting practices of the worlds largest companiesthe Fortune Global 500 (G500). The survey, called Corporate reporting a time for reflection, includes G500 […]
Insurance Brokers Association of Ontario (IBAO) vice president Peter Blodgett was in Peterborough on June 7 to kick off the launch of the Drive Safe Campaign, led by the Ontario Association of Chiefs of Police (OACP).Blodgett participated in the launch with Monte Kwinter, Ontarios minister of community safety, Donna Cansfield, the provinces minister of transportation, […]
By Canadian Underwriter | June 8, 2007
The rapid increase of insider-related security breaches and of stolen computer equipment and data storage devices has unnerved the Canadian business community, creating a greater demand for data loss liability coverage products, says Aon Financial Services Group Canadian Advisory.Under lock and key: risk transfer solutions to limit liability for security and privacy data breaches explains […]
The heads of some of Canadas financial institutions have signed a letter to the G8 that warns unless action against climate change is taken immediately, by 2040 the world could experience annual economic losses as high as US$1 trillion.In the United Nations Environment Programme declaration, the executives committed to advancing knowledge and understanding of both […]
Home
A conflict between the new regulations contained in Ontarios Bill 18, which deals with vicarious liability for vehicle leasing and rental companies, and s. 239 of the Insurance Act may be inadvertently thwarting the intent of Bill 18, according to Stephen R. Moore, a partner with Blaney McMurtry LLP.Moore was reached by e-mail after he […]
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