Industry
Gore Mutual Insurance Company announced Wednesday that the company has fully implemented Outside Intelligence’s (OIQ) Risk Discovery Platform to support its commercial underwriting operations, a move expected to provide more timely service to brokers. OIQ is search-based application whose platform and applications compile data from a number of internal and external sources, notes a statement […]
By Canadian Underwriter | November 28, 2012
1 min read
The New Brunswick government has proposed a change to the province’s Motor Vehicle Act that would lift the ban on night driving for new drivers. The change, introduced to the legislative assembly Wednesday, would amend the act so that new drivers would no longer be restricted from driving between midnight and 5 a.m. The rule […]
Impact Auto Auctions has opened a new location in Oshawa, Ont., increasing the company’s Greater Toronto Area storage capacity and overall presence. The new Impact Toronto location has 37 acres of vehicle storage and a 12,000 square foot office, auction and inspection building. That increases the auto salvage management company’s GTA storage capacity by 60% […]
RIMS has launched a new guidebook for organizations to better understand and implement strategic risk management practices. The RIMS Strategic Risk Management Implementation Guide aims to give organizations an inside look at how some worldwide organizations have developed a balanced risk-taking approach, pursued more ambitious targets and have become more successful. The 68-page guide is […]
The Insurance Institute has completed its third research report on the industry’s workforce issues, set to be released in January 2013. Read more about the Insurance Institute’s demographic studies here. A Demographic Analysis of the P&C Insurance Industry in Canada 2012 – 2022 focuses on “the impact of recent economic and other events on employment […]
By Canadian Underwriter | November 27, 2012
The Greater Toronto Area (GTA) has the highest collision rate in Ontario, while drivers in the province’s northern region have the fewest collisions, according to a new study from Allstate Canada. As part of its annual Ontario Safe Driving Study, the insurer looked at its customer claims data over a two-year period from July 1, […]
2 min read
The National Insurance Crime Bureau in the U.S. has revised its preliminary estimate of vehicles damaged from “superstorm” Sandy to be 230,000. About 130,000 of those are in New York and 60,000 in New Jersey, according to the NICB. The remaining 40,000 were reported from Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, […]
The private equity firm Onex Corporation announced Monday it has agreed to acquire USI, one of the largest insurance brokers in the United States, for US$2.3 billion. The equity investment of approximately $700 million will be made by Onex Partners III, in which Onex is a 25% limited partner; Onex as a co-investor in the […]
Economical Insurance is anticipating that long-awaited federal regulations governing demutualization in Canada’s property and casualty insurance industry will likely require some level of sharing of demutualization benefits with non-mutual policyholders. “Economical has consistently and forcefully advocated that mutual policyholders, as the owners of mutual insurance companies, should be the sole recipients of demutualization benefits,” notes […]
3 min read
CSN Collision & Glass of Toronto announced this week it has entered a “strategic alliance” with Laval, Que.-based Carrossier ProColor to operate a “network” of more than 265 auto collision repair facilities. “A national network of collision repair facilities is excellent news for insurers,” the firm stated in a press release. “Increasingly, insurance companies are […]
By Canadian Underwriter | November 26, 2012
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