Industry
As Canadians mark National Volunteer Week, the Insurance Bureau of Canada (IBC) is reminding individuals and organizations alike that the specific type and amount of insurance will depend on how, when and where volunteers do their work for these organizations. The most common types of coverage related to volunteer work include commercial general liability insurance, […]
By Canadian Underwriter | April 18, 2012
1 min read
RISK PAC, a political action committee in the United States sponsored by the Risk and Insurance Management Society (RIMS), does not appear to be heading to Canada. “At the current time, we don’t have any intention to do something similar in Canada, but we have brought our Canadian members to our recent ‘RIMS on the […]
2 min read
Auto insurance premiums in New Brunswick have dropped for the seventh straight year, revealing “continued stability” since reforms were introduced in 2003, according to the 2011 Consumer Advocate for Insurance annual report. Average premium in the province was $731, down from $742 the year before, notes Ronald Godin, the consumer advocate for insurance. He adds […]
By Canadian Underwriter | April 17, 2012
The Insurance Brokers Association of Ontario (IBAO) will soon introduce a mobile application that offers consumers access to individual brokers, their represented insurance companies and reporting assistance for auto and property claims. Cost for the app will be $500 for the first year and $300 for each year at renewal, according to IBAO president Rick […]
Absent realistic forecasting, a solid business plan and adequate pricing, trying to grow too quickly and aggressively can serve as ingredients in the recipe for disaster, noted a paper released by the Property and Casualty Insurance Compensation Corporation (PACICC) on Apr. 17. This may be the biggest lesson learned from Markham General Insurance Company (MGIC), […]
Seeking that ‘Holy Grail’ of producing a policy at inception will motivate the insurance industry’s technology spending over the next three years, according to a panel of senior U.S. insurance company and broker executives speaking at the 2012 Risk and Insurance Management Society (RIMS) Annual Conference & Exhibition in Philadelphia on Apr. 17. David Bidmead, […]
Risk managers would be wise to start preparing for a hard market insurance cycle that they haven’t seen for while, a panel of senior U.S. insurance company and broker executives told delegates of the 2012 Risk and Insurance Management Society (RIMS) Annual Conference & Exhibition in Philadelphia on Apr. 17. “Be ready to buy insurance […]
3 min read
Ontario witnessed the largest reduction in car insurance rates among the three provinces considered in Kanetix Ltd.’s latest quarterly, year-over-year review. Customers saw rates go down 3.6% compared with 2011 Q1, notes a statement from Kanetix, an online insurance marketplace. Suggesting an early positive trend fueled by Ontario’s auto reforms in 2010, the decrease is […]
By Canadian Underwriter | April 16, 2012
Catastrophe-exposed properties are seeing insurance premium increases as high as 15%, according to a report from Willis Group Holdings. While cat-exposed property rate hikes have been in the 5% to 15% range over the last six months, non-cat exposed property renewals are “flat,” Willis noted. “While Willis expects rates for catastrophe risk to continue to […]
More than 100 reported tornadoes tore through several U.S. Midwestern states over the weekend, with the town of Woodward, Oklahoma hit by a twister that left at least five people dead and more than two dozen injured. The National Weather Service’s Storm Prediction Centre in Norman, Oklahoma issued a warning on Apr. 13 about the […]
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