News
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CCIR posts issues paper about online insurance sales
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Price more important than safety, B.C. car buyers say
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Price tag for a sketchy driving record can be premium increase of between 20% and 25%
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The Girl with the Pricey Insurance
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Super Bowl risks tackled by planners
Potential liabilities rocket as fans descend on city When football fans tune in to the National Football League's Super Bowl XLVI on Feb. 5, they won't see the years of risk management efforts that preceded it. Fans likely also will be unaware that the e
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Weekly News Round Up from Canadian Insurance Top Broker
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Concordia claims spread amongst several insurers
It’s too early to tell exactly how much insurance firms will have to pay out to cover the damage due to the capsizing of the Costa Concordia, but analysts have estimated that claims could total at least $500 million. One went as far as to say the total bil
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US personal lines outlook stable, commercial lines outlook negative: A.M. Best
Global reinsurance remains stable as industry weathers cats, pricing begins to turn. Divergent trends are influencing rating outlooks for the various segments of the P&C industry in the US, with personal lines continuing to benefit from solid performance
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Harmonized policy on the use of credit information in underwriting will not happen: CCIR
The Canadian Council of Insurance Regulators (CCIR) is currently reviewing the results of a consultation it conducted last year on credit scoring, but it doesn't appear likely that a harmonized approach to credit scoring will be the outcome. "Frankly, ther
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Weekly News Roundup From Canadian Insurance Top Broker
Intact completes sale of AXA Life; A.M. Best rates top 10 global insurers; Marsh acquires South African brokerage. Company news Intact has completed the $300 million sale ofAXA Life Insurance Inc. to SSQ, Life Insurance Company Inc. AXA Life Insurance In
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Closing the Hospital Terrorism Gap
A Lloyd's syndicate thinks it has identified a gap in the market: bespoke hospital terrorism insurance. Targeting institutions of mercy or care constitutes an act of terror that is almost inconceivable, yet someone has not just thought of it but planned
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Insurer-Broker Data Exchange Project moves to Phase III
IBAC's goal is to reduce costs and allow brokers to better serve customers. The Insurance Brokers Association of Canada (IBAC) has successfully completed Phase II of its Data Exchange Project.
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Cyber Threats Gaining Attention
If vendors and risk consultants are right, 2012 could be a dreadful year for cyber attacks. Predicting the future used to be left to the likes of a Nostradamus or a caravan dweller using a set of Tarot cards, perhaps in conjunction with a crystal ball.
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Favourable economic environment drives growth in emerging markets
Insurance in emerging markets has experienced strong growth over the past decade and the outlook for the next decade remains promising. Nonetheless, given the expectation of persistent low interest rates at least in the near future, achieving profitable gr
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A Network Liability Puzzle
In the cases of Sony and Epsilon, for instance, the records of millions of customers were compromised. Sony has spent about $171 million related to the data breach involving its PlayStation Network and other online properties and is looking to its insurers
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Weekly news roundup from Canadian Insurance Top Broker
IBAO announces new president; The Dominion supports Habitat for Humanity; Travelers launches cyber risk product. Get up-to-date on the latest P&C insurance industry news, company reports and ratings, and product releases. Road safety With December havin
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Top 10 most stolen cars
Did your car make IBC's annual list? Insurance Bureau of Canada (IBC) has released its annual list of the top 10 most frequently stolen vehicles in Canada, many of which are showing up in the local market and not necessarily being exported out of Canada.
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10 ways to protect your property from winter weather
With winter weather already affecting many cities in Canada, RSA is reminding Canadians about the simple steps they can take to protect their loved ones, home and business in the cold and wet conditions. “Weather conditions can vary—sometimes quite drastic
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Uncertainty remains big factor in modeling risk
The 'black box' should be a tool to help inform decisions, says Guy Carpente Insurance companies that understand the vagaries of model uncertainty and take a disciplined, holistic approach to managing the catastrophe modeling process are well positioned
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Firming Prices May Float Insurance Shares
New report says diversified insurers should prosper as market firms in certain segments. Rising rates in some market segments is attributing to a newly bullish outlook on the financial prospects of insurers. A new report from Keefe Bruyette & Woods, 2012
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Weekly News Round Up from Canadian Insurance Top Broker
Workplace fraud cost businesses billions; Ontarians pay more for car insurance; Chubb launches cyber security product. Swiss Re estimates the cost of Thailand’s floods to the insurance industry will reach $8 billion to $11 billion, reported T
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Billion Dollar Weather Disasters Smash US Record
America smashed the record for billion-dollar weather disasters this year with a deadly dozen - and counting. With an almost biblical onslaught of twisters, floods, snow, drought and wildfire, the U.S. in 2011 has seen more weather catastrophes that cause
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Top 4 industry issues in 2011
Several pressing issues kept the industry buzzing this year This year several industry issues became headline news not only within the insurance industry, but also across the board with many major media outlets reporting these stories. According to Canadi
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Advisen Front Page News - New Products for Period Ending December 5, 2011
22 NPAs: How do you stay current on new commercial insurance product offerings and services globally? This edition of Advisen’s New Product Announcements contains details from ACE; Catlin & China Re; Global Aerospace and ICF SH&E; Grundy Worldwide; Hiscox;
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Swiss Re: Thailand floods to cost insurers $8-11B
Swiss Reinsurance Co. estimates the cost of Thailand's floods to the insurance industry will reach $8 billion to $11 billion. The Swiss insurer puts its own costs from Thailand's worst floods in half a century at $600 million. The company sells backup cov
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Auto body shops say they, not insurers, should set costs
Auto repair shops are stepping up their efforts against insurance companies, which they argue are controlling their prices by steering customers toward preferred businesses that do their bidding. Auto body trade groups are promoting bills in state legislat
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4 considerations when structuring multinational insurance programs with Canadian risks
Consider 'insurable interest,' says ACE report Canada has one of the most sophisticated regulatory regimes in the world, according to a new report by ACE Group, which aims to help multinational enterprises operating in Canada understand and navigate the c
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Top 4 industry challenges: Lloyd’s
Determining emerging risks, effective modeling, and dealing with regulatory backlash are key concerns, says Lloyd's Canada president. A cyclical market, modeling risk, emerging risks and tough regulations are the greatest challenges facing Lloyd’s, as wel
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Key Lessons In Crisis Management
In the summer of 2008, Maple Leaf Foods faced a serious crisis when meat processed at a Toronto plant was contaminated with listeria. Dozens of people became ill and at least 15 deaths were linked directly to the tainted meat. It was a blow to the company
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Catlin Sees 2011 As Worst Year For Insurers Since 2005
U.K. insurance company Catlin Group Ltd. (CGL.LN) Monday said the worldwide string of natural disasters so far this year will make it the one of the worst ever for insurers.
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Rememberance Day November 11th 2011 - Royal Canadian Legion Poppy Drive
Each November, Poppies blossom on the lapels and collars of over half of Canada’s entire population. Since 1921, the Poppy has stood as a symbol of Remembrance,
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Deterring Crime on Your Commercial Property
The good news is that in recent years, the overall property crime rate has fallen. Still, there will always be criminals—and if you are a victim, statistics don’t matter. The first step in preventing property crime is site selection. When choosing a loca
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Despite Record Catastrophe Losses, a Hard Market Remains Elusive
Sustained large underwriting losses, a material decline in surplus and capacity, a tight reinsurance market, and renewed pricing discipline will harden the insurance market. But all of those have yet to occur with enough severity and at the same time.
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Legal Briefs
A panel of legal experts provides an overview of some recent judicial decisions that brokers should be aware of when advising their clients Zurich Insurance Company Ltd. v. Ison T.H. Auto Sales Inc. 2011 ONSC 1870 (S.C.J.)
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As cybercrime grows, so do the costs
The worst case scenario for global computer and Internet security is that of any blockbuster thriller about international cybercrime. The true enemy rarely shows or never shows its face until its too late.
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Another La Niña Winter
For the second winter in a row, La Niña will influence weather patterns across the country, but as usual, it’s not the only climate factor at play. The ‘wild card’ is the lesser-known and less predictable Arctic Oscillation that could produce dramatic shor
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Coverages, deductibles and policy limits
Insurance is purchased to protect you from losses that may be significant to your organization. But what is a significant loss to one organization may be a trivial loss to another. Therefore, coverages, deductibles and policy limits must be chosen carefull
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Industry must work together to combat declining broker market share: Panel
Insurers debated various technology solutions that could help combat the declining broker market share during a CEO panel at the 91st Annual Insurance Brokers Association of Ontario (IBAO) Convention in Toronto.
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IBC Promotes Earthquake Safety
The Insurance Bureau of Canada (IBC) reminding Canadians about the ways they can prepare themselves, their homes and their businesses to be more resilient and reduce losses in the face of natural and other disasters.
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It’s official: Banks now banned from promoting non-authorized insurance on their Web sites
Canada's new regulations prohibiting banks from promoting unauthorized insurance products and services on their Web sites are now official.The regulations came into force with very few amendments to the pre-published draft of regulations posted for public
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Brokers with auto repair shop clients beware
Ontario brokers that have auto dealers and repair shops as clients must ensure their clients take the necessary precautions, including signing a formal form of loaner or short-term rental agreement, when loaning a car to their customers. If not, their insu
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In Few Years, Social Network Data May Be Used in Underwriting
The insurance industry is paying increasing attention to what people and businesses post on social networking sites like Facebook, Twitter and LinkedIn.
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Provincial elections touch on insurance issues
Provincial elections are underway across the country this fall. The Manitoba election took place October 4 and NDP leader Greg Selinger was re-elected with a 46% majority vote. Voters go to the polls in at least three other provinces in the coming days and
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Demutualization should trigger consolidation in Canadian P&C market
Demutualization should bring more consolidation into the Canadian property and casualty marketplace, according to a GMP Securities analysis issued by Stephen Boland.
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Disasters Wallop Industry Earnings in First Half
After-tax net income for U.S. property/casualty insurers plummeted to $4.8 billion in the first-half of 2011 from $16.8 billion in the year-ago period, ISO and the Property Casualty Insurers Association of America said.
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Hurricane Irene’s tentative path tracks towards North Carolina, New York and Canadian Maritimes
Hurricane Irene is currently tracking towards the coast of North Carolina and could approach New York as a Category 1 hurricane on Aug. 28, before heading towards New England and the Canadian Maritimes as a tropical storm by Aug. 29
- CCIR posts issues paper about online insurance sales
- Price more important than safety, B.C. car buyers say
- Price tag for a sketchy driving record can be premium increase of between 20% and 25%
- The Girl with the Pricey Insurance
- Super Bowl risks tackled by planners
- Weekly News Round Up from Canadian Insurance Top Broker
- Concordia claims spread amongst several insurers
- US personal lines outlook stable, commercial lines outlook negative: A.M. Best
- Harmonized policy on the use of credit information in underwriting will not happen: CCIR
- Weekly News Roundup From Canadian Insurance Top Broker
- Closing the Hospital Terrorism Gap
- Insurer-Broker Data Exchange Project moves to Phase III
- Cyber Threats Gaining Attention
- Favourable economic environment drives growth in emerging markets
- A Network Liability Puzzle
- Weekly news roundup from Canadian Insurance Top Broker
- Top 10 most stolen cars
- 10 ways to protect your property from winter weather
- Uncertainty remains big factor in modeling risk
- Firming Prices May Float Insurance Shares
- Weekly News Round Up from Canadian Insurance Top Broker
- Billion Dollar Weather Disasters Smash US Record
- Top 4 industry issues in 2011
- Advisen Front Page News - New Products for Period Ending December 5, 2011
- Swiss Re: Thailand floods to cost insurers $8-11B
- Auto body shops say they, not insurers, should set costs
- 4 considerations when structuring multinational insurance programs with Canadian risks
- Top 4 industry challenges: Lloyd’s
- Key Lessons In Crisis Management
- Catlin Sees 2011 As Worst Year For Insurers Since 2005
- Rememberance Day November 11th 2011 - Royal Canadian Legion Poppy Drive
- Deterring Crime on Your Commercial Property
- Despite Record Catastrophe Losses, a Hard Market Remains Elusive
- Legal Briefs
- As cybercrime grows, so do the costs
- Another La Niña Winter
- Coverages, deductibles and policy limits
- Industry must work together to combat declining broker market share: Panel
- IBC Promotes Earthquake Safety
- It’s official: Banks now banned from promoting non-authorized insurance on their Web sites
- Brokers with auto repair shop clients beware
- In Few Years, Social Network Data May Be Used in Underwriting
- Provincial elections touch on insurance issues
- Demutualization should trigger consolidation in Canadian P&C market
- Disasters Wallop Industry Earnings in First Half
- Hurricane Irene’s tentative path tracks towards North Carolina, New York and Canadian Maritimes