Insurance Blogs hosted by Canadian Underwriter
Insurance Blogs hosted by Canadian Underwriter
Prior to the $700 million wildfire in Slave Lake, Alberta in May 2011, ICLR was on record warning the Canadian insurance industry of a $1 billion wildfire loss event in the country. And while $700 million isn’t $1 billion (even when…
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There has been much discussion about the introduction of vehicle telematics to the Canadian insurance marketplace. The idea of usage-based insurance (UBI) is that a driver’s behaviour is monitored in real time while the person drives. This information is then…
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On July 1, 2014, the first phase of a federal law called Canada’s Anti-Spam Legislation (CASL) comes into force. Intended to protect consumers from unwanted electronic commercial solicitation in their email inboxes, social media feeds and instant messaging accounts, CASL…
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Last spring, a colleague and I had just wrapped up another day at a joint claims and underwriting audit in Hamilton, Bermuda. As we walked back to our hotel, we wondered aloud as to which emerging risk would next impact…
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It is very common to hear a backwater valve being called a backflow valve, backflow preventer or backflow prevention device and vice versa, but the two are nowhere near being the same thing. Using an incorrect term while giving a homeowner…
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The policy platforms for the major parties in the Ontario provincial elections are out. Here is what you can expect from each of the parties with respect to auto insurance if they should win the election.
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Data standards drive efficiency in the broker distribution channel, but what happens when standards start to take the wheel themselves? Driverless vehicles are currently being developed by companies such as General Motors, Daimler AG, Nissan and Google, and could be…
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My view always used to be that the most compelling use for mobile/apps for insurance is currently in the support of advisors, agents, brokers and other intermediaries, i.e. not for end customers at all.
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From a societal perspective, flooding is the most common natural hazard. This is true both worldwide and in Canada, where roughly 40 per cent of losses in the Canadian Disaster Database are from floods. From a homeowners (and home insurers)…
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With a little help from Brad Pitt on the way, arguably it was Michael Lewis who first introduced ‘big data’ into the public consciousness with the publication of his book Moneyball more than a decade ago. His account of how a baseball club assembled a competitive and ultimately successful team despite its weak financial situation revealed to a global audience the power of analytical, evidence-based metric approaches in developing winning strategies.
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When Ontario’s Lieutenant Governor David Onley granted Premier Kathleen Wynne’s request to dissolve the legislature, it wasn’t only the proposed budget that was put to the sword. Work also stopped on a key piece of legislation designed to reduce automobile…
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The 2014 Ontario Budget outlined a number of commitments, however many are initiatives that have been previously been announced.
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The Insurance Brokers Association of Ontario (IBAO) has come out in favour of Bill 171, the Fighting Fraud and Reducing Automobile Insurance Rates Act. The IBAO’s position, as quoted in their press release, is that unless Bill 171 is passed…
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FSCO has released a draft Statement of Priorities for 2014 and invites stakeholders to submit comments on the proposed priorities and initiatives by May 30, 2014. The draft is loaded with auto insurance initiatives which reflects the high level of activity on this file by the government over the past few years.
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