While the New Brunswick legislature has wrapped up and won’t sit until after the Sept. 27 provincial election, the issue of credit scoring and the use of credit histories for insurance purposes is still a hot topic. Superintendent of Insurance Deborah McQuade has issued a discussion paper that addresses the province’s concerns with credit scoring. [...]
Montreal-based CGI Group has received $47.5 million in contract renewals from five insurance companies in the United States. CGI, one of North America’s largest information technology services companies, will provide processing services for the companies’ automobile insurance policies. The insurance companies, which CGI didn’t identify in its announcement from Fairfax, Virginia, operate in the personal [...]
B.C. credit unions collectively earned a record $294 million before dividends and taxes last year, topping the previous high mark of $277 million set in 2008 by 6.2 per cent. Earnings growth resulted from improved operating efficiency, lower loan loss expense and higher income from subsidiaries. Total assets increased by 6.5 per cent to $48.4 [...]
An explosion and large fire on an oil rig in the Gulf of Mexico left 11 workers missing and 17 others injured on April 20. The blaze on the Deepwater Horizon drilling rig sent flames and smoke high into the sky about 40 miles off the coast of Louisiana. A new report from Guy Carpenter [...]
View the video here on your mobile device. It’s deadline day. Still have to file? Why not go high tech? Using income-tax software to prepare your tax return has many benefits. Return preparation is generally quicker, easier and less open to mechanical errors. Remember, even if you file electronically, keep your receipts.
For the first time since mid-2008, Canada’s mutual fund operators had more than $600 billion of assets under their care at the end of March, following another month of net sales to investors. Net sales – what’s left after subtracting redemptions by investors when they cash in their fund units – totaled $1.64 billion last [...]
Gartner says P&C insurers are being confronted with the growing need to offer more services to agents and consumers through mobile devices — and demand will intensify during the next five years. Users expect websites to be accessible via handheld devices and that certain transactions can be supported on mobile devices as well. Mobile technologies [...]
View the video here on your mobile device. ILSTV correspondent Shelley Ridgewell reports from day 4 of the 2010 RIMS conference in Boston, Mass.
Canada’s budget watchdog says employment insurance premiums may have to go up, and by a lot. The parliamentary budget office estimates that EI premiums paid by workers and employers would have to rise by the maximum allowable limit of 15 cents per $100 of insurable earnings if the fund is return to near balance in [...]
Nova Scotia is tripling the amount of money that people who suffer whiplash and other minor injuries in motor vehicle crashes can receive from insurance companies. On April 28, Finance Minister Graham Steele announced that the cap for minor injuries will go from $2,500 to $7,500 and that the Insurance Act will be changed to [...]
The Internet has become a core component of operations for personal and commercial lines P&C insurers. It is a tool to interact with agents, consumers and policyholders. Therefore, Gartner says the use of portal technologies for agents and policyholders is critical as a means to offer access to sales/customer service systems, corporate information, and data. [...]
When it comes to getting from point A to B, more and more British Columbians are discovering less is more and are switching from four wheels to two. BCAA Insurance says it recognizes the steady growth in motorcycle riding throughout the province and amongst its members, and is responding to motorcyclists’ calls for more choice [...]
Doug Conick has been named President and CEO of Manulife Bank of Canada, to lead the Bank’s future growth. As the top executive of Manulife Bank, Mr. Conick will lead Canada’s first advisor-based Bank that offers a wide range of products, including the Manulife One account. Created from three small regional trust companies in 1993, [...]
View the video here on your mobile device. Do you have any carry-forward balances? Check your prior year return and Notice of Assessment to see if you have any carry-forward balances that may be used as deductions or credits for 2009.
ICBC has reported its 2009 year-end financial results, with a net income of $563 million, up from $497 million for 2008. Its investment portfolio made a strong contribution, with returns rising to $532 million in 2009 from $280 million in 2008. ICBC says this is reflective of a well-managed and diversified portfolio. Claims and related [...]
Gartner listed BPM Solutions Including Workflow and Rule Engines on its list of top ten technologies to impact the property and casualty insurance industry. Gartner says BPM holds promise for insurance, because it enables companies to model, analyze and test business processes independent of core systems. Process problems can be easily identified, and companies can [...]
Canadians have voted Sun Life Assurance Company of Canada as the "Most Trusted Life Insurance Company" in the country based on a Harris/Decima poll commissioned by Reader’s Digest for its 2010 Trusted Brand awards program. The Harris/Decima poll provided respondents with a list of product categories, one of which was Life Insurance, and asked them [...]
View the video here on your mobile device. Today’s tax tip: Don’t forget the kids. Filing tax returns for children who had part-time jobs or have been paid for various small jobs (lawn care, babysitting) establishes contribution room for RRSPs (contributions can be made in any future year). Filing returns for older teens can also [...]
