ICBC will reduce its basic insurance rates by 2.4% beginning November 1, 2010, following a decision from the British Columbia Utilities Commission (BCUC), which is responsible for regulating basic insurance rates in the province. “Any reduction in our insurance rates is good news for our customers and we thank them for their smart driving decisions [...]
New auto insurances changes that kicked in yesterday are rankling the opposition, but Premier Dalton McGuinty says premiums have to rise at some point. The Liberals say some of the new rules help the government crack down on fraud, but opposition critics say those changes leave honest drivers paying more. The new insurance rules include [...]
Manitobans wanting to open an auto glass claim with Manitoba Public Insurance now have an easier way to do it. Manitoba Public Insurance (MPI) will introduce a new Web application that will enable glass repair facilities to register claims on behalf of customers. The new application, called eGlassClaim, will interface with MPI’s claims systems and [...]
Operating profits for Canadian corporations totaled $61.7 billion in the second quarter, down 1.8 per cent from the previous quarter. Statistics Canada reports overall profits were down despite the fact that 15 of 22 industries reported higher profits. The insurance and oil-and-gas industries led the declines. In the non-financial sector, profits decreased 1.5 per cent [...]
Customer satisfaction with auto insurance providers has improved notably from 2009, despite a considerable increase in the proportion of customers whose premiums were raised, according to the J.D. Power and Associates 2010 Canadian Auto Insurance Customer Satisfaction Study. The study, now in its third year, measures auto policyholder experiences with their primary insurer. Customer satisfaction [...]
View the video here on your mobile device. The last few years have proved to be challenging for many workers. The economic pressures felt around the world resulted in layoffs, downsizing and cost-cutting in industries across the board. For former freelance writer Laurie Jones, the economic downturn was actually a springboard to a career in [...]
On August 17th, 2010, the Winnipeg Police Service released information regarding a joint investigation by the Commercial Crime Unit and Manitoba Public Insurance’s Special Investigation Unit. The investigation operating as Project Rollback identified an organized crime group responsible for defrauding Manitoba Public Insurance for approximately $800,000.00. This fraudulent scheme involved odometer rollbacks, sale document manipulation [...]
The Autorité des marchés financiers (AMF) is extending the transition period for the sale of replacement guarantees to September 30, 2010. As a result, the date set for full and final implementation of the new rules governing replacement insurance and use of the AMF-approved form is now October 1, 2010. In a Notice published on [...]
View the video here on your mobile device. The Canadian Independent Adjusters’ Association’s annual conference gets under way this Thursday in Victoria, BC. We spoke to Allan Hart, the Conference Chairman, to see what’ s in store for this year’s delegates. Allan Hart: We’ve got an excellent education component. We’ve got eight or nine different [...]
View the video here on your mobile device. The CIAA’s Annual Conference kicks off this Thursday in Victoria, BC. We caught up with the CIAA’s incoming President Mary Charman, and asked her about the organization’s objectives over the next four years. Mary Charman: We’ve worked extremely hard on our future. Our executives are extremely dedicated [...]
Canada’s telecommunications regulator has updated its telemarketing rules to extend to the financial and insurance sectors. The Canadian Radio-television and Telecommunications Commission (CRTC) issued a bulletin stating that unsolicited telemarketing rules apply to financial advisors and insurance agents (referred to by the CRTC collectively as “advisors”.) In 2008, the CRTC exempted advisors from telemarketing rules [...]
ACE Canada, the Canadian-based operating division of the ACE Group, announced the appointment of Bruce Walker as Chief Financial Officer. Mr. Walker will have overall responsibility for ACE Canada’s finance and information technology groups, and will provide leadership in budget management, financial reporting, internal controls, audit, and the strategic direction of its information technology division. [...]
Sun Life Financial Inc. announced that Isabelle Hudon has been appointed President, Sun Life Financial for Quebec, to advance the Company’s growth plans in the province. Ms. Hudon officially joined the Company as August 9 and is working from the Sun Life Financial offices in Montreal. Ms. Hudon brings over twenty years of experience on [...]
Manulife Financial has been downgraded by credit rating agency DBRS after the insurance giant reported a $2.4 billion quarterly earlier this month. The Dominion Bond Rating Service has pulled back Manulife’s long-term debt and preferred share ratings to AA (low) from AA. The ratings agency said it expects earnings volatility to continue at elevated levels, [...]
Insurance Bureau of Canada (IBC) says that a storm that pummeled Calgary and parts of southern Alberta with golf ball-sized hail earlier this summer has resulted in a record amount of insured damage for a hailstorm in Canada. The July 12 weather event produced a sudden downpour and fierce hail large enough to dent cars. [...]
