Issue 2003-44: November 4, 2003
This newsletter is for members of the Canadian Insurance Industry, and those who serve it. The newsletter is published weekly, and notes information mostly about the use of the Internet and related technologies in the industry. Some is international, where we feel it is relevant to Canada.
CSIO Insurance Portal Status Update
Week ending October 31: The CSIO Board announced that the CSIO Portal will be launched in January 2004. Intense review over the last six months led to new roll-out plans, more definitive plans for new functions, changed governance and narrowing of outsourcing options.
Distribution
Applied Systems Canada, Inc. Teams with AIG Credit Corp. to Provide Integrated Premium Finance to Brokerages using The Agency Manager.
Applied Systems Canada, Inc., a leading provider of insurance automation and AIG Credit Corp., member company of American International Group, Inc., announced today that they will work together to provide integration between The Agency Manager (TAM) version 7.1.0 or higher and AIG Credit Corp.'s Premium Financing software, Web Quote. Applied's XML tool kit, Applied ConneXion, will power the seamless integration between the Applied and AIG Credit Corp. software.
Reference and Statistics
Canadian Economic Outlook, October 2003: SwissRe.
Data from September indicate that the economy is beginning to overcome earlier negative shocks. Though the labor market is weak, employment grew in September. The housing market is still strong, but a slowdown is likely. The blackout and the strong CAD currency have hurt manufacturing. A strengthening of the Canadian dollar often precedes weakness in manufacturing. The Canadian dollar could rise as high as 0.83 per US dollar before it begins to weaken.
Claims
Grain Bin Collapse -- Wind or Other Phenomena?? The I-ENG-A Report.
As one travels through rural farmland in the midsection of our country and Canada during late summer and fall, grain bins and silos on farms and at grain terminals are loaded and unloaded repeatedly as grain products are harvested, moved to storage, and then transferred from storage to processing facilities. Most of this activity coincides with a period of time when the tall majestic structures on the plainare most vulnerable to severe storm events containing high wind.
Marketing and the Marketplace
J.D. Power and Associates Reports: Rising Premiums Are Not Impacting USA Homeowners Insurance Customer Satisfaction.
Customer satisfaction with homeowners insurance remains stable despite a sharp hike in premiums, according to the J.D. Power and Associates 2003 Homeowners Insurance StudySM released today. More than 40 percent of homeowners report a high level of satisfaction with their homeowners insurance, similar to the level in 2002, despite average annual premium increases of nearly 14 percent in the past year. The average annual homeowners insurance premium is $580, up from $500 in 2002 and $452 in 2001.
USA Property Insurance Rate Hikes Ease in Third Quarter: CIAB.
Commercial property insurance price increases eased during the third quarter of this year, according to the Washington-based Council of Insurance Agents & Brokers. A survey of CIAB members released Wednesday found that nearly one-third of small and large property accounts and 27% of midsize accounts had either no change in premiums or up to a 10% decrease on renewal and new business in the third quarter.
Auto Insurance News
Co-operators customers in New Brunswick receive refunds on Auto Insurance.
Co-operators General Insurance Company, one of New Brunswick's largest auto insurers, says reimbursement cheques reflecting a 20.6% overall rate decrease effective July 1st for private passenger vehicles are in the mail.
The Dominion of Canada General Insurance Company quick to issue auto insurance rebates in Nova Scotia.
"Refund cheques will be issued to all eligible Nova Scotia automobile insurance policyholders with The Dominion of Canada General Insurance Company within the next two weeks", said George Cooke, President and Chief Executive Officer of the Company.
Insurance Executive Speaks Out On Nova Scotia Automobile Insurance.
"We are shocked and deeply offended by the punitive insurance legislation passed by the Government of Nova Scotia", said George Cooke, President and Chief Executive Officer of The Dominion of Canada General Insurance Company. "I strongly urge the Premier not to proclaim this Bill, start over and get it right."
Nova Scotia: Auto Insurance Rate Relief, Protection Coming Nov. 1.
Drivers in Nova Scotia will receive auto insurance rate relief and increased protection because of new legislation passed by the provincial government. The legislation comes into effect on Nov. 1.
IBC urges delay of seriously deficient Nova Scotia auto insurance legislation.
Insurance Bureau of Canada is calling on the Nova Scotia government to immediately delay implementation of Bill 1. IBC contends that recent amendments to Bill 1 have eliminated any potential cost savings that would have provided sustainable premium reductions of up to 20% for Nova Scotia drivers.
Consumer Information
Head Restraints are Much Better than They Used to be: Most Still Need to be Adjusted to protect the Neck: IIHS.
The designs of head restraints in an increasing number of passenger vehicles are improving so that many occupants are better protected from whiplash injury in rear-end crashes. In the 2003 model year 45 percent of passenger vehicles had head restraints rated good. At the same time, the percentage of 2003 model vehicles with poor restraints had dropped to 10.
Policy Administration
Iain Saville appointed Lloyd's Head of Business Process Reform.
Iain Saville was today appointed as Lloyd's first Head of Business Process Reform, with a remit to modernise and improve business processes across the Lloyd's market. His role will be to push forward and integrate the initiatives that Lloyd's has launched over the past three years to improve the business process. One of his responsibilities will be as Chairman of Kinnect, which will deliver major efficiencies for risk placing in the Lloyd's Market.
from Doug:
Hallowe'en has passed. What a beautiful warm evening in Toronto it was as some 325 goblins took away a treat from our front door, but by 7:30 the treat box was bare, so we retreated to the darkness of snuffed jack-o-lanterns.
On Saturday we joined 300 others to celebrate a friend's 90th birthday with a service and reception at St. James. What a full life he has lived: City and Metropolitan Councillor and MPP, participant in many community services, entrepreneur and ongoing manager of a successful small business. A leader who offers inspiration by example.