Issue 2004-48: December 21, 2004
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.
Consumer Information
Top 10 Canadian Insurance Crimes of the Year: Insurance Bureau of Canada pursues changes to Criminal Code & Youth Criminal Justice Act.
Insurance crime is serious and costly, and makes victims of us all. Not only do insurance fraud and auto theft cost Canadians billions of dollars every year, these insidious crimes often result in innocent victims being seriously hurt or killed.
Jewelry and Other Expensive Gifts may Require Special Insurance Coverage: III.
Jewelry sales are expected to more than double in December, according to the U.S. Census Bureau. Expensive holiday gifts are a good reason to review insurance coverage, advises the Insurance Information Institute (I.I.I.). Standard homeowners and renters insurance policies include coverage for personal items such as jewelry. However, many policies limit the dollar amount for theft of valuable personal possessions such as jewelry, furs, and precious stones.
Policy Management
Insurance Systems Inc. Continues Expansion with New Office in Quebec and Staff Appointments.
Insurance Systems Inc., a leading provider of web-based solutions to the global property and casualty insurance industry, announced today the opening of it’s third worldwide office in Montreal, Quebec and the appointment of a new Vice President of Sales.
Claims
Collision Reporting Centres Help Close Another Insurance Fraud.
The simple yet effective step of photographing every vehicle that attends a Collision Reporting Centre (CRC) helped catch a few more ‘fraudsters’ out for a free ride on the backs of their respective insurers.
IRC Study Finds Medical Costs Driving Up Auto Injury Claims in Three of Four No-Fault States Studied.
A new study by the Insurance Research Council (IRC) finds that claimed losses for auto injuries have escalated at vastly different rates across four states with no-fault auto insurance regulations. From 1997 to 2002, the average amounts that personal injury protection claimants reported for expenses stemming from their injuries increased 122 percent in Colorado, 60 percent in New York, 37 percent in Florida, and just 2 percent in Michigan.
Distribution
CoVirt Announces New VirtGate Option to Integrate with FormDepot.
CoVirt Inc. (Canada) and FormDepot announced today the planned implementation of a new cross-connectivity between their online services for insurance brokerages. Advisors of a brokerage using CoVirt’s VirtGate back office system can hyperlink straight to FormDepot.ca and already be logged in.
Canadian Insurance ENEWS: RIBO Incorporates Conflict of Interest Disclosure into Brokers Act
Effective immediately, the Code of Conduct in the Regulations under the Registered Insurance Brokers Act has been amended to include paragraph 14.7.1, regarding a duty on all brokers to disclose to their clients any facts indicating a conflict or potential conflict of interest of the broker that is associated with a transaction or recommendation.
CSIO Insurance Portal Status Update
Week ending December 20 : Pafco has commmitted to offering Ontario auto rates through the portal;
Wawanesa is now in User Acceptance Testing for Ontario property rates;
The number of brokers integrated to the portal increased by four this past week to 129, and 52 more are in the registration process.
Marketing and the Market Place
Canadian Insurance ENEWS: AON White Paper Analyzes Global Impact of Terror Risk Transfer.
In a study that analysed over 500 client accounts, Aon found that 57 percent of companies studied have decided to "take up" some kind of terrorism insurance - an increase over the 24 percent found earlier this year.
Business of Insurance
ING Canada closes acquisition of Allianz Canada.
ING Canada and Allianz Group today announced the closing of their previously announced definitive share purchase agreement for the acquisition by ING Canada of Allianz’s Canadian property and casualty (P&C) insurance operations.
Coface Establishes Canadian Office.
Coface opened its new office today in Canada, signaling its intention to become a major player in the Canadian market for trade credit protection and management services. Coface has requested approval to establish a Canadian branch from the Minister of Canada's Office of the Superintendent of Financial Institutions (OSFI).
Product Announcements
Transamerica Life Canada Lowers Management Fees on imaxxGIF(tm) Segregated Funds.
Transamerica Life Canada announces lower management fees on select imaxxGIF(tm) segregated funds, effective today. This fee reduction applies to guaranteed investment funds in all guarantee levels within the imaxxGIF(tm) family of segregated funds, and will result in lower Management Expense Ratios (MERs) for each applicable fund.
Reference and Statistics
North American Life Insurance Activity Declines 4.7% in November: MIB.
Applications for life insurance in North America declined -4.7% in November, year-over-year, marking the third consecutive month of decreasing activity. February through May’s flat year-over-year activity has given way to declining trends in subsequent months.
Directors & Officers Insurance Premiums Decline For First Time Since 1999, According To Tillinghast Survey.
New York, NY, December 6, 2004 Tillinghast's Directors & Officers (D&O) liability insurance premium index dropped 10% from 2003 to 2004, the first decline since 1999, according to the 2004 Directors & Officers Liability Survey, done by the Tillinghast business of Towers Perrin. However, claim susceptibility, frequency and severity are still soaring. Tillinghast's survey, which included 2,455 participants, is the 27th in a series of studies on D&O liability claims and insurance purchasing patterns and the most in-depth study of its type.
eBusiness and Technology
Expert Travel Financial Security Group Standardizes on Cognos Enterprise Business Intelligence.
Cognos the world leader in business intelligence (BI) and corporate performance management, today announced that Expert Travel Financial Security (ETFS) Inc. has elected to standardize on Cognos' industry-leading BI solutions. Based in Canada, ETFS manages high added-value niche health and travel insurance programs for insurers, brokers, benefit consultants and large organizations worldwide.
Managing Relationships
Talkline Resolves Customer Communication Challenge with KANA.
KANA®, the leading provider of Service Resolution Management (SRM) solutions, today announces the implementation of KANA Response for The Talkline Group, one of Germany’s leading telecommunications operators. With KANA in place, Talkline is leading the way in telecommunications customer service practices, ensuring that its contact center agents are able to handle customer inquiries quickly and accurately with less training.
from Doug:
This is our last issue for 2004, and we plan our first one in the new year on January 4. In the meantime, all of us at Insurance-Canada.ca - Dave, John, Marlene, Patrick, Sally, Sophie, and me too - wish you and yours the best of the Christmas and New Year celebrations. Both our boys are now home from University and we are looking forward to visits with family and friends over the holidays.