Issue 2008-33 -- September 2, 2008
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.
Business of Insurance
New inroads into Canadian market - La Capitale acquires Ontario-based York Fire & Casualty Insurance.
QUEBEC CITY, Aug. 25 2008 - La Capitale General Insurance Inc., member company of La Capitale Financial Group Inc., is pleased to announce today that it has entered into a definitive agreement to acquire Ontario-based general insurer York Fire & Casualty Insurance Company ("York Fire & Casualty"). A subsidiary of Kingsway Financial Services Inc., York Fire & Casualty provides home, auto and commercial insurance products through an extensive network of over 200 insurance brokers operating from more than 350 offices located throughout Ontario and Alberta. Established in 1955, York Fire & Casualty employs more than 150 people, has its head office in Mississauga, Ontario, and generated $122 million in written premiums in 2007.
CFIB Research: Hidden taxes cost Canadian businesses $12.6 billion annually with smallest firms hardest hit.
August 21, 2008 - Ottawa – Groundbreaking research by the Canadian Federation of Independent Business (CFIB) reveals businesses in this country pay $12.6 billion a year ensuring they are filing their taxes correctly, with the smallest companies being hit the hardest.
Building a Better Business Analyst: Transforming the Enterprise - Report Published by Celent.
Chicago, IL, USA - August 26, 2008 - In a new report, Building a Better Business Analyst: Transforming the Enterprise, Celent discusses the drivers, expected benefits, and current models of successful business analyst development.
Claims
FirstOnSite and Disaster Kleenup Canada Network Agree to Separate.
Toronto, August 27, 2008 - FirstOnSite Restoration L.P. and Disaster Kleenup Canada Ltd. jointly announced today that FirstOnSite Restoration will be leaving the Disaster Kleenup Canada organization effective August 31, 2008.
Consumer Information
ICBC improves road safety in B.C. communities.
August 29 -- Since 1989, ICBC has been partnering with municipalities and the provincial government to improve safety at high-crash locations in B.C. communities through its Road Improvement Program. With a budget of $8.6 million for 2008, ICBC expects to provide funding for 250 to 300 road improvement projects or studies across the province.
CG&B Brokerage gives imperfect drivers second chance.
Toronto, ON. - Ontario motorists with driving records blemished by tickets and accidents, and who have trouble attaining affordable auto insurance, can now take solace in a new program offered by one of Ontario's leading brokerages.
New CIHI study shows Canada below OECD median for rates of scanners, despite increase over four years.
August 21, 2008-The supply of magnetic resonance imaging (MRI) and computed tomography (CT) scanners in Canada increased significantly over four years, according to a new report from the Canadian Institute for Health Information (CIHI).
Distribution
IBAC: Portage Mutual, Gore Mutual and AXA Canada Inc. maintains their investment at the Full Partner level in the Broker Identity Program.
July 10, 2008 - The Insurance Brokers Association of Canada (IBAC) is pleased to announce that Portage Mutual Insurance Company, Gore Mutual and AXA Canada Inc. are maintaining their investment as a Full Partner of the Broker Identity Program for 2008.
Advocis Protective Association Moves to Establish Reciprocal.
Monday, August 29, 2005, Toronto: The Advocis Protective Association (APA), today announced that it will begin the transition to a reciprocal insurance model in partnership with its new broker, Willis Canada Inc., effective August 28, 2005.
Aon to Acquire Benfield Group Limited.
CHICAGO and LONDON, August 22, 2008 - Aon Corporation (NYSE: AOC) and Benfield Group Limited (LSE: BFD) announced today that the boards of directors of both companies have unanimously approved a definitive agreement under which Aon will acquire Benfield for £3.50 ($6.55) per share in cash and assume £91 million ($170 million) of Benfield net debt, representing an enterprise value of approximately £935 million ($1.75 billion) on a fully diluted basis. The consideration represents a 29 percent premium to Benfield's closing stock price on August 21, 2008, the last trading day prior to the announcement of the agreement.
Reference and Statistics
MIB Life Index Reports North American Life Insurance Activity Flat in July.
Braintree, MA. - (August 14, 2008) North American application activity for individually underwritten life insurance was flat in July, off -0.2% year-over-year, according to the MIB Life Index. Year-to-date (YTD) U.S. and Canadian application activity was off -1.7% compared to the same period last year. July's activity was off -4.8% when compared to June 2008.
Guy Carpenter Publishes July 1, 2008 Life, Accident and Health Renewals Briefing.
New York, August 13, 2008 - Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, today published Approaching a Natural Floor: Life, Accident and Health Renewals at July 1, 2008. The briefing finds market behavior relatively unchanged, with life, accident and health reinsurance prices continuing to fall as a result of several consecutive relatively benign loss years.
Managing Relationships and Customer Service
J.D. Power and Associates Reports:
Producing Highly Satisfied Customers Can Improve
the Bottom Line for Auto Insurers Through Increased Renewal Rates.
WESTLAKE VILLAGE, Calif.: 28 August 2008 - Auto insurance customers with high commitment levels not only make more recommendations and are more likely to renew their policies, but are also significantly less sensitive to pricing offers from competitors, according to the J.D. Power and Associates 2008 National Auto Insurance StudySM released today. Auto insurers with highly satisfied customers have a renewal rate that is 9 percentage points higher, on average, than insurers whose customers report low levels of satisfaction.
eBusiness and Technology
DMTI Spatial Releases Neighbourhood and Community Boundaries.
Markham, ON Canada - August 14, 2008. DMTI Spatial (DMTI), a leading provider of enterprise Location Intelligence solutions, has announced the introduction of its Neighbourhood and Community Boundaries for enhancing cartographic rendering, location determination and neighbourhood level analytics. Competitively priced, this new dataset is the most comprehensive and accurate offering in Canada, comprised of more than 2,700 distinct neighbourhoods within 80 cities across the country.
Gartner Highlights 27 Technologies in the 2008 Hype Cycle for Emerging Technologies.
Egham, UK, August 11, 2008 - Gartner, Inc. has identified 27 emerging technologies and predicts that eight of these will have a transformational business impact and should be strongly considered for adoption by technology planners in the next 10 years, according to the report "Hype Cycle for Emerging Technologies, 2008."
An Effective Business Intelligence Strategy is the Key to Business Success, Says IDC.
25 Aug 2008 - Sydney, Australia. A recent report from analyst group IDC reinforces that a key factor contributing to the performance of organisations is the ability to manage the explosive growth of information.
from Doug:
My wife was the prime organizer for a celebration of her parents' 60th wedding anniversary on Saturday. With about 60 people attending, we had a wonderful opportunity to visit many relatives we had not seen for a while - one of those opportunities where there is never enough time to visit with everyone. As we are only an hour distant from the party scene, a few guests arrived early and a few stayed longer. It's been great to have a busy household.