Issue 2005-41: October 11, 2005
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.
Distribution
HealthQuotes.ca announces the addition of Manulife Financial Travel Health Insurance.
Toronto ON 6 October 2005 - HealthQuotes.ca, as a new MGA, is pleased to announce that we now offer travel health insurance from Manulife Financial. Manulife Financial offers travel insurance to both Canadians traveling abroad and visitors to Canada.
IBAC Insurance Brokers Urge Government to Apply Caution to Decisions Regarding the Banks and Insurance.
TORONTO, Oct. 3, 2005 - The Insurance Brokers Association of Canada (IBAC) is optimistic after learning that Minister Goodale is putting off a final decision with regards to bank mergers, pending a careful review of changes in the financial services sector. IBAC hopes the move to delay final decisions about bank mergers was motivated by a desire to protect consumers and would like to see the government apply the same thinking to the insurance market.
Product Announcements
The Citadel Launches Powerful New Software Developer Coverage.
Toronto, October 4, 2005 - The Citadel's Vice President of Commercial Standard Lines and Reinsurance, Roger Keightley, has announced the launch of a powerful new product, designed to meet the specific needs of the computer software development industry. Responding to its dynamic broker network and creating products to meet the specialized requirements of corporate clients are two of The Citadel's greatest strengths, and the new Coverage for Software Developers is yet another example of the company's commitment to excellence in customer service.
Changes to Standard Life Mutual Funds Ltd.'s family of funds.
MONTREAL, Oct. 7, 2005 - Following the Federal government's decision to eliminate the 30% limit on foreign content in all tax-deferred retirement plans, investors can now take advantage of investing in foreign financial markets without imposed limits and no longer need to do so using RSP funds.
Managing Relationships and Customer Service
Manulife Financial launches online governance support for group savings plan sponsors.
WATERLOO, ON, Oct. 4, 2005 - Manulife Financial has launched a unique online resource to help plan sponsors manage and report on governance requirements for employee group savings plans in Canada, specifically to deal with Capital Accumulation Plan (CAP) Guidelines that come into effect January 1, 2006.
Consumer Information
Kanetix adds Travel Underwriters to online travel insurance quote comparison service.
TORONTO, Oct. 4, 2005 - kanetix (www.kanetix.ca) introduces another travel insurance provider in its online quoting system to offer consumers more choice and variety when shopping for travel insurance coverage. Travel Underwriters, a company specializing in the travel insurance market for more than 40 years, will now offer its travel policies and comprehensive coverage to kanetix customers.
TIRF: Tackling the issue of distracted driving.
October 2, 2005, Toronto - More than 100 researchers, industry experts, government officials and delegates from around the world are gathering in Toronto this week to examine the issue of driver distraction. Co-hosted by the Canadian Automobile Association (CAA) and the Traffic Research Injury Foundation (TIRF), the International Conference on Distracted Driving will help raise awareness of distracted driving and identify fact-based policies and programs for dealing with the issue.
Insurers Launch Toll-Free National Insurance Crime TIPS Line - Consumer tips proven to make a difference.
TORONTO, Oct. 6, 2005 - Canada's home, car and business insurers announced today the launch of a national insurance crime TIPS line (1-877-IBC-TIPS) to make it easier for Canadians to report auto theft, insurance fraud, staged auto collisions and other crimes related to insurance. These are extremely costly crimes that are committed every day - both by organized theft or fraud rings and by ordinary policyholders exaggerating a claim. Either way, these crimes drive up the cost of insurance for everyone.
Be Bright-Think Right: School Bus Safety - Join our school bus safety team - Transport Canada.
Prevention is the key to school bus safety. Transport Canada and the RCMP have teamed up for the Be Bright-Think Right campaign to help children across Canada stay safe. The cooperation of both educators and parents is essential to this effort. Educators and parents can provide children with frequent reminders about school bus safety.
Vancouver's Main Street Poised to be a National Transit Showcase: Transport Canada.
September 26, 2005 - VANCOUVER - Main Street, one of Vancouver's oldest and busiest transit corridors, is set for a $7.7 million makeover in the next 12 months as part of the Urban Transportation Showcase Program. Representatives from Transport Canada, the City of Vancouver and TransLink, which are co-funding the project, gathered for an official launch today at 21st and Main. The Urban Transportation Showcase Program is a five-year federal program created to demonstrate, evaluate and promote effective strategies to reduce greenhouse gas emissions from urban transportation. More than $1.3 million from the program will go to the Main Street project.
Business of Insurance
Ontario Teachers' to Acquire GCAN Insurance Company.
TORONTO, Oct. 3, 2005 - Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, has agreed to purchase GCAN Insurance Company, a Canadian Property and Casualty insurer, for an undisclosed price from TORQUEST PARTNERS Inc., Newport Capital Insurance LP, CIBC Capital Partners, a division of Canadian Imperial Bank of Commerce and management.
Claims
16th World Conference on Disaster Management - Emergency Management and Business Continuity Working Together.
The Canadian Centre for Emergency Preparedness (CCEP) is calling for presentations for the 16th World Conference on Disaster Management (WCDM). The Conference will be held at the Metro Toronto Convention Centre, Toronto, Canada from June 18-21, 2006.
Preliminary Estimate Puts Insured Losses From Hurricane Katrina at $34.4 Billion: ISO Property Claim Services.
JERSEY CITY, N.J., Oct. 4, 2005 - Hurricane Katrina is expected to cost U.S. property/casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO's Property Claim Services (PCS) unit.
CSIO
Centre for Study of Insurance Operations (CSIO) announces Peel Maryborough Mutual Insurance Company as a new Member Company.
Toronto, September 29, 2005 - CSIO announced today that Peel Maryborough Mutual Insurance Company has become the newest member of CSIO. CSIO now has over 40 property casualty insurance company members who conduct business through the broker distribution channel.
Marketing and the Market Place
Business confidence index drops due to fuel price concerns; Insurance remains a concern: CFIB.
Toronto - September 28, 2005 - Results of the latest quarterly survey of small- and medium-sized enterprises, by the Canadian Federation of Independent Business (CFIB), show that business confidence took another tumble in September--largely as a result of rising fuel prices. CFIB's chief economist and vice-president of Research, Ted Mallett, stated that 88 per cent of independent business owners across the country find energy prices are a major cause of concern.
eBusiness and Technology
Avaya Helps Allstate Insurance Company Enhance Customer Service With IP Telephony.
BASKING RIDGE, N.J., Oct. 5, 2005 -- Avaya Inc. (NYSE: AV), a leading global provider of business communications applications, systems and services, announced today that Allstate Insurance Company has deployed Avaya Internet protocol (IP) telephony solutions to new locations in the U.S. and Canada.
TowerGroup: ABN AMRO Outsourcing Agreement Signals Evolution of I.T. "Megadeals".
Needham, MA, September 7, 2005 - In the latest major IT outsourcing deal, ABN AMRO, a global financial services institution headquartered in the Netherlands, announced last week that it will contract with five IT vendors to help the bank improve performance across all IT services and achieve significant operational efficiencies.
from Doug:
As we watch the pictures from Pakistan of yet another natural disaster, listen to reports of a late harvest in the northern prairies, read in the local news about the latest muggings, breakins and traffic accidents, it is hard to find a lot to be thankful for. Yet on the weekend we did that as we counted our many blessings and enjoyed a small family gathering. Many years ago my parents gathered us up, and with the turkey dinner all prepared and packed in the car, we set off to my grandparents to share the day's meal with them. My Dad's current eye problems make him justifiably nervous about Toronto traffic, so it was our turn this year. We enjoyed, and did count our blessings.