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
Sun Life Financial Acquires U.S. Group Benefits Business.
TORONTO, Jan. 11, 2006 - Sun Life Financial Inc. today announced it has reached an agreement to purchase the U.S. group benefits business of Genworth Financial, Inc. for US$650 million. The acquisition adds significant scale and scope to Sun Life's U.S. group business and is expected to be immediately accretive to earnings per share and return on equity.
ACE Tempest Re Opens Underwriting Operation in Canada.
HAMILTON, BERMUDA, January 8, 2006 - The ACE Tempest Re Group at ACE Limited today announced the establishment of ACE Tempest Re Canada, a wholly owned managing underwriter that will write all lines of property and casualty reinsurance for the Canadian market. In addition, Constantin Petalas has been appointed President of the Montreal-based operation with responsibility for leading ACE Tempest Re Canada's development and growth.
LOMA'S Resource Survey: Modest Growth Possible for Life Insurance Industry in 2007.
ATLANTA, GA--January 5, 2007--The life insurance industry should experience flat to modest growth in 2007, according to the annual forecast by the LOMA Board of Directors. The LOMA Board of Directors is composed of chairmen, presidents, CEOs and other top executives of leading insurance and financial services companies in the United States, Canada and internationally.
Ernst & Young Issues 2007 US Industry Outlook for Property/Casualty Insurance Industry.
New York, 11 December 2006 - In 2007 two themes will prevail in the property/casualty insurance industry: the need for better capital management and a drive for innovation, according to Ernst & Young's Global Insurance Center. In 2006 we saw the convergence of favorable factors and the prospect of strong profitability, barring unforeseen events.
Claims
J.D. Power and Associates Reports: Nearly 20 Percent of Customers Consider Switching Auto Insurance Companies Following Their Most Recent Collision Claim.
WESTLAKE VILLAGE, Calif.: 9 January 2007 - Nearly one out of every five customers considers switching insurance companies after experiencing the collision claim process, according to the J.D. Power and Associates 2006 Collision Repair Satisfaction StudySM released today. The study examines three factors that drive customer satisfaction with the repair experience. In order of importance, they are: claims/estimation (62%); body shop (36%); and rental car (2%).
Insurance in the Community
Insurers applaud Operation Red Nose volunteers for helping more than 10,000 holiday partiers get home safely: IBC.
TORONTO, Jan. 8, 2006 - Canada's home, car and business insurers would like the volunteers of Operation Red Nose to stand up and take a bow. This holiday season, more than 3,000 volunteers across Ontario gave their time to Operation Red Nose, ensuring that more than 10,000 holiday partiers, and their cars, arrived home safely.
Consumer Information
Canada's home, car and business insurers aim to change behaviour of drivers.
Canada's home, car and business insurers have announced the launch of a $4-million multimedia public education campaign. The campaign will remind drivers to keep their eyes on the road and avoid distractions while driving, such as cellphones, PDAs, text messaging, eating, and setting up the DVD player for the kids in the back seat.
Outliving our Assets! Could this happen to you? by Tim Simpson, Desjardins Financial Security.
What happens when we live longer than our money can support us? With Medical technology and increasing knowledge and innovations on treatment today, Canadians are living longer than any previous generation has. The challenge now isn't just saving for a few years into Retirement; it's saving for the eventual costs of losing the standard activities of Daily living and long term care being provided.
Insurance Bureau of Canada releases study on actual automobile insurance premiums.
Insurance Bureau of Canada (IBC) has released "Myths and Facts about Automobile Insurance in Canada," a review of automobile insurance between 2000 and 2005 (the last year for which comprehensive statistics are available). The study examines actual prices during that period as well as misconceptions and myths about automobile insurance for consumers.
Manitoba Public Insurance's top five frauds for 2006.
In its ongoing efforts to battle auto insurance crime and heighten public awareness, Manitoba Public Insurance has released its list of top five frauds that passed through the courts last year.
Where There's A Will, There's A Way To Ensure Your Wishes Are Carried Out: Ipsos Reid for RBC.
January 4, 2007, Toronto, ON - According to a new Ipsos Reid survey conducted on behalf of RBC Financial Group, almost half (46 per cent) of Canadians have written a will to ensure their last wishes are carried out. And, among those who have not yet written their will (54 per cent), a majority (56 per cent) of them say they are very (24 per cent) or somewhat likely (32 per cent) to write their wills in the upcoming year.
Distribution
Gore Mutual Insurance Voted Number One.
TORONTO, Jan. 11, 2006 - The Insurance Brokers Association of Ontario (IBAO) has ranked Gore Mutual Insurance Company number one in their 2006 Rate Your Companies Survey released January 10, 2007. In a letter to insurance brokers, Gord Stevenson, Chair of the Broker Management Committee for the IBAO stressed the importance of this survey and congratulated Gore Mutual on achieving the number one position.
American Big "I" Agents and Brokers Identify Key 2007 USA Reforms and Legislation.
WASHINGTON, D.C., Jan. 2, 2007-The Independent Insurance Agents & Brokers of America (the Big "I") looks to build on its successes in 2006 by advocating aggressively for a number of important legislative reforms, at both the federal and state levels, in 2007.
Marketing and the Market Place
StatsCan: National tourism indicators.
Tuesday, January 9, 2007 - Tourism spending advanced 1.0% in the third quarter of 2006, after growing 1.2% in the second. The strength came entirely from a 2.2% increase in tourism outlays of Canadians. Spending by non-residents visiting Canada in contrast fell 2.8%.
E-Commerce Hits All-Time High in 2006: eMarketer.
JANUARY 8, 2007 - Raising the ceiling, raising the bar and upping the ante. E-commerce revenues for one year over $100 billion? That's what happened last year, 2006.
Education
Striking Back: An Assessment of Lightning-related Fatality and Injury Risk in Canada with Brian Mills: Friday Forum 19 Jan 2007 by ICLR.
The Institute for Catastrophic Loss Reduction is pleased to invite you to participate in a workshop with Brian Mills, Climatologist, Environment Canada. Cloud-to-ground (CG) lightning is a common natural atmospheric hazard in Canada. Its significance to health and property is recognized in weather watches and warnings for severe thunderstorms that are issued by Environment Canada and in general public safety and emergency preparedness information provided by government agencies and non-government organizations.
Managing Relationships and Customer Service
ING Insurance / ING Novex to Reimburse Auto Premiums.
Thursday, December 21, 2006 - Toronto - ING Insurance and ING Novex announced today that they are reimbursing approximately 51,000 policyholders as a result of an error that prevented some of its Ontario customers from receiving their Claims Free Renewal (CFR) discount to which they were entitled. This is a discount the company rewards its customers at renewal after being claims free for 5 consecutive years.
from Doug:
Our Insurance Canada management team meets monthly. All were present at last week's meeting. In this day of virtual business this was a rarity, as one of us lives in London ON, another in Cape Breton, and a third spends part of winter in Florida. The other two like to holiday and vacation on occasion too.
Beyond the management team, one of our sales staff resides in North Bay and our techie, who does something for us most days, lives in Newmarket - interestingly our techie has worked for us for at least six years and I have yet to meet her, and I am the primary interface. I expect each of you can provide a similar example.
It just shows how computing and communications, and their marriage, have given us tools to do things differently, and to do different things.