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
Life-Quotes.ca Announces Availability of FollowMeT Guaranteed Issue Life Insurance from Manulife Financial.
Toronto ON 8 March 2007 - Life-Quotes.ca is pleased to announce the availability of FollowMeT guaranteed issue group conversion life insurance. FollowMeT is now accessible online, and is available to people 18 to 69 years of age who have lost their employee benefits (and associated life insurance) within 60 days of applying.
The Co-operators injects $30,000 into London's newest research centre.
The Co-operators has announced a $30,000 donation to St. Joseph's Health Care, London. St. Joseph's has launched a new research centre dedicated to the translation of research knowledge to the bedside and into the community in the fields of aging, rehabilitation, geriatric care, wound care, and assistive technology.
First results of new crash tests: most car bumpers don't work in low-speed crashes: IIHS.
ARLINGTON, VA Most bumpers on midsize cars do little to resist damage in the kinds of low-speed collisions that are common in commuter traffic and parking lots. The Insurance Institute for Highway Safety today is releasing the first results of new tests that assess how well bumpers protect vehicles from expensive damage in everyday fender-benders.
I.I.I. Offers Tips to Make Shopping for Life Insurance Simple and Easy for USA Residents.
NEW YORK, February 20, 2007 Technology and a highly competitive marketplace have made it easier than ever for consumers to shop around for the right life insurance company, according to the Insurance Information Institute (I.I.I.).
eBusiness and Technology
SAS® accelerates optimization, delivers power and accessibility.
CARY, NC (March 12, 2007) - Empowering decision makers to make the best use of limited resources, SAS, the leader in business intelligence, shipped enhanced SAS/OR® software. Customers use this SAS operations research software to optimally operate within constraints and more fully achieve strategic objectives. SAS does the "heavy lifting," including all of the data preparation and descriptive and predictive analysis steps needed to build and solve large, complex optimization problems.
Claims
Rollout Guideline for Health Claims for Auto Insurance in Ontario: FSCO Bulletin.
With this Bulletin, the Financial Services Commission of Ontario (FSCO) is releasing the Health Claims for Auto Insurance (HCAI) Rollout Guideline. A revised Professional Services Guideline and certain revised accident benefit claim forms are also being released.
Soaring Diagnostic and Chiropractic Treatment - Costs Drive Florida No-Fault Claim Costs Higher: Insurance Research Council.
March 2, 2007 MALVERN, Pa.-Recent growth in the frequency and cost of diagnostic tests and chiropractic treatment have helped fuel rapid growth in personal injury protection (PIP) claim costs in Florida, according to a new study from the Insurance Research Council (IRC). The average total claimed PIP economic loss, consisting primarily of medical expenses, increased 18 percent, from $8,289 in 2002 to $9,769 in 2005.
Gartner Says Number of Identity Theft Victims in the USA Has Increased More Than 50 Percent Since 2003.
STAMFORD, Conn., March 6, 2007 - Approximately 15 million Americans were victimized by some sort of identity-theft related fraud in the 12 months ending in mid-2006, according to a survey by Gartner, Inc. These statistics represent more than a 50 percent increase since 2003 when the Federal Trade Commission (FTC) reported 9.9 million American adult identity theft victims.
Marketing and the Market Place
Only One-In-Five Canadians View Themselves As Expert Or Very Skilled With Technology: Ipsos Reid Survey.
March 14, 2007 Vancouver, BC - In partnership with The Massive Technology Show being held in Vancouver March 28, Ipsos Reid launched a new study through our ongoing Interactive Reid Report, with the objective of understanding the role technology plays in the lives of Canadians. The results showed that the vast majority of Canadians do not consider themselves to be an expert with technology and many feel the need to play catch-up just to keep pace with technological changes.
Progressive and LoJack Announce Agreement to Help Combat Commercial Vehicle Theft by Offering Discount on Stolen Vehicle Recovery System.
MAYFIELD VILLAGE, Ohio - March 6, 2007 - As a leading writer of commercial auto insurance, The Progressive Group of Insurance Companies continues to see the theft rate for vehicles it insures increase year after year. Increased theft drives up the cost of commercial auto insurance as higher premiums are needed to cover the cost of Comprehensive coverage, that part of a policy that pays for theft.
Distribution
Hub International to Acquire One of the Largest Arizona-Based Insurance Brokers.
CHICAGO, March 15, 2007 - Hub International Limited announced today that it has agreed to acquire substantially all of the assets of BNC Insurance Services, Inc., one of the largest Arizona-based insurance brokers. The brokerage, which does business as Milne & BNC Insurance Services, has approximately $19 million in revenue. This operation will become a new regional platform (hub) doing business as Hub International Milne (HUB Milne).
Business of Insurance
RIMS 2007 Tackles Key Issues Facing Risk Management Industry.
NEW YORK, N.Y., February 20, 2007 - This year marks the 45th anniversary of the Risk and Insurance Management Society, Inc. (RIMS) Annual Conference & Exhibition. On April 29-May 3, thousands of key decision-makers from the risk and insurance community will convene in New Orleans for five days of educational sessions, industry information and networking.
Policy and Product Management
Lloyd's Managing Agents Use Google Earth to Help Manage Portfolios.
12 March 2007, London UK - The Lloyd's insurance market has notched up another first in its 300-year-history by offering underwriters the means to see Lloyd's data on Google Earth maps to plot their exposure to hurricanes, earthquakes, terrorist attacks and other catastrophes.
Product Announcements
La Capitale General Insurance targets the watercraft and caravan/motorhome market as a stand-alone line of business.
QUEBEC, March 12, 2007 - La Capitale General Insurance continues its pursuit within the recreational vehicle insurance field with its RV Solutions Insurance(TM) product, by enhancing its scope to now include watercraft and caravan/motorhome insurance (all types) as a stand-alone insurance product.
Reference and Statistics
U.S. Individual Life Premium Up 7 Percent in '06: LIMRA.
Windsor, CT, March 07, 2007 - U.S. individual life insurance sales rose 7 percent in new annualized premium in 2006, a pace unmatched since 2000, according to the quarterly survey by LIMRA International. LIMRA also reported that total face amount sold in 2006 rose by 4 percent over 2005, while the total number of new policies sold declined by 1 percent.
MIB Life Index Reports North American Life Insurance Activity Down 7.4% in January.
(Westwood, Mass. - March 2, 2007) North American application activity for individually underwritten life insurance declined -7.4% in January year-over-year, according to the MIB Life Index™. Applications were off -3.3% when compared to December 2006. Historically, January activity has lagged that of the previous December in five of the last six years.
from Doug:
On a sunny (promise of Spring) but cold (remember it is March in southern Ontario) Saturday we took a little time from all the other things that we had on our to-do lists to visit two Toronto churches with a small group. St Paul's Basilica immediately brought to mind European churches - wonderful paintings, good decoration, beautifully and recently restored. In contrast Little Trinity Anglican, even compared to its sister Anglican churches, has pride in its stark simplicity, in no small part stemming from its birth as a church in a poor part of Toronto. It is Toronto's oldest standing church, its cornerstone laid in 1843. Not meant as a comparison of churches, this only reminds me that there is often lots of fascinating history right round the corner.