Issue 2009-04 -- January 27, 2009
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.
Claims
Vaisala launches the development of a reference radiosonde for climate change observations.
Phoenix AZ, January 12, 2009 - Vaisala is investing in the development of an operational reference radiosonde. When complete, this instrument will provide superior-quality climatological data on the upper parts of the atmosphere, and shed light on the dynamics of climate change.
CDRG and CAMIC, a Natural Alliance. Ottawa, January 15th 2009 - CDRG and the Canadian Association of Mutual Insurance Companies (CAMIC) have recently signed a national service agreement. CDRG members from across Canada can now offer the CAT Red Teams support system to members of CAMIC. This partnership was born out of a natural fit between CDRG's CAT Red teams and CAMIC'S business model. Both companies share similar values and vision.
The Canadian Disaster Restoration Group (CDRG) Catastrophe Red Team is Born.
January 12, 2009 - Over the past five years CDRG developed from a nascent concept of changing the industry to a powerful cross-Canada group with the power to instigate change. Today, the CDRG concept is being developed by a talented group of inspired restorers who know that Canadian insurers deserve better quality disaster-restoration solutions. The premise is simple: develop unique or superior claims handling systems that offer better value, quality service and workmanship for the policy holder. The idea may be simple, but few could have anticipated how our clients would come to embrace the CDRG brand to make it one of Canada's first fully independent and truly coast-to-coast disaster restoration groups.
USA Insurers to Pay $25.2 Billion in 2008 Catastrophe Claims, Says ISO's Property Claim Services Unit.
JERSEY CITY, N.J., January 20, 2009 - U.S. property/casualty insurers are expected to pay homeowners and businesses $25.2 billion for 2008 property losses from 37 catastrophes - the fourth highest cost in a decade and the highest frequency in a decade, according to preliminary analysis by ISO's Property Claim Services Unit.
Consumer Information
HealthQuotes.ca announces the launch of new, online individual health plan quoting engine.
Toronto ON - 21 January 2009 - HealthQuotes.ca is pleased to announce that we have gone live with a new and improved online quoting interface for personal health insurance.
Insurance Bureau of Canada reminds BC homeowners accommodating guests in 2010 to check coverage with insurance representatives.
Vancouver, BC - January 23, 2009 - With the 2010 Olympic and Paralympic Winter Games only one year away, and with VANOC's (Vancouver Organizing Committee's) recent launch of its volunteer homestay program, Insurance Bureau of Canada (IBC) wants to remind BC homeowners who will be renting out their property during the Games to make sure they are properly insured.
Hospitalization rates in Canada continue to decline: CIHI.
In 2007-2008, there were approximately 2.1 million admissions to Canadian acute care hospitals (excluding Quebec), according to the Canadian Institute for Health Information (CIHI). This represents a decline of 0.4% since the previous year and a reduction of nearly 16% since 1995–1996. After adjusting for sex, age and population growth, the hospitalization rate declined by 2.1% since the previous year and 30.0% since 1995–1996. A decrease in adjusted hospitalization rates was observed for every province and territory, with the exception of Nunavut and the Yukon.
Distribution
The Economical Insurance Group and Applied Systems announce new real-time inquiry: Functionality will streamline insurance broker workflows.
WATERLOO, ON - January 19, 2009 - The Economical Insurance Group® (TEIG®) and Applied Systems Inc. today announced a joint venture offering new real-time transactions aimed at improving broker workflows.
Client Calling for Orphan Accounts, by Bernadette Wong: K&M Secretarial Services.
In today's customer-service focused environment and with compliance an ever-present task, it is increasingly important that advisors stay in continual contact with their clients. Assigning orphans and handling inherited orphan accounts presents a special case. Client calling for orphan accounts is a service which can help both the individual advisor/broker, and the large corporation on behalf of their sales force.
eBusiness and Technology
IASA Announces Second Annual Vendor Alliance Seminar.
Tucson, Arizona, January 22, 2009 - IASA is pleased to announce the second annual Vendor Alliance Seminar will be held on March 20, at the Hilton El Conquistador Hotel in Tucson, Arizona in conjunction with the association's Spring Planning Meeting, which follows on March 21 and 22.
Business of Insurance
Unity Life completes acquisition of Canadian insurance business of Washington National.
Mississauga, ON, January 12, 2009 - Unity Life of Canada, a Foresters company, announced today the completion of the agreement under which Unity Life has acquired the individual insurance business of Washington National's Canadian branch.
Risk ignorance greatest 2009 challenge: AON Survey.
LONDON, 14 January 2009 - 70% of UK risk managers have declared that making sure the employees in their organisation are risk savvy is their biggest challenge in light of new pitfalls according to research conducted by Aon, the leading global provider of risk mpagement services.
Insurance in the Community
Young Leaders Sought for Inaugural Sustainability Conference: Co-operators.
GUELPH, ON, Jan. 19 2009 - Throughout modern history, students have been at the forefront of progressive movements to bring about real and lasting social change. Now, the energy and passion of youth is critical to address the economic, social and environmental challenges the world faces.
Product Announcements
New insurance product helps BC homeowners make eco-friendly choices when restoring property: Sovereign General.
VANCOUVER, Jan. 19 2009 - Today the Sovereign General Insurance Company introduced a new offering for homeowners who are concerned about the environment and want to make a difference. The new insure2green coverage allows British Columbians whose homes are being repaired or rebuilt after an insured loss to upgrade their selection of building products to ones which are more environmentally responsible.
Reference and Statistics
Fourth Quarter RIMS Benchmark Survey™ Shows Soft Market Losing Steam.
NEW YORK (January 20, 2009) - Insurance premiums for businesses continued a five-year trend of falling rates during the fourth quarter of 2008, but recent data suggest a reversal of this trend may soon be underway. Rates for property, general liability, and directors' and officers' (D&O) insurance premiums all decreased at a materially slower pace than in recent quarters, according to RIMS Benchmark Survey™, the industry's leading survey of policy renewal prices as reported by North American corporate risk managers.
MIB Life Index Reports North American Life Insurance Activity Off 8.9% in December.
Braintree, MA. – (January 14, 2009) North American application activity for individually underwritten life insurance declined -8.9% in December, year-over-year according to the MIB Life Indexsm. Led by a -4.3% decline in overall fourth quarter activity, 2008 year-to-date application activity was off -2.5% as compared to last year. Those applying for individual life insurance ages 60+ were in the only growth demographic, up +4.3% YTD as compared to 2007.
Managing Relationships and Customer Service
Unified Managed Accounts: Developments in UMAs and Overlay Technology to Provide Total Client Solutions: Report Published by Celent.
New York, NY, USA - January 5, 2009 - In the new report, Unified Managed Accounts: Developments in UMAs and Overlay Technology to Provide Total Client Solutions, Celent discusses the rise of the UMA as a technology-enabled account that offers unsurpassed benefits for both the client and their financial advisor. No longer just for the ultra-high net worth households, UMAs are being utilized by high net worth households, and even some high-end mass affluent households, to optimize their portfolios.
from Doug:
Indeed it is a small world. While wearing my heritage hat I received a request from Saint John NB. After exchanging a couple of messages, I asked if he might be related to a person with the same name with whom I had worked here in Toronto some fifteen years ago. Turns out he was the same person who recently retired to his New Brunswick roots after international stints in Singapore and Hong Kong. This is at least the third time that my heritage and insurance hats have connected with a person with the same hats on the other end.