The Chronicle: Issue 2012-29, July 17, 2012
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
- Is Privacy Dead, or Does It Just Smell Funny?
In the waning year of the 20th century, a technology leader famously said that privacy was an artifact that should be left in the past. The response was strident. Fast forward a decade and there are new data that indicate that privacy is not so much a right as a commodity to trade. - Is This the Way Competition Ends: With not a Bang, but a Widget?
Is a new app designed to make quoting and prospecting easier for smaller insurers and brokers an easy on-ramp to a social media road paved with gold, or will it turn out to be a tool underpinning the largest threat these players have ever seen? Have a read and let us know what you think.
Business of Insurance
Moore-McLean Insurance Group Ltd. Announces New Appointment.
TORONTO, ON - July 10, 2012 - The Moore-McLean Insurance Group is very
excited to announce the appointment of John Belyea to its executive
team in the role of Chief Operating Officer.
Oracle Releases Oracle Insurance Solvency II Analytics.
Redwood Shores, Calif. - July 11, 2012 - Comprehensive Application
Enables Insurers to Streamline Compliance and Gain Greater Insight into
Capital Requirements
Claims
IBC - Ontario and Quebec Wind and Thunderstorm insured costs over $200 million.
TORONTO, July 9, 2012 - Insurance Bureau of Canada (IBC) reports that
the estimated insured damage caused by the recent wind and thunderstorm
event that hit Ontario and Quebec amounts to more than $200 million.
Aon Benfield catalogues June 2012 catastrophe losses in the United States, Canada.
2012-07-10 - U.S. severe weather insurance losses totalled nearly $2
billion in June 2012, according to the latest edition of Aon Benfield's
monthly Global Catastrophe Recap, which reviews natural disaster perils
occurring worldwide.
Strange marine insurance claims: The case of the kidnapped helicopter.
Jul 13, 2012 - David St. Martin: We've had crazy claims over the years.
Consumer Information
Government Canada: New rules on credit unions will allow for easier federal incorporation.
Jul 09, 2012 - The federal government has proposed regulatory changes
that will establish a legal framework for providing credit unions the
option to be incorporated and regulated at the federal level.
Insurance Hunter Puts the Brakes on the High Cost of Insurance, Attracting Tens of Thousands of Deal Hunters to the Internet.
WINDSOR, ON, July 10, 2012 - Although the cost of running a car and
maintaining a home continue to soar, Ontario residents are finally
getting a much-needed break with the launch of InsuranceHunter.ca, a
no-hassle, online car and home insurance comparison website.
IBC: New ICLR website addresses basement flooding, water damage.
Jul 10, 2012 - The Insurance Bureau of Canada (IBC) estimates that
water damage costs insurers $1.7 billion each year and claims from
basement flooding comprise a significant amount of the damage.
Square One: Home insurance industry leaves one-fifth of policy holders without proper protection.
(Vancouver, BC) - July 12, 2012 : In the past 10 months, Square One
Insurance has talked to 2,800 residents in Alberta and BC. It found
that an astonishing 21% did not have the right home insurance
protection.
BC drivers fined under drunk driving laws can't be reimbursed.
Jul 13, 2012 - British Columbia's impaired driving laws were ruled, in
part, to be unconstitutional in November 2011, more than a year after
they were first introduced.
CAA helping build scenic & safe cycling routes.
NIAGARA-ON-THE-LAKE, ON, July 14, 2012 - CAA is excited to introduce
Ontario's 1.2 million cyclists to undiscovered bike paths across the
province.
Honours and Awards
Allianz Global Assistance Canada's Winning Streak Continues at Call Center Week Awards.
Kitchener, ON - July 11th, 2012 - Allianz Global Assistance Canada, a
leading travel insurance and assistance provider, received the "Best
Contact Center Learning, Development & Recognition Program" award
at the Call Center Week Awards held in June in Las Vegas, Nevada.
Policy and Product Management
Foresters Life A.M. Best rating upgraded to "A" (Excellent).
TORONTO, July 11, 2012 - Foresters™, an international life insurance
provider, and its subsidiary Foresters Life Insurance Company have
received "A" (Excellent) ratings from A.M. Best Company1.
Reference and Statistics
Kanetix: Ontario auto insurance rates decrease for second consecutive quarter.
Jul 13, 2012 - Drivers in Ontario may be seeing a break in their auto
insurance, according to a quarterly review of auto insurance rates by
online quote provider Kanetix.
Technology
Allianz Global : Space "junk" poses serious threat to satellites and insurers.
A growing proliferation of "man-made space junk" threatens satellites
and space stations, approximately a quarter of which are insured
against losses from physical damage and service interruption.
From Joe:
It looks like this year's summer may be one that will be compared to what we had in the 'good old days' - whatever they were. To my memory, certainly this entire year has been a landmark one weatherwise and the summer is fantastic for those at the cottage. Down side to this good weather is that when my car AC quit for a couple of days I had a hard time remembering how great it was when the aircon we had were rolled down windows in the family car. Oh well - Let's enjoy it while we can!