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Issue 2003-51:   December 23, 2003

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.

Please forward this newsletter to a fellow employee, or someone else involved in the insurance industry, if you think they would have some interest in the information. For subscribe/unsubscribe details, see the bottom of this note.

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Welcome to new Participant in Insurance-Canada.ca

Novinsoft Inc. provides Illustration Systems, Sales Tools and an Insurance Portal to the Canadian Financial Services Industry.

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Reference and Statistics

IBC Perspective, September 2003: Shimmer of Light.

The most important development in the 3rd quarter results was that car insurance prices began coming down. The benefits of the reforms introduced this summer by the New Brunswick government are now beginning to reach consumers. Because of the retroactive nature of the price cuts, insurers are actually mailing rebate cheques to consumers along with policy renewals.

November´s Life Insurance Application Activity Off 4.6%: MIB.

North American life insurance application activity declined 4.6% in November year-over-year according to the MIB Life IndexSM, marking 2003's ninth month of decline. Application activity in the U.S. and Canada decreased 3.6% and 11% respectively when compared to November 2002 levels.

Canadian Economic Outlook, December 2003: SwissRe.

The economy in November continued to bounce back from a sluggish third quarter. The Ivey Purchasing Managers' Index for November increased to 58.7, indicating that the economy is expanding rapidly. The leading indicators grew 0.6% in October and a revised 0.8% in September, setting the stage for a robust fourth quarter.

CSIO Insurance Portal Status Update

CSIO Portal status and project information at http://www.insurance-canada.ca/csioip/csioip.php

Week ending December 19: For Ontario Auto rates, Farmers Mutual Lindsay has now signed off on their rates and Pilot has completed User Acceptance testing.
For Ontario Property Rates, Dominion, Chieftan and Farmers Mutual Lindsay have all signed off on their rates.

Distribution

Canada Protection Plan Switches to CoVirt's VirtGate Internet Policy and Advisor and Management Service.

CoVirt Inc. (Canada) announced today that CoVirt now supplies Protection Plan, Inc., with VirtGate, a multi-channel insurance advisor and policy management and advisor service delivered through the Internet.

Willis places first risk through Kinnect to Lloyd's.

Lloyd's reached a major milestone today, as Willis passed the first risk through the Kinnect Platform. Kinnect is funded by Lloyd's to provide technology and supporting services that enable brokers and underwriters to exchange data electronically. Willis, the global insurance broker, is one of six initial customers that are set to use the Kinnect Platform.

Lack of Quality Advice Reduces Income in Retirement: Tillinghast - Towers Perrin UK.

Tillinghast - Towers Perrin believes that thousands of people could be receiving significantly reduced incomes in retirement because they have purchased conventional guaranteed annuities even if their advisers have shopped around to get them the best rates. Advisers are overlooking the possibility of making their customers substantially better off by using investment linked annuities or income drawdown.

Skills and Training

Canadian Academy of Senior Advisors Completes First Certified Senior Advisor (CSA®) Class.

The Canadian Academy of Senior Advisors, headquartered in Vancouver, BC today announced the successful completion of the first Certified Senior Advisor (CSA®) class in Canada in Vancouver December 10-13th.

Business of Insurance and Products

Canada Life acquires sole ownership of Laketon Investment Management Ltd.

Canada Life announced that it has increased its ownership of Laketon Investment Management Ltd., from 40 per cent to 100 per cent.

Claims

IBC releases top ten Canadian insurance frauds of 2003.

There is nothing funny about insurance fraud. After all, it has cost honest policyholders $1.3 billion this past year. But sometimes you can't help but laugh or shake your head in disbelief at some of the boneheaded scams and schemes of would-be fraud artists.

Marketing and the Market Place

Nine of every 10 RRSP contributors expect to invest as much or more for 2003 tax year: Manulife Investments poll.

An overwhelming majority of Canadians plan to boost or match their previous contributions to Registered Retirement Savings Plans for the 2003 tax year, according to a survey for Manulife Investments, the wealth management arm of one of Canada's leading financial services companies.

Consumer Information

The Importance of Having a Horse Appraised; By Carla Dickhaut, Equine Appraiser.

What does an equine appraiser do? I have run into a great verity of problems clients experience with knowing the value of their horse. I have seen divorce situations where couples are fighting over a horse. I have also seen insurance claims where horses that I have appraised have been extremely undervalued. People come to me to have horses appraised for resale and ask me to broker the horse for them. I will also work with the financial institutions to verify equine value for collateral purposes on loans.

The Insurance Community

Maritime Life employees raise over $298,000 through United Way Annual Giving Campaign.

Maritime Life employees raised $298,600 in support of the United Way, charities and communities across Canada during their national Annual Giving Campaign. More than 1,010 Maritime Life employees made donations and held fundraising events during the campaign.

from Doug:

It has been a challenging year with floods, fires, blackouts, hurricanes, politics and so many events of note. Insurance professionals continue to shine by offering protection and peace of mind, and so much assistance when needed. You go beyond the requirements to participate in your community too. Thanks.
From us at Insurance-Canada.ca - Sally, Marlene, Carla, Dave, John, Pat and me - we wish you a happy and safe holiday season and a prosperous and healthy new year. Enjoy, and do take a moment to reach out to someone less fortunate.

Advertising

For information about advertising in our newsletter, visit www.insurance-canada.ca/advertise/adnewsletter.php or contact me.

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