Issue 2009-27 -- July 7, 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
Guidewire Receives Highest Possible Rating in Leading Analyst Firm's Report on P&C Insurance Claims Systems.
SAN MATEO, California - July 1, 2009 - Guidewire Software, a leading provider of flexible core systems to property/casualty insurers, today announced that it has received a rating of "Strong Positive", the highest possible rating in Gartner's recently published "MarketScope for North American Property and Casualty Insurance Claims Administration Systems".
Disaster Kleenup Canada Ltd. Expands into another Three New Locations.
Mississauga, ON - April 8, 2009 - Disaster Kleenup Canada Ltd. has expanded its national network to serve even more communities across Canada. The addition of another three new locations reinforces the organization's position as the country's leading network of restoration professionals.
eBusiness and Technology
Only 59% of Insurance Technology Buyers Would Definitely Buy The Same Solution Again, says New Report From Novarica.
ORLANDO, FL - 08 June 2009 - Novarica, a research and advisory firm, has found that only 59% of insurer executives who have ranked the software products that they use would definitely buy their solution again. And for the 9% who would be unlikely to make the same decision again, the vendors' failures to keep products current, align business goals, and ensure productive use by business users were largely to blame.
DALBAR Recognizes the Best Web Sites in Life Insurance & Annuities.
(Boston, MA. - May 2009) New York Life has managed to maintain an "Excellent" designation for 20 consecutive quarters and capture the number one place in DALBAR'S recent Life Insurance and Annuity Ranking and Trending report. AXA Equitable, finishing in second place, has also joined New York Life in receiving an Excellent rank, while firms such as MassMutual, Pacific Life, Sun America, TIAA-CREF and The Hartford earned a "Very Good" designation for consumer websites.
Distribution
Aviva and Hagerty join forces to serve the Canadian collector vehicle market.
June 25, 2009 (Toronto, Ontario) Aviva Canada Inc., one of Canada's leading providers of home, auto and business insurance, and Hagerty Insurance Agency, the world's leading provider of collector vehicle insurance, today announce the formation of a partnership to distribute Hagerty Insurance across Canada.
Marketing and the Market Place
Manulife Investor Sentiment Index gains as Canadians keep investing.
WATERLOO, ON, July 2 2009 - Canadians are seeing an upside to investments amid the current economic news, according to a national poll for Manulife Financial, Canada's leading insurance and wealth management company.
J.D. Power Reports: Insurance Shopping Study: Customers Shopping for New Insurance Providers Declines.
WESTLAKE VILLAGE, Calif.: 23 June 2009 - Erie Insurance ranks highest among auto insurance companies in satisfying new buyers with the purchase experience for a second consecutive year, according to the J.D. Power and Associates 2009 Insurance Shopping StudySM released today.
Minister of Finance Launches Task Force on Financial Literacy.
Toronto, June 26, 2009 - The Honourable Jim Flaherty, Minister of Finance, today announced the establishment of Canada's Task Force on Financial Literacy to help create a cohesive national strategy to support initiatives across Canada aimed at improving financial education.
The recessionary climate is almost at an end, according to Desjardins Group economists.
Lévis (Québec) June 18, 2009 - The worst of the economic and financial storm seems to be over! It caused a lot of damage as it blew through and we will have to clean up, repair and rebuild before life can get back to normal. It is therefore hard to picture a recovery as lively as what we've been used to. That is the conclusion that Desjardins Group's economists reached in their latest economic forecasts, released today.
Our People
Seneca College CFS Announces New Property & Casualty General Insurance Program.
Regardless of the competition among insurers, brokers and other stakeholders in the insurance industry, the one thing everyone whole-heartedly agrees on is that the number of agents and brokers is dwindling. Our hair is graying or falling out altogether and we are retiring at a faster rate than we are being replaced.
Consumer Information
Motorcycle riders - is concern warranted?: TIRF Poll.
OTTAWA, June 29 2009 - Canadian motorcyclists are not behaving more or less risky on the roads than other drivers according to a public opinion poll conducted in September 2008 by the Traffic Injury Research Foundation. Designed to investigate motorcycle rider behaviour and public attitudes and perceptions of the problem, the poll also revealed the public is less concerned about unsafe motorcycle riders than other road safety issues. Yet researchers and interest groups may not agree and suggest that concern is still warranted.
Business of Insurance
FSCO Statement of Priorities for Current Fiscal Year ending March 2010.
Section 11 of the Financial Services Commission of Ontario (FSCO) Act requires FSCO to "deliver to the Minister of Finance and publish in The Ontario Gazette [by June 30th of each year] a statement setting out the proposed priorities of the Commission for the fiscal year in connection with the administration of this Act and all other Acts that confer powers on or assign duties to the Commission or the Superintendent."
Reference and Statistics
New Swiss Re sigma study "World insurance in 2008" reveals falling life premiums in industrialised countries; strong growth in emerging economies.
30 Jun 2009 - The global financial crisis hit life insurance premium growth in particular, mainly in the second half of 2008. Sales of unit-linked products and products linked to equity markets were severely impacted by falling stock markets in 2008, causing life insurance premiums in industrialised countries to drop by 5.3% (USD 2 219 billion). Sales of non-linked savings products, such as fixed annuities and traditional life savings, continued to increase in many countries, but failed to offset the declines seen in the unit-linked business.
First-Quarter 2009 Results Show USA P/C Industry Well Capitalized Despite Net Loss After Taxes and Decline in Surplus: ISO.
The property/casualty insurance industry's $1.3 billion net loss after taxes for first-quarter 2009 constitutes a $9.8 billion adverse swing from the industry's $8.5 billion in net income after taxes in first-quarter 2008. Insurers' net loss after taxes for the first three months of 2009 resulted from a combination of losses on underwriting and deterioration in investment results.
Benefit Broker Segment Continues to be the Largest Single Distribution Channel for Voluntary Sales According to Eastbridge.
AVON, CONNECTICUT, USA (June 11, 2009) - According to Eastbridge Consulting Group's tenth annual U.S. Worksite Sales Report, the Benefit Broker segment again claimed the largest percentage (46 percent) of voluntary/worksite sales in 2008 of any other producer segment. Total sales for the year were $5.225 billion and Benefit Brokers accounted for nearly $2.4 billion of that total.
from Doug:
While I hold down the home fort, my wife is in Europe. She is very much into her family history; several of her relatives enrolled in the armed forces in WWI. Some of their names are on memorials to unknown soldiers there; others in marked graves. Several did come home. This trip is to experience the battle locations and to pay homage to all those who fought, especially to those still there.