Terri Goveia
The perfect storm: the top 4 news stories of 2010 | Canadian Insurance

The perfect storm: the top 4 news stories of 2010

The stories that shaped the year in insurance.

The wind howled, rain fell, and both companies and legislation ushered in changes this year, making insurance headlines a perfect storm of weather woes, and regulatory reform. And those weren’t the only things on the move–new technology also introduced the shape of insurance services to come. Watching it all unfold, Canadian Insurance Top Broker readers made the following stories the most-read of 2010:

1) The dealmakers

With many insurers emerging from the recession with healthy capitalization, industry watchers predicted strategic acquisitions in both the Canadian and broader insurance industry. Globally, RSA’s offer for Aviva plc didn’t take, but the company’s Canadian arm closed a deal with GCAN months later, completing what RSA CEO Rowan Saunders called “a perfect strategic fit.”

Read more about the RSA-GCAN deal here.

Find out why Aviva scuttled an offer here.

2) Storm central

The images of flooded highways, washed out bridges and sunken foundations repeated themselves throughout 2010, as severe weather swept through almost every part of the country. And it hasn’t let up  yet–as the year closed, floods continued to plague the Maritimes.

Read about the mounting storm costs out West here.

Find out more about the Maritimes’ stormy year here.

3) Ontario auto reform

After months of planning–and an equally lengthy period of speculation–Ontario unveiled auto reforms that let consumers choose coverage, and gave brokers an educational challenge as they untangled the details for clients.

Read more about the IBC’s reaction to auto reform here.

Read more about brokers reform education challenge here.

4) Insurance technology goes mobile

When Lloyd’s–the oldest insurance market–is one of the first to adopt 21st century technology for its brokers, it’s a sure sign that mobile insurance services have moved beyond the fringe. Joining the Lloyd’s iPads: claims apps, and mobile broker management systems. The result? Better business outside brokerage walls–with the “same features, functionality, and client information they have access to inside the brokerage,” says Shannon Major, marketing and communications manager at Keal Technology.

See where insurance technology is heading here.

Read about what customers want in mobile services here.