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Technology Efficiency: Start Your Engines

October 1, 2002 Terry Neilson, president of Insurance Systems Inc.

With the birth of the Centre for Study of Insurance Operations’ (CSIO) Internet portal, brokers and insurers can now “vamp up” their rating/ underwriting processes through “rules engine” technology which could produce significant savings in money, time and customer retention.

From left, Lloyd's deputy chairman John Coldman speaks to a Toronto audience with broker Chris Cudgeon of First City Partnership, consultant Art Despard, Lloyd's Canada Inc. president Nicholas Smith, underwriter Alex Wakeley of Marketform Ltd., risk manager Joseph Hardy of Hudson's Bay Company and David Stirling of Crispin Speers & Partners.
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Lloyd’s reforms passed despite “names” opposition

October 1, 2002 by Canadian Underwriter

A package to reform the 300-year-old Lloyd’s of London insurance market was passed by members, despite opposition by individual names. At a seminar sponsored by Lloyd’s in Toronto just prior to the vote, deputy chair John Coldman called for unity

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Keep Capacity Coming

October 1, 2002 Danny Craig, president of IBAO

The free-flow of insurer red ink caused by Ontario auto insurance eventually had to be stopped. And, there now are positive signs of a market improvement through pending legislative product reform. However, the market has incurred its cost, with at least two company casualties while others have indicated a withdrawal of business. Many insurers have also set their capital allocation budgets for next year, which could add to the shortage of capacity within the marketplace. For brokers, there are tough challenges ahead.

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Insurers respond to Ontario’s auto product reform investigation

September 23, 2002 by Canadian Underwriter

Ontario auto insurers say that, in general, they support the provincial government’s proposal for insurance product reform. The industry, represented by the Insurance Bureau of Canada (IBC), today appeared before the government’s Auto Insurance Review Committee (AIRC).The AIRC, which was

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Co-operators downgraded by A.M. Best

September 16, 2002 by Canadian Underwriter

Guelph-based The Co-operators General Insurance Company has lost its “excellent” rating from A.M. Best. The rating agency has downgraded the insurer from A- (excellent) to B++ (very good) in terms of financial strength, and downgraded its subsidiaries to B+ (very

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B.C. drivers support auto insurance competition, IBC poll reveals

September 9, 2002 by Canadian Underwriter

The latest Pollara-conducted poll of drivers in British Columbia suggests that about 72% of the driving population favors open competition in auto insurance within the province. The Pollara poll, conducted on behalf of the Insurance Bureau of Canada (IBC), also

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Co-operators and Newfoundland government at odds over selling practices

September 3, 2002 by Canadian Underwriter

Co-operators General Insurance Co. and Newfoundland’s Minister of Government Services and Lands Walter Noel are locked in a verbal battle over the company’s selling practices in that province. Recently Co-operators decided not to renew about 1,300 auto policies for customers

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Nova Scotia actuarial review cites inadequate rates

August 27, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is pleased with the results of a new independent report commissioned by Nova Scotia’s Utilities and Review Board (UARB) that suggests auto insurance rates have been inadequate for at least the past five years.The

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Insurers gashed in 2-Q by tumbling investment returns

August 23, 2002 by Canadian Underwriter

Canadian property and casualty insurers produced a net profit for the second quarter of this year of $192 million, reflecting a 30% drop compared with the $275 million reported for the same period the year previous. The industry’s net earnings

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ICBC president resigns

August 19, 2002 by Canadian Underwriter

Just a few short months after taking the post, new Insurance Corporation of British Columbia (ICBC) president Kevin Benson is resigning. In a press release, the public insurance notes that Benson is leaving “to pursue a unique opportunity in Ontario”,

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Optimum General still waiting for turnaround

August 14, 2002 by Canadian Underwriter

Tough times continue for Montreal-based Optimum General (TSX: OGI.A), which posted a net loss of $2.3 million for the quarter ending June 30, 2002. This compares with a net loss of $709,000 for the second quarter of 2001. The resulting

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East-coasters call for government resolve on insurance pricing

July 26, 2002 by Canadian Underwriter

A market research study just released by the Insurance Bureau of Canada (IBC) of the Atlantic provinces suggests that the majority of personal auto insurance buyers believe that the provincial governments have a responsibility to deal with premium rate hikes.