Features
The Future and Failure of Technology
July 1, 2005 Chris Venn, President of Inventive NetworksThe insurance industry is apt to invest in the training, supervision and management of staff, however even more time and money should be allocated to the development of a better workflow technique. Effective workflow will unquestionably elicit a more efficient employee network. The ultimate goal is always an increasingly productive team and yet, resistance persists – people are naturally suspicious of change and this trait is particularly visible in most business structures. However, the futility of resistance prevails as the insurance industry is continually working to create a more productive team, as the staff is the essential asset. So the question remains, are a company’s technological tools any different? Does technology resist change? The answer – No, technology will do exactly what it is told.
Fire in the Hole (July 01, 2005)
July 1, 2005 Steve Wilson, Senior PublisherEven though this country faces serious catastrophic exposures, Canadians generally take a laissez-faire view of the threat of natural or man-made disasters. Yes, we had a major ice storm in Quebec and Ontario, but that was a meteorological fluke. Nuclear…
Reinsurance profits on the rise in Europe and U.S.
July 1, 2005 by Canadian UnderwriterDespite record catastrophe losses, European reinsurers recently registered recorded improved profitability for 2004, according to the latest European Reinsurance Quarterly Report from Benfield. Results from six major European reinsurers exhibit earning results from non-catastrophe business held up so that overall…
Underwriters develop loss prevention techniques for third-party claims
July 1, 2005 by Canadian UnderwriterUnderwriters must develop loss prevention techniques to address businesses prone to coverage liability claims exposures arising out of discrimination, harassment and other employment practices issues, according to recent findings from the PLUS Employment and Fiduciary Issues Symposium. Panelists at the…
P&C profitability bolstered by underwriting discipline
July 1, 2005 by Canadian UnderwriterA modest rise in inflation and firm economic growth will bolster the Federal Reserves interest rates resulting in a rise in federal funds, according to information from Swiss Reinsurance economists. Specifically, if the economy does remain strong and inflation continues…
Estimates of flood damage, crop losses mount in rain-soaked Manitoba
July 1, 2005 by Canadian UnderwriterDamage from flooding across southern Manitoba may result in insured claims of approximately $225 million, with about 10% of this figure resulting from damage incurred to commercial property, according to Jim Rivait, vice president Insurance Bureau of Canada (IBC) prairies,…
Views (July 01, 2005)
July 1, 2005 by Canadian UnderwriterClose to 240 clients and senior staff of Swiss Re Canada gathered for the company’s 20th Annual Monte Carlo Gala for Charity, enjoying an evening of dinner, entertainment, games of chance and prizes. The recipient of this year’s receipts was…
Canadian security gains strength (July 01, 2005)
July 1, 2005 by Canadian UnderwriterCanadian security is set to skyrocket with the inception of a new North American plan intended to improve the response to internal and external threats while bolstering free flow of trade between Canada, U.S. and Mexico, according to Deputy Prime…
Aon study shows insurers and reinsurers earnings least volatile (July 01, 2005)
July 1, 2005 by Canadian UnderwriterAon (NYSE: AOC) recently announced the results of its 2004 Insurance Earnings Volatility Study, which reports that insurers and reinsurers exhibit the least volatile earnings. “Investors place a large amount of emphasis on earnings growth and earnings volatility … when…
Attacks on London evoke increased interest in terrorist coverage
July 1, 2005 by Canadian UnderwriterFollowing the recent terrorist bombing attacks in London – a coordinated attack where at least four bombs exploded in the city’s transportation system resulting in more than 40 casualties and hundreds of serious injuries – the U.S. Department of Homeland…
Shumka Craig & Moore grow in Ontario (July 01, 2005)
July 1, 2005 by Canadian UnderwriterShumka Craig & Moore Adjusters Canada Ltd. (“SCM”) has acquired Custard Insurance Adjusters Canada Inc. (“CIA”), providing the independent, Edmonton-based firm with over 60 branches nationwide. CIA adds 11 Ontario branches to SCM’s roster, helping to solidify its standing as…
Storm damage claims increase insured and uninsured losses by two-thirds
July 1, 2005 by Canadian UnderwriterCombined, global costs resulting from catastrophic storm damage may show an increase of two-thirds by the 2080s, according to the Association of British Insurers (ABI). The new report, “Financial Risks of Climate Change,” provides a global analysis of the projected…