Features
Industry’s poor public image remains top issue for insurers
June 1, 2005 by Canadian UnderwriterThe intense regulatory scrutiny and plummeting consumer confidence that has dogged the property and casualty insurance industry since the onset of the most recent hard market were brought on by the collective actions of insurers, says Ellen Moore, president of…
Insurers post healthy underwriting gain for 1-Q (June 01, 2005)
June 1, 2005 by Canadian UnderwriterCanadian property and casualty insurers lifted net income for the first quarter of this year by 16% to $683.5 million compared with the $589.6 million reported for the same period in 2004, according to industry financial data collected by the…
Views (May 01, 2005)
May 1, 2005 by Canadian UnderwriterThe CIP Society shared its vision for the future of the insurance industry, hosting its first annual Symposium – “Emerging Issues in Insurance” April 26 at the Toronto Board of Trade. The line up for this full day symposium included:…
On the Move (May 01, 2005)
May 1, 2005 by Canadian UnderwriterKingsway Financial Services CEO Bill Star welcomed many special guests, including legendary Mississauga Mayor Hazel McCallion (pictured) to a preview performance of “Guys and Dolls” at the Meadowvale Theatre. Star and wife Lizann treated industry friends to a cocktail reception…
Auto Insurance: Will it Bite Back?
May 1, 2005 Sean van Zyl, EditorThe 2004 financial returns of Canadian insurers were boosted to an unprecedented level of profitability by mainly a strong underwriting recovery in the notorious auto line. And, the first quarter 2005 financial results of companies suggest that auto business continues to offer a healthy operating margin. However, as premiums have “peaked” – partly due to enforced rate reductions by the provincial governments but also the result of heightened market competition – the question on many insurance CEOs minds is not “if” the claims experience of the $29 billion annual auto line will deteriorate, but rather “when”.
Finite Matters
May 1, 2005 Craig HarrisWell-publicized investigations of “finite risk reinsurance” in the U.S. have cast a pall over many of these “non-traditional” products. Specifically, the Securities Exchange Commission (SEC) and New York’s attorney general Eliot Spitzer have put a 2000/2001 arrangement between General Re and American International Group squarely in the spotlight of regulatory scrutiny. As regulators continue to closely monitor the nature of more complex financial reinsurance transactions, the twin themes of legitimate risk transfer and transparency emerge as paramount.
Staying on the Road
May 1, 2005 William Blakeney of Blakeney Henneberry MurphyIn CU’s article “The Politics of Leasing” from the March 2005 issue, Glenn McGillivray dealt with the challenges faced by automobile leasing companies and their insurers in light of recent precedent setting settlements. While the CFLA and others step up…
Canada in high demand
May 1, 2005 Nicholas Smith, attorney in fact in Canada for Lloyd's UnderwritersDespite the restrictive regulations governing the Canadian property and casualty insurance marketplace, the country continues to enjoy above average demand from carriers for new commercial business. While global capacity of Lloyd’s of London remained mostly flat during 2004, the market’s Canadian business growth over this same period significantly outpaced that of the U.S. and the U.K.
CAMIC Mid-Year Meeting: Cautious Steps
May 1, 2005 Vikki SpencerAs Canada’s mutual insurers met in Toronto recently, expansion was very much on the minds of everyone. Mutuals are looking to expand their own membership to include other insurers closely aligned with their concerns. At the same time, the end of the hard market means a time when marketshare growth tempts. In both instances, a cautious, measured approach to expansion was urged.
Promoting Resilient Homes
May 1, 2005 Paul Kovacs, executive director of the Institute for Catastrophic Loss ReductionThe intensity and frequency of severe weather events is increasing globally. Concentrated population growth is also rising – particularly in areas which are more weather disaster prone. Can the insurance industry positively influence social developments to promote safer living? I believe it can and should play a crucial role in this regard.
Building Legislation Poses Cost Implications
May 1, 2005 Kyle Urech of Disaster Kleenup CanadaA number of new provisions to the “Ontario Building Code” will come into effect from July this year. These amendments, under Bill-124, will affect builders (including restoration contractors), municipalities, building inspectors and citizens, and by extension, insurers. They will have…
Mirror, Mirror…
May 1, 2005 Lorenzo D'Alessandro, president of Collision Solutions Network Inc.“Take care of the customer, take care of the customer, take care of the customer” – this was the response of one of my colleagues when I asked him what he does to ensure complete customer satisfaction. The answer is…