Features
Atlantic auto: Keeping the System on Track
April 1, 2005 Don Forgeron, vice president Atlantic region at the Insurance Bureau of CanadaThe magic word for auto insurance in Atlantic Canada right now is “stability”. As an industry, we have achieved stability in most of the region, or are very close to it, and must now work hard to maintain this environment.
Orims PD Day: Time for Solutions
April 1, 2005 Vikki SpencerIn the wake of the broker compensation controversy which has rocked the commercial insurance industry in recent months, risk managers met at the recent Ontario Risk & Insurance Management Society “Professional Development Day” filled with questions and seeking solutions to improved relationships with their broker and insurer partners.
An Elephant’s Perspective
April 1, 2005 Al Maggi, a senior communications officer at the Insurance Bureau of Canada (Toronto)People treat you differently when you are an elephant. Everyone wants to high-five you, dance with you or hug you – not reactions to which we in the insurance industry are accustomed. When you are a pudgy pachyderm, most people…
Getting Referrals Right
April 1, 2005 Rick Bauman, president of Bauman Consulting Inc.Brokers are always looking for new clients. Some just happen to look in the wrong places. There is a better and easier way to fill the “prospect pipeline”. How do you get sales leads? There are only so many strategies…
Broker Management: To Focus, or Not to Focus
April 1, 2005 Chris Venn, president of Inventive Networks“Focus” is a wonderful word – but from the results that many businesses create, it seems to be conspicuously absent outside of strategic conversations and perhaps the odd motivational speech.
The Evolution of the Audit
April 1, 2005 Mike Laberge, president, Performance Imperative Inc.While traditionally audits have focused on the numbers, insurers are looking to understand the “why” and, more importantly, the “what to do about it” behind audits.
Communication Sins…
April 1, 2005 AxiomGood to see you!” The smiled greeting came to me and my boss, Fred Wilson, from the president of the national industry association. The occasion was the official opening of the association’s new office, located in one of the city’s…
Precarious Optimism…
April 1, 2005 Sean van ZylWith a return on equity (ROE) of just over 18%, negative claims cost growth, nearly an eight percentage point reduction in the combined ratio to 90.7%, and a healthy boost to companies’ surplus coffers, the Canadian property and casualty insurance…
National Broker Review: Flying High?
April 1, 2005 Sean van Zyl, Editor2005 would seem to be the “year of the broker” with total premiums in Canada having more than doubled over the past four years, prices now declining, and coverage availability rising in both personal and commercial lines. And, perhaps best of all, brokers countrywide report a significant drop in public hostility with much higher customer retention levels. The exuberance emanating from independent brokers suggests the profession is “flying high” after having been tested by what many in the insurance industry regard as the toughest market cycle yet experienced. However, brokers remain aware of the industry’s vagarious business cycle – which like an unpredictable air current can cause those daring to ride it to soar or crash.
45 Years – In Retrospect
April 1, 2005 Sean van Zyl, EditorAfter 45 years in the insurance industry – of which the last 13 years were committed to the multi functions of helmsman and “engine room mechanic” of Canada’s largest provincial independent broker association, the Insurance Brokers Association of Ontario (IBAO) – Bob Carter has announced his retirement plans. And, in looking back to the “rockin’ sixties” when he first entered the world of insurance, Carter believes the business has undergone dramatic change in virtually every aspect of its operation. But, the biggest change is the people in the industry, he observes, and how they interact today compared with the lighter times of yesteryears.
Insurers’ 2004 performance suggests “growth peak”
April 1, 2005 by Canadian UnderwriterThe final 2004 financial results of the Canadian property and casualty insurance industry – as compiled by the Insurance Bureau of Canada (IBC) – point to a future decline in premium growth as well as reduced operating margins, the bureau’s…
IBC calls for input on financial institution reform
April 1, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is asking insurers to help it craft a response to a consultation paper on financial institutions produced by the federal government. The request was made during the IBC’s annual Financial Affairs Symposium in Toronto…