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Moments In Time (May 01, 2004)

May 1, 2004 by Canadian Underwriter

Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.

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End of the “Dark Ages”?

May 1, 2004 Sean van Zyl, Managing Editor

Analysis of the 2003 financial returns of Canadian and U.S. insurers reveals several interesting differences in how companies in each of the marketplaces got to their current position. The main fact is that insurers in Canada and those south of

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In Memory (May 01, 2004)

May 1, 2004 by Canadian Underwriter

It is with sadness that we report the passing of Paul Graham on April 11, just one week after his 70th birthday. Paul’s insurance career spanned 40 years, most recently as president and CEO of Canadian Re (now Swiss Reinsurance

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FA Losses Near Half Billion Dollars

May 1, 2004 by Canadian Underwriter

The Facility Association (FA) – the industry’s pool for high-risk drivers – produced a loss exceeding $490 million for 2003. Speaking at the FA’s recently held AGM, CEO David Simpson notes that premium volume for 2003 rose year-on-year by more

4th Annual Scotch Nosing
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Views (May 01, 2004)

May 1, 2004 by Canadian Underwriter

All for a good cause, the industry tipped back some of the world’s finest scotches at the 4th Annual Scotch Nosing, hosted by the Honorable Order of the Blue Goose, Ontario Pond. The event raised $6,500 for the Women in

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Hub’s Profit Rise Moderates For 1-Q

May 1, 2004 by Canadian Underwriter

Broker network consolidator Hub International (TSX: HBG) increased net income year-on-year by 8% to US$9.6 million for the first quarter 2004 compared with the US$8.9 million posted for the same period the year prior. The company achieved this despite a

Source: IBC
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Auto Reform: All The King’s Horses…

May 1, 2004 by Canadian Underwriter

The auto insurance battlefield lies pockmarked by smoldering wreckage with the public’s view of insurers currently at what many regard as being at an all-time low. Skyrocketing rate adjustments introduced by insurers in response to the dramatic upward spiral in

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Ontario Auto, Setting the Course

May 1, 2004 Vikki Spencer

What is wrong with Ontario’s auto insurance system? The answer to that question has been haunting the insurance industry for many years, but more recently has stolen the public spotlight. During the most recent provincial election, auto insurance was front and center, and with the election of a Liberal majority government, Mike Colle found himself in the eye of the auto insurance storm. Now, the parliamentary assistant to the Minister of Finance says industry and government are working together to rebuild the system for the benefit of policyholders.

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Piecing Together Parts

May 1, 2004 Craig Harris

Thin profit margins have prompted insurers to closely examine claims cost reduction strategies. While bodily injury and healthcare have received the lion’s share of attention in auto insurance, the vehicle damage side of the equation is experiencing challenges of its own. Insurers are trying to find ways to reduce cycle turnaround time, improve supply chain management and save money through aftermarket and recycled parts. The issue for insurers is how to trim costs while ensuring parts quality and vehicle safety.

Robert Hartwig
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Plummeting Loss Ratio Lifts U.S. Insurers’ 2003 Earnings

May 1, 2004 by Canadian Underwriter

U.S. property and casualty insurers brought home a 9.4% ROE for the 2003 financial year on the back of a net profit of US$29.9 billion – reflecting nearly a 10 times increase on the US$3 billion in net income reported

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The Disarray of Auto Insurance

May 1, 2004 Bill Star

The insurance industry in Canada and regulators have never faced an auto market with so much confusion as we have in Canada at present. Unfortunately, there is no end in sight since regulators in many provinces have no idea of a solution and are not interested in the advice of the industry. All they want is lower rates but have no interest in properly controlling the claims costs or designing a product that will work efficiently.

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Ontario Auto – Looking for Rate Savings

May 1, 2004 Paul Salvas

Ontario’s new provincial government has made it clear that pressure will be maintained to reduce auto insurance rates. The government’s immediate goal is a 10% across-the-board rate reduction, while insurers remain adamant that the auto line’s combined ratio is still exceedingly high as claims costs continue to grow in the double-digit range. So, how will insurers find room to reduce premiums by 10%? An obvious starting point would be to eliminate interest charges on monthly premium payments – a practice that will likely be acted on by the government in its ongoing reforms should insurers not take action first.