Features
Outsourcing: Regulators Take Notice
March 1, 2004 Brian ReeveOne of the most important trends to have evolved in the insurance industry is the use of outsourcing to reduce costs and improve the quality of service to customers. Most insurers have already reduced their costs as much as possible. However, the use of outsourcing, particularly to offshore low-cost jurisdictions, is rapidly becoming unavoidable in order to remain competitive in the insurance industry.
CICMA/CIAA Joint Conference: Testing the Limits
March 1, 2004 Vikki SpencerAs claims managers and adjusters entered the new year they faced tough federal privacy legislation which presented a host of unknown factors to their work environment: public reaction, professional limitations, and whether the industry’s existing claims handling standards would hold…
Moves & Views (March 01, 2004)
March 1, 2004 by Canadian UnderwriterThe Toronto Metro Convention Centre was home to the Insurance Institute of Ontario (IIO) Convocation and Awards Dinner. Amongst the honorees were (clockwise from top) Sunit Datta, Rajdeep Chopra and Richard Y.K. Liu, all of whom were presented with multiple…
Co-Operators Pulls in Strong 2003 Return
March 1, 2004 by Canadian Underwriter2003 saw a giant leap in net income for Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A). The company generated net profit of $44.0 million for the 2003 financial year versus a loss of $1.1 million reported the year prior.…
On Firm Ground..?
March 1, 2004 Sean van Zyl, Managing EditorHave insurers finally found their “financial feet”? Initial industry financial data revealed by the Insurance Bureau of Canada (IBC) at Swiss Reinsurance Co. Canada’s recently held “Statistical Breakfast” seminar suggests at dramatic improvement in underwriting across most lines of business…
Hazel Hit Toronto Hard
March 1, 2004 by Canadian UnderwriterEach 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.
Insurers’ ROE Bounces Back to 10% for 2003
March 1, 2004 by Canadian UnderwriterProperty and casualty insurers finished the 2003 financial year with a return on equity (ROE) of 10.7%, according to initial data released by the Insurance Bureau of Canada (IBC). The latest full-year return reflects a nine percentage point improvement in…
Kingsway ROE Drops Slightly on Reserve Strengthening
March 1, 2004 by Canadian UnderwriterSpecialty insurer Kingsway Financial Services (TXS: KFS) saw its return on equity drop slightly for the 2003 financial year, although the company still boasted a double-digit return. For the 12 months ending December 2003, Kingsway’s ROE clocked in at 12.9%,…
Lawyers Call for Re-Think on Mediation Process
March 1, 2004 by Canadian UnderwriterA new approach to mediation, specifically on the role of legal counsel in the process, may be in order attendees heard at the recently held Ontario Insurance Adjusters Association (OIAA) “Claims 2004” conference. In a presentation made by law firm…
Insurers Urged to Sharpen Claim Defense Tools
March 1, 2004 by Canadian UnderwriterInsurers and their commercial clients are paying out too much on claims that could be defended, speakers warned at a recent seminar hosted by Crawford Adjusters Canada Ltd. “I’m darned tired of seeing these companies and insurers kicked around by…
Fairfax Reports Record Profit for 2003
March 1, 2004 by Canadian UnderwriterToronto-based insurance giant Fairfax Financial Holdings Ltd. (TSX: FFH) says it posted its largest ever annual profit for the 2003 financial year, earning US$271.1 million, or US$18.55 a share, compared with the US$263.0 million profit (equal to US$18.20 a share)…
Canadian Western Bank Buys HSBC Insurance Operations
March 1, 2004 by Canadian UnderwriterThe insurance operations of HSBC Bank Canada, known as Canadian Direct Insurance Inc., have been acquired by Canadian Western Bank. The deal involves a cash payment of $25.4 million, reflecting a 25% premium over book value of the HSBC insurance…