Last year, U.S. reinsurers saw net profit grow by almost 500% to US$3.08 billion compared with the US$628 million posted the year prior. The financial result of the U.S. reinsurance industry is calculated based on company data collected by the…
Montreal-based Optimum General Inc. (TSX: OGI.A) jumped into the black for the 2003 financial year by posting a net profit of $2 million, equal to 17 a share. This compares with a net loss of $7.4 million, or 68 a…
A new package of reforms to Newfoundland’s auto insurance system is being touted as a means to achieve 15% rate reductions. Newfoundland & Labrador Premier Danny Williams, and Government Services Minister Dianne Whalen introduced the new package recently, which is…
With the release of a committee report on the potential for public auto insurance in New Brunswick, cost of establishing the system has been pegged at $82 million. The report, presented by NDP MLA Elizabeth Weir, the committee’s chair, is…
Canadian property and casualty insurers posted net income of $2.63 billion for the 2003 financial year – showing significant improvement on the $340 million in net profit reported for 2002. Revised yearend figures from the Insurance Bureau of Canada (IBC)…
In a series of road show presentations held across Ontario by the Insurance Brokers Association of Ontario (IBAO), independent brokers were provided with an update on development of the Centre for Study of Insurance Operations (CSIO) company-to-broker technology platform –…
Size does matter for property and casualty insurance brokers when it comes to the nature of accounts in their book of business. This is a message principals have to communicate to account executives.
For those involved in the field of disability management consulting (DMC), it is not uncommon to encounter skeptical and cynical comments from the payers of these services. Disability management consultants are sometimes perceived as “gullible” and/or “advocates for the client”, who fail to contribute substantially to the closure of the file. But forming a cost-effective and successful partnership with a DM provider can be achieved if business goals and client outcomes are kept front of mind.
You have to give the Insurance Bureau of Canada (IBC) one thing – they sure know how to keep things interesting. The latest rumpus ignited by the property and casualty insurance industry’s main lobbying body has been commonly dubbed by…
Canadian brokers have added their own voice to broad insurance industry disapproval of an IKEA television ad recently aired which many believe promotes insurance fraud. In a letter to Advertising Standards Canada, Insurance Brokers Association of Canada (IBAC) CEO Dan…
At the end of 2003, two commercial insurance surveys came out suggesting the market turn risk managers had been praying for was on its way. First, the Risk and Insurance Management Society (RIMS) benchmark survey (inclusive of U.S. and Canadian…
As Nancy Chambers gears up for her term as president of the Risk and Insurance Management Society (RIMS), she knows risk managers are in the midst of a difficult insurance market and increasing expectations from the highest corporate levels. Chambers follows a long line of Canadian RIMS presidents and says she will build on the successes of the past to forge new channels of communication for risk managers and their partners.