Features
U.S. Reinsurers’s 2003 Profit Exceeds Us$3 Billion
April 1, 2004 by Canadian UnderwriterLast 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…
Optimum General Recovery Maintains Steam (April 01, 2004)
April 1, 2004 by Canadian UnderwriterMontreal-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…
Newfoundland Introduces New Auto Package, Rate Freeze
April 1, 2004 by Canadian UnderwriterA 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…
Public Auto Plan for N.B. to Cost $80 Million-Plus
April 1, 2004 by Canadian UnderwriterWith 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…
Revised Results for Canadian Insurers Show $2.6 Billion Profit
April 1, 2004 by Canadian UnderwriterCanadian 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)…
CSIO Portal User Fees Announced
April 1, 2004 by Canadian UnderwriterIn 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 –…
Setting the “Minimum”
April 1, 2004 Rick BaumanSize 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.
Disability Management Consulting: Help or Hindrance?
April 1, 2004 Maria Vandenhurk & Susan PhilchukFor 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.
Ouch!
April 1, 2004 Sean van Zyl, Managing EditorYou 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…
IKEA Ruffles Insurance Feathers
April 1, 2004 by Canadian UnderwriterCanadian 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…
Risk Managers Look for the Right Price
March 1, 2004 Vikki SpencerAt 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…
Communicating Value
March 1, 2004 Vikki SpencerAs 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.