Features
Alternative Process to DAC System Prompted for Ontario
April 1, 2004 by Canadian UnderwriterA consultation paper outlining a new system to replace Ontario’s designated assessment centers (DACs) has been released by the Financial Services Commission of Ontario (FSCO). The “expert assessor network” (EAN) is being proposed as an alternative to what FSCO calls…
On the Move (April 01, 2004)
April 1, 2004 by Canadian UnderwriterChubb Insurance Co. of Canada has named Ellen Moore as its new president and CEO, replacing Jan Tomlinson, who has been promoted to international field operations manager for the parent company. Moore has been with Chubb & Son since 1978,…
National Broker Market Trends: Action & Reaction?
April 1, 2004 Sean van Zyl, EditorBrokers across the provinces are expressing cautious optimism with regard to the return of markets and overall greater underwriting capacity that has become available. Many brokers that CU spoke to in compiling its annual analysis of the brokerage sector concur that “the heartbeat of the property and casualty insurance industry was weak but stable” as the first quarter of 2004 came to a close. The question that many are now asking as the financial health of insurers improves is whether they will maintain a disciplined underwriting approach, or lose their willpower to the ferocious feeding frenzy of the past. Ultimately, can insurers break from the drastic reaction and counter-reaction market swings associated with the traditional insurance cycle?
A Stronger Voice
April 1, 2004 Sean van Zyl, EditorThe most recent hard market pricing cycle of the property and casualty insurance industry has been a test of endurance for brokers across the business spectrum. And, while the tight marketplace is seen to have generally brought about a leaner and more efficient distribution channel primarily through Canada’s independent broker network, today’s insurance environment also stresses the different needs of intermediaries according to the classes of business they handle. As such, the Toronto Insurance Conference’s newly appointed president Robert Jones says the organization plans to increase its visibility this year in terms of advocacy and identifying the specific needs of its commercial broker members.
Investment Slump Drags E-L’s Bottom-Line
April 1, 2004 by Canadian UnderwriterE-L Financial Corp. Ltd. (TSX: ELF), parent company of The Dominion of Canada General Insurance Co., nearly doubled its operating income for 2003 to $42.9 million ($11.17 a share) from the $23.3 million ($6.08 per share) reported for 2002. However,…
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.