Segment
P&C Companies
A “Mom & Pop” Perspective
October 1, 2003 Sean van Zyl, EditorTaking over the presidency of the largest provincial independent brokerage association in the country shortly after what could be called a historic “landslide election” resulting in a new government for Ontario could be a daunting challenge for most people. That, however, is just the beginning of what may appear to the casual observer to be “overwhelming odds” as independent brokers continue to deal with the harsh realities of a “hard market” where insurance availability and pricing have become contentious political issues across Canada. For Doug Grahlman, who will take the helm of the Insurance Brokers Association of Ontario (IBAO) at the association’s annual convention to be held this month, the top priority on his agenda for the year ahead is “communication” – at both the government and consumer levels.
Weighing Up Depreciation in a Business Interruption Claim
October 1, 2003 Richard Davidson, an insurance industry consultantCan depreciation be deducted from a business interruption claim as a saving? Depreciation is often a fat juicy figure that would gladden the heart of any adjuster or forensic accountant to deduct from a claim…but, should they?
Hub Expands East-Coast U.S. Operations
October 1, 2003 by Canadian UnderwriterBroker consolidator Hub International Ltd. (TSX: HBG] has added two U.S. brokerages to its stable: Boston-based Commonwealth Insurance Agency Inc., and New Jersey-based Sondheim & Laughlin. Commonwealth will become part of Hub’s New England “C.J. McCarthy hub”. The new brokerage…
Independent Brokers: Tightening the Belt?
October 1, 2003 Sean van Zyl, EditorWhile the total value of the Canadian property and casualty insurance marketplace jumped by almost a third last year, the increased revenue benefits did not filter down to higher net earnings for the independent brokerage community, brokers say. In fact, independent brokers point out that they are not making money on personal lines business at all due to the rise in their operating costs brought on by the “hard market”. And, although market conditions are shaping up for improvement next year, brokers fear that a slow return of underwriting capacity combined with the overhead cost incurred from the past two years of lean running could spark a new wave of consolidation within their ranks. At the very least, the independent brokerage community will be facing a year of “belt tightening”, they say.
Brand Success
October 1, 2003 Sean Hutchison, Fort Nocs NetworksFor a company to uphold its corporate brand requires more than just integrating a consistent look and feel into every communication – it means embracing the concept of “brand critical”. By definition, mission critical refers to those elements of an…
B.C. Forest Fires Cost Insurers $200 Million
October 1, 2003 by Canadian UnderwriterInsured losses from forest fires that swept through British Columbia in August are expected to total at least $200 million, says the Insurance Bureau of Canada (IBC). But this figure should not increase significantly, says IBC Pacific Region government relations…
Get Rid of Weak Insurers, Study Suggests
October 1, 2003 by Canadian UnderwriterA new U.S. study suggests regulators should cut financially unstable insurers off at the pass, rather than trying to “rehabilitate” them. Commissioned by the U.S. Council of Insurance Agents and Brokers (CIAB) and prepared by Stewart Economics Inc., the study…
B.C. fire claims top $200 million, more to come
September 18, 2003 by Canadian UnderwriterInsurers have begun paying claims relating to the B.C. wild fires which ravaged several urban areas within the province, with the insured loss topping $200 million, according to the Insurance Bureau of Canada (IBC). As cleanup and reconstruction begins in…
Tort reform and regulatory burden on Levene’s hit list
September 16, 2003 by Canadian UnderwriterLloyd’s of London chairman Lord Peter Levene tackled the themes of tort reform and the unfair regulatory burden placed on the London market, in a speech yesterday to a U.S. audience. Speaking at “Town Hall Los Angeles”, Levene revisited the…
Get rid of weak insurers, new study suggests
September 16, 2003 by Canadian UnderwriterA new U.S. study suggests regulators should cut financially unstable insurers off at the pass, rather than trying to “rehabilitate” them. Commissioned by the U.S. Council of Insurance Agents and Brokers and prepared by Stewart Economics Inc., the study looks…
Kovacs named new PACICC chief
September 12, 2003 by Canadian UnderwriterFor Insurance Bureau of Canada (IBC) chief economist Paul Kovacs has been named president and CEO of the industry’s guaranty fund. The Property and Casualty Insurance Compensation Corp. (PACICC) says Kovacs will take over immediately, with current CEO Alex Kennedy…
Saunders successor to Royal & SunAlliance top spot
September 12, 2003 by Canadian UnderwriterWith news of the retirement of Royal & SunAlliance Canada Group CEO Larry Simmons, Rowan Saunders has been named to take over the top spot in the company.Saunders was most recently president of Royal’s Agilon Financial, as well as vice…