Segment
P&C Companies
Curtain Call? On The Hard Market
September 1, 2003 Vikki SpencerWaiting in the wings like nervous actors on opening night, risk managers are preparing for the upcoming insurance renewal season, unsure of the reception before them. Over recent years they have received a less than warm greeting from underwriters. But, recent surveys of the commercial insurance marketplace suggest that there may well be a “turning point” near – or at the least a “moderation” of the hard market which has dictated pricing for the last two years. However, CU’s annual roundup of Canadian risk management views indicates that the hard market is far from over, although its intensity has shifted from property to casualty/liability lines. And, in light of recent catastrophes from SARS to the “blackout of 2003”, the pressure from corporate boardrooms has increased on risk managers.
Insurers’ Combined Ratio Drops as Profits Rise For 2-Q
September 1, 2003 by Canadian UnderwriterInsurers managed to bring their combined ratio to below the key 100% mark for the second quarter of this year as coverage price hikes implemented by companies over the last two years finally began to outstrip the growth in claims…
Partnerships in Risk
September 1, 2003 Garry McDonell, senior vice president at Aon ReedStenhouseThe complexity of today’s business environment is largely a result of both the volume of change and the speed at which it occurs. Driven by shareholder expectations, the scrutiny of regulators and the demands of consumers, corporations are learning that managing risk is significantly different than it was even three years ago.
Severe Thunderstorms – Canada’s Billion Dollar Risk
September 1, 2003 David Lalonde & Dr. Tim DoggettAccording to the Insurance Bureau of Canada’s (IBC) “Facts 2002”, the individual perils that comprise severe thunderstorms – tornado, hail and straight-line winds – have been responsible for more than half of the natural catastrophe losses incurred by Canadian insurers over the past 20 years. While the earthquake threat in Canada is very real and must be managed, insurers should not ignore the risk of significant losses from severe thunderstorms.
Government Auto Insurance in Atlantic Canada: ‘Fool’s Gold?”
September 1, 2003 Dennis ProuseWith the possibility of government run auto insurance systems being touted about by the governments of the Atlantic Canada provinces, for insurers operating in the region as well as the insured public, this current uncertain time is a period of trepidation. A decision driven by politics rather than practicality and the age old wisdom of competition could well result in the region’s drivers and taxpayers paying a hefty price over the long-run.
Shining Light on the “Auto Claims Economy”
September 1, 2003 Vikki SpencerWith auto insurance losses over the past two years having left many insurers in the “dark” in terms of how to deal with the costing of the product, there was a certain irony behind a recently held conference which focused on relationships between the various vendors and manufacturers involved in the auto claims chain – for in the midst of the event, the “blackout of 2003” struck. However, despite the adversity of the power outage, the conference’s participants were upbeat regarding a “new light” of cooperation between the various players toward achieving cost efficiency.
The Talent War
September 1, 2003 Teresa HoweThe fact that there is a dearth of talented new recruits coming into the insurance and risk management fields is hardly hot news. There are more than 200 property and casualty insurance companies, 7,500 brokerages and 1,500 independent adjusting firms employing about 110,000 people, according to the Insurance Institute of Canada (IIC) – not to mention risk management professionals, lawyers, and others associated with the industry. With most insurance education programs boasting 100% placement rates for graduates, the question is why are young people not choosing insurance as a career?
Letters to the Editor (September 01, 2003)
September 1, 2003 by Canadian UnderwriterDear Editor, Don Callahan is likely correct in his statement that “I cautiously (my emphasis) add that Canadian licensed reinsurers, regardless of the precarious position of their parents, will have sufficient capital to support run-offs view of strong scrutiny in…
In Memory (September 01, 2003)
September 1, 2003 by Canadian UnderwriterThe insurance industry lost a long-time friend recently with the passing of John (Jack) Lawrence Charles Lyndon. Born in 1934, he was called to the Alberta Bar in 1962, and later served as Deputy Minister of Consumer & Corporate Affairs…
Modest Insurance Cost From Blackout Expected
September 1, 2003 by Canadian UnderwriterImpact from the blackout that hit the northeastern U.S. and parts of Ontario from Windsor to Ottawa should not be significant, insurance sources on both sides of the border say. The lights went out in Ontario just after 4:00 pm…
Ontario Auto Package Offers Tax Cut
September 1, 2003 by Canadian UnderwriterThe Ontario government has formally proposed additional changes to the auto insurance system on the heels of implementation of Bill-198. The program includes a reduction in the premium tax from 3% to 2%, which the government says should save policyholders…
Economic damage from Sobig virus estimated at US$7.05 billion
August 29, 2003 by Canadian UnderwriterThe month of August has been a challenge for computer networks, with two large viruses causing widespread damage, despite a drop in hacker attacks.In recent months, hack attacks had been a significant problem, largely politically motivated by the situation in…