Hopes and Resolutions
January 1, 2001 Sean van Zyl, EditorWhile 2000 was the year that “should have been, but wasn’t” in terms of industry price corrections, Canadian insurance CEOs appear to be approaching the new financial year with a steely and determined discipline. In fact, they should. After two…
Outsourcing finding efficiency
January 1, 2001 David CarrThe recent advancement of outsourcing within the property and casualty insurance industry – which today has seen the breadth of functions affected ranging across the various areas of the business compared with the past’s narrow application to the investment management…
Demystifying group business
January 1, 2001 Brian Reeve, a senior at Cassels Brock & Blackwell LLPOne area of great confusion that exists in the insurance market in Canada today is the status of group property and casualty coverage. The advantage of group coverage is that it can be sold without a licensed broker being involved.…
FINDING RELIGION
January 1, 2001 Vikki SpencerInsurers look to the bottom-line
Auto theft costs draw concern
January 1, 2001 by Canadian UnderwriterRoughly half of the amount paid by insurers through claims resulting from comprehensive auto cover on new vehicles is caused by theft, the Insurance Crime Prevention Bureau (ICPB) and the Vehicle Information Centre of Canada (VICC) recently disclosed. At a…
U.S. cat costs drop
January 1, 2001 by Canadian UnderwriterU.S. insurers experienced their lowest quarterly catastrophe related loss for the third quarter of this year since 1990, says the Insurance Services Office (ISO). The overall cat loss for the third quarter amounts to US$315 million based on three events…
Healthcare: a Tear in the Claims Management
January 1, 2001 Sean van Zyl, EditorIn the few short years between 1991 and 1998, the cost of healthcare as a percentage of auto claims across Canada rose on average by almost a third to the point where amounts paid out by insurers toward vehicle damage/loss…
Third-quarter results stall on claim losses
January 1, 2001 by Canadian UnderwriterThe Canadian property and casualty insurance industry’s net income for the first three quarters of 2000 rose by 9% to $261 million against the $239 million reported at the end of September 1999. This modest growth in earnings for the…
The Year of Business
January 1, 2001 Sean van Zyl, EditorFirst came the “dot.com startups”, then came the “dot.com crashes”. The year that Internet business is expected to break the backbone of traditional business operators has been widely and inaccurately predicted for some time, speakers at the Insurance Information Centre…
Legal Rates: Judgement Awaits
December 1, 2000 Sean van Zyl, EditorA controversy which has been simmering for several years now could boil over at any moment with the consequence being higher and more frequent court damage awards being made against insurers, predict senior partners of litigation defense firms. The issue…
Magtec meets VICC standards
December 1, 2000 by Canadian UnderwriterIn its drive to promote the use of electronic vehicle immobilizers as an alternative to car alarms and other devices, the Vehicle Information Centre of Canada has approved the use of the Magtec 6000. The device, distributed by Calgary-based Magtec…
Reinsurance Strategies
December 1, 2000 Vikki SpencerInadequate rates, worldwide catastrophic losses and consolidation in the primary market created dismal results for reinsurers in the past few years. But could there be a light on the horizon? CU’s survey of Canadian reinsurance CEOs suggests change is in the wind, with rates set to rise this year and companies charting a course for profitability in the future.