Developing niche lines of business: The garage sale closed
March 1, 2000 by Lowell ConnWhen the “garage sale” begins and market players undercut one another, nowhere is the reverberations felt any stronger than the specialty lines business. Niche operators want the message to be clear: “Stay out of out of our business”. More to…
Car thefts Top Cop
March 1, 2000 Lowell ConnTen years ago, auto theft was not big business organized crime that it has become today. About 97% of stolen cars were recovered then. Today, that figure has dropped to 60%. Some attribute the change to a more organized crime…
U.S. Insurers look beyond the ratio
March 1, 2000 Lowell Conn & Sean van ZylU.S. insurers are fortifying themselves for lower profitability and a higher operating ratio in the coming year, a survey revealed at the 2000 Property & Casualty Insurance Joint Industry Forum recently in New York City. Industry chiefs insist that, despite heightened merger and acquisition in the year ahead, the overcapitalized insurance environment could soon be swept away by an abundance of cost-absorptive changes.
After market parts litigation hits Canada
February 1, 2000 by Canadian UnderwriterInsurance companies in Canada are feeling the impact of the late 1999 U.S. aftermarket parts class action trial that resulted in a $1.18 billion award against State Farm Insurance. The insurer was found to have failed to perform its obligation…
Federation purchase boosts Economical to fifth spot
February 1, 2000 by Canadian UnderwriterThe Economical Insurance Group has signed an agreement to purchase Montreal-based auto and property insurer Federation Insurance Company of Canada, a transaction that boosts the Waterloo-based company to number five nation-wide in total premium volume. Federation’s written premium is expected…
On The Move (February 01, 2000)
February 1, 2000 by Canadian UnderwriterQueensway Financial Holdings Limited has announced the appointment of Glenn Gibson as chief financial officer of Queensway replacing Cathy Wilson. Gibson brings more than 17 years of financial management to his new role. Chubb & Son vice president John Owens,…
Registry goes ONLINE
February 1, 2000 Lowell ConnThe North American Export Committee (NAEC) brought car theft stakeholders together to discuss the crisis on a continent-wide level. Canadian insurers, though, continue to do battle with car thieves on this side of the border, relying on a variety of…
Turn the Headlights On
February 1, 2000 Sean van Zyl, EditorArecently held KPMG seminar on e-commerce application opened with a quote from Bill Gates: “Business is going to change more in the next ten years than it has in the last fifty…If the 1980s were about quality and the 1990s…
Kingsway hosts Analysts & Investors Day
December 1, 1999 by Canadian UnderwriterPrices will firm up and standard insurers will tighten underwriting rules, Kingsway Financial Services Inc. president Bill Star says, addressing media and stakeholders at the company’s first annual Analyst & Investor Day. “The result could see more business bypassing standard…
North American initiative tackles CROSS-BORDER AUTO THEFT
December 1, 1999 Lowell ConnThe North American Export Committee (NAEC), formed to combat cross-border movement of stolen vehicles in North America, recently met in Jacksonville, Florida. Canadian and U.S. insurers, customs officials, law enforcement agencies such as the FBI, RCMP and port authorities, came together with auto manufacturers to deal with what is clearly becoming a growing thorn in the foot for the property and casualty insurance industry.
B.C.’s collision repair industry under the Spotlight
December 1, 1999 Brian Harper, editor of Bodyshop MagazineThe recently held Insurance Corporation of British Columbia’s (ICBC) auto repair symposium drew focus on the forces of change sweeping through the industry, in particular the close relationship that exists between property and casualty insurers and shop operators. Similar to the cost-efficiency driven rationalization occurring across other provinces, B.C.’s own market should be preparing for change if the existing independent players plan on surviving into the new millennium, the speakers warn.
VICC approves deterrent
December 1, 1999 by Canadian UnderwriterIn a post NAEC media conference, VICC president Henning Norup says the organization has approved its first “after market” anti-theft deterrent system, where the device has been fitted to the vehicle other than the manufacturer. The Autowatch 329 Ti immobilizing…