What are some of the world’s reinsurers doing to move forward amid what has been the worst market downturn in recent memory?
In April, the Canadian government stopped underwriting domestic credit insurance. This is a welcome response to our ongoing industry lobby. This breakthrough shows that a persistent and sustained effort is the key to eventually convince governments to also exit other insurance businesses across Canada.
Emerging technologies are having a great impact upon the insurance industry, in particular the adjusting field. One innovation that is leaving its mark on adjusting in particular is digital photography. Incorporating photos into insurance reports is critical to developing comprehensive…
The answer to industry automation might never have been the Synchron Project or any vendor based initiative. There is rising sentiment that it always was the internet. This industry-wide realization has struck home, and insurers are now rushing to get…
Technology, globalization, deregulation, consolidation and demutualization. These are the forces of change shifting the ground beneath the world’s financial services industry. Such change is drawing into question the effectiveness of regulators such as Canada’s Office of the Superintendent of Financial Institutions (OSFI) to remain relevant to its role, particularly in light of the new non-traditional players such as technology companies in financial services.
Welcome to a bright new bushy-tailed beginning of a year, or for that matter a new millennium, depending on your sentimental versus mathematical calculation. And, indeed, it would appear to be a bright year ahead, with fat company surpluses on…
One of the grayest areas of claims management is effective assessment of occupational related disabilities. In determining a claim settlement, the insurer not only has to judge the merit of the claim presented, but as well the accuracy of the assessment data used. However, the latter is now an area which can be more effectively managed through professional and well documented “functional evaluation” (FE) procedures.
The “just-in-time” (JIT) efficiency supply process has over recent years become more than just a popular fad among manufacturers, it has become an engraved business philosophy having produced significant operating savings to companies. However, when evaluating commercial coverages, insurers need to carefully weigh up all the risk factors associated with JIT.
Sports insurance is a specialty-lines oddity. It is unprofitable business marred by rising loss payouts not accurately balanced by the premiums generated. It is a competitive market where premium prices should be two or three times their current rate, insiders…
The 1990s will likely go down as the most momentous period in the modern history of the property and casualty insurance industry, a senior executive with experience dating back to the post WWII era recently stated. From “riches to rags,”…
The Insurance Bureau of Canada (IBC) recently completed a survey in conjunction with management consultants Deloitte & Touche to identify what internal risk control procedures property and casualty insurers have or should be applying in evaluating strategic, operational and capital…
The recent acquisition of insurance wholesale broker KMS Insurance by consolidator The Hub Group emphasizes the change consolidation is bringing about throughout the broker distribution channel. Wholesale brokers and managing general agents have been brought into the market fray of soft rates and the eternal drive for cost-efficiency. Is there a future for this particular breed of broker — most of the players believe so, but each appears to be taking a different course.