MPI releases first “top frauds” list
January 8, 2004 by Canadian UnderwriterTo bring fraud fighting into the spotlight, Manitoba Public Insurance (MPI), the province’s government auto insurer, has released its first ever “top five frauds” list.Topping the list is a Winnipeg man who dumped and set fire to his mother’s car…
Moments In Time (January 01, 2004)
January 1, 2004 by Canadian UnderwriterEach month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
Peripatetic Rep: Taxing Times…
January 1, 2004 by Canadian UnderwriterWith the soft “thump, thump” sound of my wiper blades as background, I drove slowly down the town’s snow-clogged main street, peering through a half-frozen windshield at the blizzard outside. Finally, I spotted the welcoming light of the small restaurant…
Fraudulent cyclist tops list of insurance scams
December 18, 2003 by Canadian UnderwriterA scamming cyclist tops the list of insurance frauds for 2003, according to the annual survey by the Insurance Bureau of Canada (IBC). While the list makes light of ridiculous insurance frauds committed each year, fraud is no laughing matter,…
SUV bumpers rated poor in low-speed collisions
December 1, 2003 by Canadian UnderwriterIn two separate crash test studies, midsize SUVs (sport utility vehicles) fared relatively worse at lower speeds, according to research by the U.S. Insurance Institute for Highway Safety (IIHS). In tests simulation 40 mph frontal offset crashes, eight of nine…
On The Move (December 01, 2003)
December 1, 2003 by Canadian UnderwriterThe Insurance Bureau of Canada operations at 240 Duncan Mills Rd. are moving to 2235 Sheppard Ave. East, Toronto. Enterprise Rent-a-Car has named Jim Thompson as vice president and general manager of its Alberta group. He has been with the…
Tiburon tops IBC “most stolen vehicles” list for fourth year
November 10, 2003 by Canadian UnderwriterFor the fourth year in a row, the two-door Hyundai Tiburon has been listed as the “most stolen car in Canada” by the Insurance Bureau of Canada (IBC). But this could be the last year, as the vehicle maker have…
Letters to the Editor (October 01, 2003)
October 1, 2003 by Canadian UnderwriterDear Editor, Attached is a copy of a letter I sent to Rob Sampson MPP… To date there has been no response. When is the industry going to publicly explain their situation and counter all the bad press being given?…
Managing Vehicle Theft
October 1, 2003 Serge Laporte, Boomerang Tracking Inc.Automobile theft costs Canadians close to $1 billion every year. To combat this alarming trend, vehicle owners should adopt a more proactive technological approach to risk management – and the insurer must provide the incentive to do so. Automobile insurance…
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.
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.
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?