P&C Super Summit 2003: Sins of the Past
August 1, 2003 Vikki SpencerOn the eve of Ontario’s launch of new regulations to reform the auto insurance system, leaders of the property and casualty insurance industry met to discuss the challenges and possible solutions to the dilemmas facing them. While auto dominated much of the debate, there was a clear understanding that the industry’s woes are manifold. Across all lines of business, from the reinsurance sector to the primary market, companies and indeed their clients are paying the price for too many years of soft pricing and poor industry performance.
Ontario auto “white paper” brings positive industry reaction
July 11, 2003 by Canadian UnderwriterInsurers are generally pleased with proposals set out in a new Ontario government “white paper” to further reform the auto insurance system.Many of the provisions are aimed at reducing health care costs and court awards on auto accident claims, something…
Negligence Versus Intention
July 1, 2003 William Blakeney of BLAKENEY HENNEBERRY MURPHYOf all liability claims that can be presented to an insurer, allegations of sexual abuse represent a special challenge. These claims often involve mixed elements of negligent and intentional acts. As well, there may be both innocent and culpable insureds seeking indemnity under the policy. A recent decision by the Ontario Court of Appeal has provided new direction which could have significant impact on insurers.
Insurers and Auto Makers – Put To The Test
July 1, 2003 Vikki SpencerNever before has the public spotlight been aimed so directly on the insurance industry. As rising auto insurance premiums fuel media and government attention, the insurance industry has shifted up in drive to educate the public on the impact of rising claims costs. At the recent AIM Forum in Toronto, auto insurers, manufacturers and suppliers met to discuss how the current auto crisis can be overcome.
Profile: Keeping the Pot Tasty
June 1, 2003 Sean van Zyl, EditorWhile not many insurers writing auto in Ontario would agree that Bill-59 – the Automobile Insurance Rate Stability Act – was the answer to their prayers in bringing about effective reform to a longstanding problematic product, not all would share their perspective. Rob Sampson, a member of provincial parliament (MPP) and the driving force behind the latest auto insurance product reform initiatives packaged under Bill-198, believes that legislative measures introduced in 1996 under Bill-59 achieved its purpose in stabilizing pricing and enticing insurers back into the marketplace. The current legislation, which will soon be publicized as regulations, is an extension of what Bill-59 set out to do, Sampson says. In this respect, the current market environment is not unlike that of 1996 when insurers’ appetite for taking on business had waned, he observes, which the latest reforms are aimed at bringing insurance companies back to the table.
MPI charges six with fraud
May 23, 2003 by Canadian UnderwriterFollowing a year-long investigation, Manitoba Public Insurance (MPI) has charged six people with insurance fraud. The six Winnipeg men face 15 charges stemming from six incidents that allegedly occurred between November 1998 and February 2003. The charges relate to incidents…
Auto theft stats on the rise: ICBC
May 20, 2003 by Canadian UnderwriterAuto theft statistics from 2002 show the crime is on the rise in B.C., says that province’s public insurer.The Insurance Corp. of B.C. (ICBC) says auto theft was up 7% last year, with 23,670 vehicles reported stolen. On top of…
Profile: Mutual Attraction
May 1, 2003 Vikki SpencerSince their inception in 1696 in London, England, mutual insurers have outlived the ups and downs of the insurance industry cycle, competition from large multi-national carriers and even changes to their own operating style. In Canada, their presence has been felt in rural communities and beyond since 1836. Today, members of the Canadian Association of Mutual Insurance Companies (CAMIC) represent annual premiums of about $1.2 billion and serve 1.5 million policyholders, or about 6% of the total Canadian marketshare. CAMIC president Normand Lafreniere says that, although the issues impacting mutual companies have changed over the last 150 years, their foundation of cooperation remains.
Broker Management: Beyond “Crap”
May 1, 2003 Rick BaumanWhy are the roles of selling, servicing and processing often blurred in brokerages? It usually points back to the principal and executive team. A clear definition of accountabilities can get the right people in the right jobs.
Secret Recipe to Efficiency
April 1, 2003 AxiomThe company’s semiannual meeting of our “broker liaison group” had gone well. These “BLG” gatherings were often referred to as the “bitching, lying and gloom sessions”, however, this one had moved along quite smoothly. Our president had first welcomed our…
Toyota, Honda top theft list in 2002
March 20, 2003 by Canadian UnderwriterIn a study by U.S.-based technology firm CCC Information Services Inc., the 1998 Toyota Camry topped the theft list last year for the fourth time in the last five years. Falling second is the 1991 Camry, 2001’s top theft target.Imports…
Views (March 01, 2003)
March 1, 2003 by Canadian UnderwriterThe Toronto Insurance Women’s Association Patron of the Year Award was presented to Simmlands Insurance Brokers Ltd. A session led by I Promise Program executive director Gary Direnfeld will now qualify brokers for a RIBO technical credit. Direnfeld has been…