Coming Events (March 01, 2000)
March 1, 2000 by Canadian UnderwriterAnnouncements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. Toronto Insurance Women’s Association:…
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.
Technology: Reaching for the Future
February 1, 2000 Lowell ConnThe 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…
Up In Smoke
February 1, 2000 Sean van Zyl, EditorThe fact that one of Hollywood’s recent creations “The Insider”, which is based on behind-the-scenes dirty tricks employed by opposing parties in the U.S. anti-tobacco wars, achieved such box office success clearly indicates rising public interest in tarring cigarette manufacturers…
DEVELOPMENT OF THE STANDARDS
February 1, 2000 by Canadian UnderwriterOn the invitation of the Office of the Superintendent of Financial Institutions, the Insurance Bureau of Canada (IBC) formed a working group in 1998 to prepare a set of draft standards of sound business and financial practices for property and…
Zurich rumored bid for Royal & SunAlliance
February 1, 2000 by Canadian UnderwriterThe British-listed stock price of Royal & SunAlliance has skyrocketed on rumors of a planned multi-billion dollar bid for the company by Zurich Financial Services. No comment has been made by either the Zurich or Royal & SunAlliance global head-offices.…
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…
The Face of REGULATION
February 1, 2000 David CarrTechnology, 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.
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,…
Coming Events (February 01, 2000)
February 1, 2000 by Canadian UnderwriterAnnouncements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. Ontario Insurance Adjusters Association:…
STANDARDIZING CARRIER RISK
February 1, 2000 by Canadian UnderwriterProperty and casualty insurance companies — by the nature of their business — face many risks. When does a particular exposure become grave enough to pose a material risk and a threat to a company’s solvency? At the recently held 8th Annual KPMG Insurance Issues Conference, in Toronto, KPMG’s Wendy Mills and Tracy Capstick examined emerging standards for p&c insurers.
Alternative Dispute Resolution: “Virtual Settlement” online
January 1, 2000 Gary Winston, Director and General Manager of Canadian OperationPressed with rising claim costs and cutthroat pricing, insurers are having to look for cost-effective ways to reduce operating costs. Technology is expected to play a significant role in this respect in coming years, however an area offering enormous short-term scope is electronic settlement of casualty losses. Virtual settlement has finally come to Canada.