Extreme Perils
June 1, 1999 Sean van Zyl, EditorNatural disasters such as extreme weather, a volcanic eruption or an earthquake, are often quaintly referred to in the insurance world as “Acts of God”, adverse events which are seemingly unexplainable or beyond man’s control. Noticeably, the economic and insurance…
1998 in perspective
June 1, 1999 Don Smith, Chairman of Trac Insurance ServicesLast year I predicted 1998 would bring back a deteriorating trend to the property and casualty insurance industry. In addition to the January ice storm, I felt that the continuing “soft market” would have a negative impact on underwriting results.…
Letters (June 01, 1999)
June 1, 1999 by Canadian UnderwriterDear Editor, You are to be complimented on an excellent feature article, in the April Underwriter, on the threat posed by the big banks. The Independent Life Insurance Brokers of Canada have many members who also hold a p&c license.…
The Safety Equation
June 1, 1999 Sean van Zyl, EditorRecent months have seen increased pressure being brought to bear by the private property and casualty insurance industry to deregulate the monopoly positions of provincial government insurers. Due to its sheer size and control of one of Canada’s largest consumer…
Canadian insurance earnings plummet
April 1, 1999 by Canadian UnderwriterJanuary ice storm losses, rate cutting and poor investment returns are the major culprits pointing to a 42% drop in property and casualty insurers’ earnings to $1.137 billion for 1998 compared with 1997’s earnings of $1.960 billion, says Paul Kovacs,…
globally Speaking
April 1, 1999 Sean van Zyl, EditorThe CICMA and CIAA 99 Joint Conference – held in Toronto in February – focused on the competitive challenges reshaping the p&c insurance industry. The overall message delivered at the event was clear: the process of industry change, mainly as…
Banks will be hard to regulate, says Cooke
April 1, 1999 by Canadian UnderwriterProperty & casualty insurance is a pure risk product that must be kept separate from the financial, wealth management and investment-based services provided by life insurers and banks, George Cooke, president of Dominion of Canada General Insurance Company, told a…
Queensway hits investment snag
April 1, 1999 by Canadian UnderwriterTSE-listed Queensway Financial Holdings (QFH) posted a 59% drop in earnings a share to 52c for the financial year ended December 1998 compared with the previous year. The company’s directors attribute the earnings decline primarily as a result of a…
Batten down the hatches FOR 99
March 1, 1999 Lowell Conn and Sean Van ZylReduced profitability, rising underwriting losses, increased competition and higher technology costs are likely to form the stage for the North American property and casualty insurance industry in 1999, according to the vast majority of respondents in an Insurance Information Institute (III) survey conducted at the annually held Joint Industry Forum which recently took place in New York City.
The lights dim on
March 1, 1999 Ted Belton, director of research at RBC Underwriting ManagementThe fair-weather profit years which the property and casualty insurance industry has enjoyed since the mid-1990s is likely to run into a storm in 1999 with companies generating single digit returns on equity (ROE). Projections based on third-quarter StatsCan data…
the Davids and the Goliath
March 1, 1999 Shelley BoyesSince Saskatchewan’s decision to introduce public auto insurance in 1946, the advancement of government insurers across the provinces has been a sharp thorn in the side of Canada’s private property and casualty insurance industry. The “socialist disease” of government-run auto…
Risk Management: It’s a Buyer’s Market
March 1, 1999 Lowell Conn and Sean van ZylDespite deteriorating conditions in the property and casualty insurance market, insurers continue to slash already low premium rates. Market observers forecast this trend to continue for at least 24 months as insurers prioritize marketshare over revenue prosperity. Simply put, the…