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…
Aces high
February 1, 1999 by Canadian UnderwriterBermuda-based ACE Ltd., listed on the NYSE, has acquired the global property and casualty insurance operations of CIGNA Corporation for US$3.45 billion. Subject to regulatory approval by the end of June this year, the deal will be cash financed which…
Earnings squeeze on U.S.
February 1, 1999 by Canadian UnderwriterU.S. insurers will feel the earnings pinch this year, with many companies forced to take on riskier investment exposures to bolster their bottom-lines, says Ernst & Young’s 1999 “State of the Insurance Industry” report. Other findings warn the U.S. property…
Call centres notch premiums
February 1, 1999 by Canadian UnderwriterPremiums generated by call centres in Canada have risen by 96% since 1994, says Ted Belton who addressed the Strategy Institute Call Centre Conference recently. Belton notes the more traditional distribution methods generated premiums at a lower 20% growth rate…
Third quarter data shows cat costs
February 1, 1999 by Canadian UnderwriterThe U.S. property and casualty insurance industry posted US$23.2 billion in net taxed income for the first nine months of 1998, showing a 15% drop from the $27.4 billion made over the same period in 1997. The decline is attributed…
AutoRate Warning
February 1, 1999 Linda Matthews, COO of Royal & SunAllianceOntario’s auto insurance regulations under Bill 59, and the latest revisions under Bill 90, have created a unique legislative environment in the provincial governing of consumer insurance. So much so that several provincial insurance regulators have eyed the legislation as…
Jokers Wild
February 1, 1999 Sean van Zyl, EditorJust over half a year has elapsed since the burial of Synchron. Since then, little appears to have been achieved in finding a replacement solution to the industry’s drive for a single interactive technology interface solution. Add to which, recent…
On The Move (February 01, 1999)
February 1, 1999 by Canadian UnderwriterHannover Re has announced the appointment of Dr. Detlef Steiner to the Executive Board at Hannover Re for the North American market, for worldwide facultative reinsurance and claims. Until 1998, Steiner was a member of the Corporate Executive Board at…
Bill 59 revised
January 1, 1999 by Canadian UnderwriterThe legislative fine-tuning of Ontario’s auto insurance product under Bill 59, which carried through last month with the passing of Bill 90, was generally lauded by insurance, legal and medical professionals at a review seminar held by the Insurance Institute…
On The Move (January 01, 1999)
January 1, 1999 by Canadian UnderwriterSt. Paul Canada recently appointed Brad Tamblyn to the position of assistant vice president-Ontario region, responsible for leading the Corporate Accounts Underwriting team which markets commercial insurance products. Tamblyn has 16 years of experience including a significant background in liability…
Do virtual insurers dream of electric premiums?
January 1, 1999 by Canadian UnderwriterTomorrow’s insurers may become virtual companies that interact electronically with customers, while driving down costs and improving speed to market, a leading business futurist predicted at the opening of the U.S. Insurance Services Office Inc.’s (ISO) InsTech98 Conference. Dr. Bill…