U.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.
Susan Meltzer, president of the Risk and Insurance Management Society (RIMS) for the 1999/2000 term, bridled in her opening comments in the panel discussion to a previous reference made by a seminar speaker at the RIMS’ “Operational Risk Management” conference…
The repeal of the U.S. Glass-Steagall legislation toward the end of last year has opened what many in the property and casualty insurance industry see as a “Pandora’s box”. The legislation was replaced with the Financial Services Modernization Act of…
The 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…
The 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…
Crawford Adjusters Canada has announced the appointment of Santo Carbone as vice president of corporate services. He replaces retiring Rex Stephenson. Carbone has 20 years of experience as an adjuster with expertise in claims management, customer relations and problem solving.…
The cost of risk has risen in the U.S. but dropped in Canada, according to the recently released Risk & Insurance Management Society (RIMS) 1999 Benchmark Survey. The annual report, co-authored by Ernst & Young, polled 737 American and 79…
The 1999 third quarter returns for both Canadian and U.S. property and casualty insurers show little improvement in net earnings, with the return on investment of both sectors now hovering at around the 7% mark. The real problem child surfacing…
The North American Insurance Conference, recently held in St. Petersburg Beach, Florida, drew an equal crowd of Canadian and U.S. insurance attendees, the event speakers covering a broad range of subjects from reinsurance market conditions through to the impact of…
As the company’s senior marketing representative, this occasion was a command performance for me. My company was unveiling its new and improved 24-hour claims service, which included a fleet of modern cell phone, fax and computer-equipped cars to take our…
The “just-in-time” (JIT) efficiency supply process has over recent years become more than just a popular fad among manufacturers, it has become an engraved business philosophy having produced significant operating savings to companies. However, when evaluating commercial coverages, insurers need to carefully weigh up all the risk factors associated with JIT.
Welcome to a bright new bushy-tailed beginning of a year, or for that matter a new millennium, depending on your sentimental versus mathematical calculation. And, indeed, it would appear to be a bright year ahead, with fat company surpluses on…