B.C. Brokers Conference: On a Collision Course
August 1, 2001 Vikki SpencerWith the potential deregulation of the British Columbia auto insurance market, insurers, brokers and the government insurer are set on a collision course. At the recent Insurance Brokers Association of B.C. (IBABC) conference in Kelowna it was clear that insurers see winning over the association and its members as key to their successful introduction into the market. But private insurance will be a tough sell, with brokers wondering just what, if any, benefits will come with open competition.
System Breakdown: shortage of “e-covers”
August 1, 2001 George Cooke and Anne MacKenzie of Dominion of Canada General InOne of the biggest challenges insurers face is dealing with the non-tangible and borderless world of e-commerce. Reinsurers have already imposed strict cover limitations, and insurers are finding it extremely difficult to offer their customers effective risk solutions. However, if the industry plans on retaining its customer base and growing it as the business environment increasingly moves toward e-commerce, then cyber risk solutions will have to be found.
Insurance Pricing Boosts Captive Recovery
August 1, 2001 Andrew RickardIn a press release issued in early May, the American Council of Insurance Agents and Brokers announced the results of their first quarter survey. It showed rates rising significantly, with close to 90% of responding brokers suggesting that rates for…
Auto Insurers, Watch Out for That “Strike Suit”
August 1, 2001 William Blakeney, of Blakeney Henneberry BakshThe outcome of a class action lawsuit filed in Ontario against the Co-operators General Insurance Co. in an attempt to reclaim amounts the insurer allegedly gained from salvage following a total loss write-off of a vehicle and deductible charged to the insured, could herald a new attack of “strike suits” against auto insurers
Insurers respond to riots (August 01, 2001)
August 1, 2001 by Canadian UnderwriterIn the wake of Canada Day riots that rocked the city of Edmonton, insurers are stepping up to deal with claims from local businesses, says the Insurance Bureau of Canada (IBC). Estimates of damage are in the hundreds of thousands…
Measuring Success Through Data Mining
August 1, 2001 Henry Hong, chief product architect, IDEA System, Insurance BureBy the end of this summer, Canada’s insurance information is expected to be available for individual insurers to conduct customized market analysis and benchmark their performance against the industry. The Insurance Bureau of Canada (IBC) will introduce the Insurance Data…
Alberta Government Warns Public Against Unlicensed Insurers
July 6, 2001 by Canadian UnderwriterEarlier in the week, the Alberta government warned consumers about purchasing insurance from unlicensed insurers. According to an Insurance Bureau of Canada (IBC) news release issued about the warnings, injunctions have been obtained against Combined Services Ltd., Citadel General Surety…
Insurers respond to riots (July 06, 2001)
July 6, 2001 by Canadian UnderwriterIn the wake of Canada Day riots that rocked the city of Edmonton last week, insurers are stepping up to deal with claims from local businesses, says the Insurance Bureau of Canada (IBC). Estimates of damage are in the hundreds…
WHAT COMES AROUND…
July 1, 2001 by Canadian UnderwriterThe reason for cyclical rate peaks and valleys in the international insurance and reinsurance market always comes down to the issue of supply.; By Glenn McGillivray, assistant vice president & head of corporate communication at Swiss Reinsurance Co. Canada
RIMS CONFERENCE 2001: ON THE WORLDSTAGE
July 1, 2001 Vikki Spencer“We stand on the verge of an incredible opportunity.” With these words, incoming Risk and Insurance Management Society president David Mair opened the society’s 2001 conference in Atlanta. The opportunity, he says, comes from the changing insurance market, and the…
Canadian Insurance Congress 2001: A CULTURAL CRISES
July 1, 2001 Sean van Zyl, Editor“We haven’t seen [adverse financial] conditions such as this in the last 50 years,” says the Insurance Bureau of Canada’s (IBC) chief economist Paul Kovacs. As one of the opening speakers at this year’s Canadian Insurance Congress, Kovacs points out…
A SURE HAND AT THE WHEEL
June 1, 2001 AxiomWith my boss, Fred Wilson, at the wheel, we maneuvered the comfy van on to the highway and headed for the golf course. As manager of the company’s downtown branch, Fred was in close daily contact with many of our…