Outsourcing: Regulators Take Notice
March 1, 2004 Brian ReeveOne of the most important trends to have evolved in the insurance industry is the use of outsourcing to reduce costs and improve the quality of service to customers. Most insurers have already reduced their costs as much as possible. However, the use of outsourcing, particularly to offshore low-cost jurisdictions, is rapidly becoming unavoidable in order to remain competitive in the insurance industry.
ICLR study casts light on government role in disaster mitigation
February 19, 2004 by Canadian UnderwriterA new study released by the Institute for Catastrophic Loss Reduction (ICLR) encourages government to put resources towards disaster mitigation and gives specific direction on what form government action should take on this issue.In “The Role of Government In Services…
Voll named IBC chief economist
February 3, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has named acting chief economist and vice president of policy development Jane Voll to take over the position permanently.Voll had been filling the chief economist role since October 2003 when Paul Kovacs moved over…
Reconfiguring CSIO
February 1, 2004 Vikki SpencerWhen David Patrick took over the top spot at the Centre for Study of Insurance Operations (CSIO) eight months ago, it was an organization in need of an overhaul. Its major undertaking, the internet portal to link brokers and insurers, was over budget and off track. But, Patrick relishes the role of the “turnaround artist” and says with the renewed support of all within the insurance industry, the CSIO portal will become reality.
Canadian Insurers’ 3-Q Results Dampened by Large Cat Hits
January 1, 2004 by Canadian UnderwriterThe Canadian property and casualty insurance industry saw its net profit for the third quarter of this year fall by 20% to $517 million compared with the previous quarter’s $644 million. The biggest single cost impact incurred by insurers during…
BC Forest Fires: A Time of Need
January 1, 2004 Wendy HillierThe storm of wild fires that ripped through British Columbia was a watershed for the Canadian insurance industry – not only did it represent one of the most significant losses in history, but it was also a test of the industry’s ability to rise to the claims challenge.
Canadian insurers’ 3-Q results dampened by cat hits
December 15, 2003 by Canadian UnderwriterThe Canadian property and casualty insurance industry saw its net profit for the third quarter of this year fall by 20% to $517 million compared with the previous quarter’s $644 million. The biggest single cost impact incurred by insurers during…
Letters to the Editor (December 01, 2003)
December 1, 2003 by Canadian UnderwriterThe recent debate regarding automobile insurance rates in Nova Scotia has overshadowed the significant and positive impact that the industry has had in dealing with the huge volume of Hurricane Juan related claims. We recently wrote to the Nova Scotia…
New risks challenge insurers and corporate clients
November 11, 2003 by Canadian UnderwriterAs Canadian businesses face a new host of risks, the applicability of insurance as the proper means to cover those risks is coming into question, according to experts from KPMG LLP.SARS, blackouts, floods and hurricanes experienced through 2003 have put…
Hurricane Juan damage pegged at $85 million
November 7, 2003 by Canadian UnderwriterDamage in the wake of Hurricane Juan in Nova Scotia and PEI will cost insurers more than $85 million, says the Insurance Bureau of Canada (IBC).In Nova Scotia, property damage is estimated at $76.5 million, with PEI hitting $5.7 million.…
Reinsurance Strategies 2003: Signs of Recovery
November 1, 2003 Vikki SpencerFor an industry that was on the brink of disaster less than a year ago, reinsurers can take pride in the financial turnaround seen thus far for 2003. But, CEOs offering their insights to CU’s annual yearend treaty outlook are…
Canadian Risk Managers: Change in the Air
November 1, 2003 Vikki SpencerThree years ago, risk managers were focused on how to promote their profession. Now, for better or worse, risk management is center stage. But, what will risk managers do with their newfound fame? At this year’s RIMS Canada conference, risk managers “took the bull by the horns” and talked about how to make the most out of the intense pressure they are currently under, to finally advance the cause of enterprise risk management in their organizations.