Can insurers and reinsurers change their colors? This was the ultimate question raised by financial analysts and industry CEOs at the 2002 National Insurance Leadership Symposium, which was recently held in San Francisco. From a broader perspective, the commentators analyzed developments in global market capacity following the terrorist attacks of September 11. While many were optimistic of a financial recovery for both the reinsurance and primary insurance sectors, doubts were raised to whether the September 11 events, and the firming of the industry price cycle before and in the aftermath of the attacks, will provide sufficient long-term momentum toward achieving the necessary financial returns expected by corporate shareholders.
As Hurricane Michelle raged through the Bahamas, members of the insurance industry from both sides of the border congregated in Florida to assess where the market is headed, post-September 11. Overwhelmingly, speakers agree that despite the 9/11 tragedy, the event has shaken the industry out of complacency. With shrinking reinsurance capacity and lingering doubts about the availability of coverage, insurers and reinsurers alike are moving forward with a resolve to bring both rates back into positive territory and focus on responsible underwriting.
In the continually evolving world of claims, adjusters are dealing with new pressures daily. The demands of loss cost reduction, increasing customer expectations, changing regulations and technology may, however, cause a return to the foundations of good adjusting. For incoming Ontario Insurance Adjusters Association (OIAA) president Louise Rivett, the keys to adjusting in the new world are simple – good customer relationships and strong knowledge and skill base. With mergers and acquisitions shrinking the marketplace, the pressure is increasing on adjusters to have the right skills and latest knowledge.
From a risk management perspective, Chlordane is possibly the most pervasive environmental problem ever heard of. Yet, it is one that, like termite infestation which the chemical was created to combat, may well prove to be a festering “legal plague” for Canadian insurers.
First enacted in June 1998, Quebec’s financial services intermediary legislation, Bill-188, has reached a critical stage in its implementation. Starting from September this year, financial intermediaries including property and casualty insurance brokers will be subject for the first time to earning compulsorily continuing education credits, while other contentious sections of the law still have to be put into effect.
Following disclosure by Insurance Corporation of British Columbia (ICBC) chair Nick Geer of an expected $150 million loss for the current financial year, the Insurance Bureau of Canada (IBC) has called on the B.C. provincial government to conduct an independent…
Following disclosure earlier this week by the Insurance Corp. of British Columbia (ICBC) of an expected $150 million loss for the current financial year, the Insurance Bureau of Canada (IBC) has called on the B.C. provincial government to conduct an…
Property and casualty insurers have gained a temporary reprieve from the Office of the Superintendent of Financial Services (OSFI) on implementation of the regulator’s proposed reporting of discounted unpaid claims, according to the Insurance Bureau of Canada (IBC). The new…
In 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…
“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…
Property and casualty insurers have gained a temporary reprieve from the Office of the Superintendent of Financial Services (OSFI) on implementation of the regulator’s proposed reporting of discounted unpaid claims, according to the Insurance Bureau of Canada (IBC).The new reporting…
Dear Editor, I read with interest your article on e-insurance in the March edition of Canadian Underwriter. Canada Life is the majority owner of Kanetix, with remaining ownership held by its employees. The Kanetix website provides information on Canada Life’s…