DARWINISM: a new philosophy driving consolidation
April 1, 2001 Sean van Zyl, EditorIs big really better? Can companies operating in the new global order that would seem to be defining the rules of business governing the property and casualty insurance industry afford not to buy up or get out? These were pivotal issues debated by senior leaders of North American insurance companies at a “national leadership symposium” held in San Francisco and jointly sponsored by The Council of Insurance Agents and Brokers and investment banker Russell Miller Inc.
Driving Economics
April 1, 2001 Sean van Zyl, EditorThe business environment facing Canada’s property and casualty insurers over the year ahead is going to be tough, with the industry having closed the 2000 financial year with its first quarterly net loss since the 1970s and a dismal 6.2%…
ON TOP OF THE WORLD
April 1, 2001 Vikki SpencerThe Risk and Insurance Management Society (RIMS) welcomes the world to Atlanta, Georgia this year. For incoming president David Mair, the annual conference will be a time to celebrate new efforts to increase RIMS’ international flavor. As the world of business becomes “borderless”, the profession is challenged to expand its own boundaries. And lest Canadian members think they will be swallowed up in a larger, more global society, Mair says an increased focus on what makes the Great White North special is taking shape at RIMS.
THE CYBER RISK: protecting non-property losses
April 1, 2001 Fred Shurbaji, underwriting manager of Chubb & Son's departmentIn a relatively short period in the historical record of mankind’s social development and exploration, technology advancements over recent decades have thrust us beyond what anyone three generations past could possibly have envisaged. But, with the rewards of advancement also comes risk, and similar to the charting of hidden reefs by early sea trade merchants, modern-day businesses need to identify and defend against their online technology risks – both tangible and non-tangible property.
claims 2001: COURTING DISASTER
April 1, 2001 Vikki SpencerTrends emerging in claims handling suggest that adjusters will be busy in the year ahead, delegates at the recently held Ontario Insurance Adjusters Association conference were told. Fraud and litigation were central topics, with speakers predicting new perils in bad faith and class action lawsuits.
BRIDGING the paper – digital document divide
March 1, 2001 Robert Finlay, director and general manager, financial services,The spread of computer technology in the business world brought with it the promise of the “paperless” office. But, as it turns out, a great future of hyper efficiency and zero waste has become buried under a mountain of paper.…
Writing e-Law into the books
March 1, 2001 Vikki SpencerAs the world of insurance moves online, new laws are being established to validate online transactions, as well as protect consumer interests. Electronic signature and privacy legislation being enacted at both the federal and provincial levels will challenge the industry…
XL buys Winterthur International
March 1, 2001 by Canadian UnderwriterBermuda-based XL Capital Ltd. has acquired global corporate risk specialist underwriter Winterthur International from the Credit Suisse Group for an undisclosed amount. Credit Suisse retains its holding in commercial insurer Winterthur Insurance which operates through The Citadel Assurance in Canada.…
Taking Shape: Insurers move online
February 1, 2001 Vikki SpencerThe potential of the Internet has been bandied about for the past several years and finally insurers seem to be taking heed of the message. In an effort to reduce escalating expense ratios, insurers are putting the Internet to work.…
SETTING THE STANDARD: Regulators tackle the Internet
February 1, 2001 Lawrie Savage, president of Lawrie Savage & Associates Inc.As insurers dip their toes into the vast ocean of e-commerce, regulators are donning their lifeguard gear in an attempt to protect consumers and the industry itself from the potential dangers lurking there. At home and abroad, the as yet…
WIRELESS CLAIMS BEYOND THE INTERNET
February 1, 2001 Larry Snipes, director of product development and general insuraThe brave new world of the Internet brought a scope of accessibility never before experienced. And, just as insurers are beginning to grasp all that the Internet has to offer, the digital world is opening even more doorways with the…
Healthcare: a Tear in the Claims Management
January 1, 2001 Sean van Zyl, EditorIn the few short years between 1991 and 1998, the cost of healthcare as a percentage of auto claims across Canada rose on average by almost a third to the point where amounts paid out by insurers toward vehicle damage/loss…