that TECHNOLOGY THORN
September 1, 1999 Sean van Zyl, EditorWith the conference and seminar season once again shifting into full drive, the message remains consumerism. Nothing new — the insurance industry has become almost anaesthetized by the repeated urgency to address consumer expectations. However, the latest round of discussions…
Factory Mutuals Finalize Merger
August 1, 1999 Steven Zenofsky, public relations consultant at FM GlobalThere’s a new insurance company on the block with a 165-year history, following the recent merger of commercial/industrial property insurers Allendale Insurance, Arkwright, Protection Mutual Insurance and their affiliate Factory Mutual. The new company will market itself as FM Global.…
Insurers offshore BOUND
August 1, 1999 Michael HlinkaSeveral months ago Northern Telecom shook the Canadian business community when it announced plans to relocate to the U.S., mainly due to the high personal income tax structures in Canada which make it difficult if not impossible to compete against…
could this year be THE BIG ONE?
August 1, 1999 Sean van Zyl, EditorAlan Greenspan only has to mention inflation and interest rates in the same breath to send the investments markets into spasm. His most recent economic brief, presented toward the end of July, knocked off close to 3% of the value…
Thinking outside the Canvas
August 1, 1999 Lowell ConnThe early 20th century was a revolutionary time for the fine art community, with “modern artists” such as Henri Matisse carrying forward the early exploration attempts of the impressionist painters in testing conventional “realist” theory. In many respects, the modern…
RISK MANAGEMENT ‘DOWN UNDER’– a Canadian perspective
August 1, 1999 Lovel Vining, risk manager at Mayne Nickless Ltd. (Canada)Webster’s New Collegiate dictionary defines the word “risk” as being “the chance of loss or the perils to the subject matter of an insurance contract”. It also defines “management” as “the act or art of managing: control or direction.” Dictionaries,…
Zurich launches retail plan
August 1, 1999 by Canadian UnderwriterPeopleplus Insurance Company, a member of Zurich Financial Services Group, recently announced a partnership with Hudson’s Bay Company to launch a private label car and home insurance program. The group scheme, available exclusively to Bay and Zeller’s credit card holders,…
Managing web exposures
August 1, 1999 Marcus Snowden, partner at McCague, Wires, Peacock, Borlack & LlWith e-commerce widely predicted to explode into the mainstream world of business in coming years, the lure of “getting into the ‘net game” before it becomes too late is almost irresistible for most companies. In particular, the Internet is expected…
Canadian 1-quarter ratios rise on consolidation costs
July 1, 1999 by Canadian UnderwriterQueensway Financial Holdings Inc. and St. Paul Companies released their first quarter earnings, with both showing results mirroring industry trends. Both companies followed the industry’s alarming trend of rising operating ratios. And while Queensway’s premium volume rose considerably — the…
Counting the PENNIES
July 1, 1999 Sean van Zyl, EditorThe numbers say it all. Canada’s property and casualty insurance industry suffered one of its worst year-on-year performances last year, posting a modest return on investment of 7.1% — nearly half of 1997’s rate of return. Heavy underwriting losses incurred…
Why CEOs are stuck on GLOBALIZATION
July 1, 1999 Robert Gunn, president of Royal & SunAlliance CanadaCecil Rhodes, the 19th-century British financier, colonial administrator and sponsor of Oxford’s prestigious Rhodes Scholarship, once said, “I would annex planets if I could.” A read through the financial pages of any newspaper would suggest that many corporate presidents and CEOs feel the same way.
99 Canadian Insurance Congress: Marching to new Drummers
July 1, 1999 Lowell Conn & Sean van ZylHeld against the backdrop of the nation’s capital, the 1999 Canadian Insurance Congress — seen as Canada’s premier reinsurer/primary company CEO forum — offered good news to insurers and risk managers on the treaty negotiation front. This year’s reinsurance rates,…