Technology Strategies: CRM & Claims Management
October 1, 2001 Gordon Dunn, vice president of business development at The InnovRecently published results would tend to suggest that the Canadian property and casualty insurance industry is continuing a long run of poor underwriting results. Indeed, it has been many years since the industry as a whole could boast about an underwriting profit. Most carriers continue to run combines loss ratios well in excess of 100%. With one or two exceptions, even best of breed carriers are running at just under 100%. It is therefore no wonder that the industry has struggled to attract new capital over the last few years.
The Risk of Terror: Attack on America: Impact on Aviation Covers
October 1, 2001 by Canadian UnderwriterWhile the impact that the terrorist attacks will have on the international insurance and reinsurance industry will not be fully known for many years, the effect on aviation covers was almost instantaneous.
St. Paul gains top surety ranking in Canada
September 1, 2001 by Canadian UnderwriterU.S., Minnesota- based specialty risk insurer St. Paul Companies has acquired London Guarantee Insurance Co. from Canadian-based Great West Lifeco. Inc. for $125 million. The deal has boosted St. Paul to lead-ranking underwriter of surety business in Canada. The deal…
St. Paul acquisition of London Guarantee secures Canadian positioning
August 3, 2001 by Canadian UnderwriterMinnesota-based The St. Paul Companies (NYSE: SPC) has purchased specialty liability underwriter London Guarantee Insurance Co. from the Great West Lifeco Inc. (TSE: GWO) for about $125 million.London Guarantee is ranked second as market leader in underwriting surety business and…
Raising th Bottom-Line through subrogation efficiency
July 1, 2001 Michael Baumel, head of global subrogation at GE ERCThe area of subrogation is a necessary part of the claims process, one which is often overlooked or under-utilized by the primary insurer. A poor or effective claims management approach to subrogation can mean the difference of millions of dollars to the bottom-line. Faced with the current business climate, can insurers afford financial spillage?
Queensway sells Canadian operations
May 1, 2001 by Canadian UnderwriterFinancially troubled specialty insurer Queensway Financial Holdings Ltd. (TSE: QFH) has signed a deal to sell off the last of its assets, with a letter of intent to sell Ontario auto insurer Coachman Insurance Co. to Saskatchewan Government Insurance. At…
LEGAL COUNSEL COSTS: VALUE OR NOT?
April 1, 2001 Paul Iacono, a senior partner at Iacono BrownInsurers today do not retain trial counsel. They retain counsel to prepare a case for settlement with the view that the appropriate legal resources will be available if ever needed. Unfortunately, the current working relationship of hourly billing that exists between insurers and their outside legal counselors has created an ineffective and costly process which cannot go unresolved. However, there are alternative fee solutions which can work for all parties.
Queensway takes survival action
March 1, 2001 by Canadian UnderwriterSpecialty risk underwriter Queensway Financial Holdings Ltd. (TSE: QFH) has secured liquidation windup orders for its troubled U.S. subsidiaries Queensway Casualty Insurance Co. (QCIC) and International Indemnity Co. (IIC). Queensway recently disclosed a major financial loss primarily as a result…
Asbestos and tobacco liabilities loom
March 1, 2001 by Canadian UnderwriterAsbestosis, tobacco and pollution related liability exposures were identified by panelists at the recently held Casualty Actuarial Society (CAS) annual meeting as being the top three risks facing U.S. insurers in coming years. Although asbestosis claims subsided in the early…
DELIBERATE ACTS: THE END OF AN ARGUMENT
January 1, 2001 William Blakeney, a senior partner of Blakeney Henneberry BakshInsurance coverage for intentional acts — specifically sexual abuse allegations — has been one of the most contentious areas of insurance law over the past five years. The controversy has pitted some of Canada’s oldest and most respected religious and…
Gazing into the future
December 1, 2000 Vikki SpencerLooking into the crystal ball, Ted Belton sees a bright future for the Canadian property and casualty insurance industry – and a busy future for himself. Although officially retired from his post as director of research for RBC Underwriting Management…
Legal Rates: Judgement Awaits
December 1, 2000 Sean van Zyl, EditorA controversy which has been simmering for several years now could boil over at any moment with the consequence being higher and more frequent court damage awards being made against insurers, predict senior partners of litigation defense firms. The issue…