Counting the Costs of claims service
August 1, 2000 Vikki SpencerThe old adage ‘you have to spend money to make money’ should be taken to heart by today’s insurance companies, say the industry’s claims managers. Canada’s top insurers agree that customer service is the name of the game, and claims handling the key to keeping customers on board. Companies that sacrifice customer service in the name of cost saving are in danger of paying the price in the long run.
Perils of Punitive Awards
March 1, 2000 Bill Blakeney and Anil VarmaConsumer suspicion of insurance companies has reached the point that it is now part of American pop culture to view them as commonplace in the U.S., as are awards of punitive damages.
GETTING TO GRIPS WITH CLAIMCOSTS
January 1, 2000 Sean van Zyl, EditorWith little room to maneuver on premium growth and enhancing investment returns, property and casualty insurers are likely to turn their attention in the year ahead to better risk selection and improved claims handling efficiency to boost bottom-line performance, industry…
The right adjuster FOR THE JOB
July 1, 1999 Lowell ConnNational harmonization of the licensing and regulation of the adjusting profession has become a hot topic for regulators and the insurance industry in Canada. Alberta’s recent Insurance Act rewrite included a step-licensing structure as well as a provision for mandatory…
Queensway hits investment snag
April 1, 1999 by Canadian UnderwriterTSE-listed Queensway Financial Holdings (QFH) posted a 59% drop in earnings a share to 52c for the financial year ended December 1998 compared with the previous year. The company’s directors attribute the earnings decline primarily as a result of a…
D&O profit margins decrease
April 1, 1999 by Canadian UnderwriterIntense competition, increasing litigation and the rising cost of claims is decreasing profitability in directors and officers (D&O) liability insurance market, a panel of executives told the D&O Liability and Issues Symposium sponsored by the Professional Liability Underwriting Society (PLUS).…
Financial MANAGEMENT LIABILITY
February 1, 1999 Shelley BoyesBugs, big deals, bad spills and a certain public official’s sexual high crimes and misdemeanors were all key factors driving the corporate insurance market throughout 1998. And the same scary financial exposures will likely be very much in the minds…
DCLI captures first policy
January 1, 1999 by Canadian UnderwriterDCLI Underwriters has issued its first policy under its new program, Defendant’s Commercial Litigation Indemnity (DCLI), president Pierre Gregoire recently told Canadian Underwriter. DCLI insures pending litigation that is either uninsured or underinsured. “In this case, the litigation was totally…