Increasingly, automobile insurers are playing a greater role in healthcare financing through provincial healthcare levies and because of automobile accident benefits. In 1999, automobile insurers contributed over $1.1 billion to the Canadian healthcare system. The auto insurance industry, as a…
CARSTAR’s annual conference brought insurers and collision shop owners onto common ground to repair the once adversarial relationship that plagued both sides. In the name of improved customer service and hence higher profits, all agreed the time has come to forge new partnerships.
For many years the independent insurance distribution system has longed for a single entry multiple company interface to compete more effectively with direct distribution. The independent system brings many valuable assets to the insurer. Customer knowledge, quality and loyalty, product…
The first phase of Bill C-6, the federal government’s Personal Information Protection and Electronic Documents Act, becomes law on January 1, 2001. Only Canada’s Schedule-A banks, wholly regulated companies such as Air Canada and Bell, and data gathering organizations such…
Co-operators subsidiary Canadian Union has bought Newfoundland insurer Colonial Fire and General to strengthen the group’s Atlantic broker presence. Key to the deal is a firm relationship with Wedgwood Insurance Ltd., the brokerage which created Colonial, says Katherine Bardswick, chief…
Forensic investigation is hardly an unknown field to the insurance industry. However, an area that seems to garner little attention in claim investigation procedures is forensic entomology — which could save insurers and insureds millions of dollars. Bug investigations? You have to be kidding. But, as the following case study reveals, insects can reveal many secrets in the process of claims investigation.
Believe it or not, you choose your competition and playing field. You choose to compete in a specific field and with specific players. If you choose a field better known to others than yourself, you will be playing at a…
Claims and operating costs continue to hamper Canada’s largest private insurer, Co-operators General Insurance Company. Despite a restructuring program following last year’s dismal financial performance, Co-operators saw net income drop and claims and operating ratios rise in the second quarter…
Globalisation has created an expanded market in Canada for specialty niche lines of business. Products such as alternative risk financing or equipment maintenance management which have historically been unavailable in Canada either because the market was too small to support such activity, or large insurers were reluctant to break new ground, are now washing up on Canadian shores.
With revenue growth exceeding costs for the third year in a row for 1999, the Insurance Corporation of British Columbia (ICBC) was able to increase its rate stabilization reserve to $381 million. The public insurer’s net income for last year…
The dramatic incident that took place in Walkerton, Ontario during the final two weeks of May, 2000 will go down in history as a tragic example of the suffering and disruption that can occur when municipal and provincial agencies fail to act on system safeguards. The events that led up to the contamination of Walkerton’s water supply present valuable lessons in risk management as well as serious considerations for insurers underwriting municipal risks.
After several years of growth decline, the Canadian and U.S. property and casualty insurance markets appear to have turned a corner for the better based on results for the first quarter of this year. Industry economists and market analysts are…