U.S. insurers hit by Floyd
October 1, 1999 by Canadian UnderwriterU.S. property and casualty insurers will pay homeowners and businesses an estimated $1.3 billion for insured property damage caused by Hurricane Floyd, according to preliminary calculations by the Insurance Services Office Inc. Hurricane Floyd hit 16 states, from Florida to…
Low-cost insurer enters the fray
October 1, 1999 by Canadian UnderwriterBrian Johnston, the former president of Liberty Canada Holdings and Cigna Insurance Company of Canada, has launched a new low-cost general insurance company, Markham General Insurance Company. The operation is capitalized at $20 million. Financially backed by a group of…
RAISING the tide of EDUCATION
October 1, 1999 Lowell ConnKen Orr, incoming president of the Insurance Brokers Association of Ontario (IBAO), believes brokers need to invest further in continuing professional development. Despite a successful launch of the IBAO’s “travelling education road show” in the past term, early returns suggest…
Industry looks outward to control auto costs
October 1, 1999 Lowell ConnA recent Competition Bureau decision favoring “insurer preferred bodyshops” has provided auto property and casualty insurance companies with much needed ammunition in a pending court battle with the City of Toronto to overrule a longstanding by-law prohibiting the establishment of…
Provincial Regulatory Harmonization: Cutting the RED TAPE of classes
October 1, 1999 by Canadian UnderwriterIs a new subsidiary, new product or policy form on the horizon for your company? If so, better be prepared for slippery target dates. Lengthy delays in licensing can occur when companies or their brokers develop new products which don’t…
Brokerlink consolidates Vector
September 1, 1999 by Canadian UnderwriterListed broker consolidators Canada Brokerlink Inc. and Vector Intermediaries Inc. have announced their intention to merge operations with netpremium volume of $277 million. The newly formed corporation — expected to retain the Brokerlink brand name — will trade shares with…
“DO or DIE”, strategy message is to embrace the TECHNOLOGY FUTURE
September 1, 1999 Sean van Zyl, EditorWhether traditional players in the property and casualty insurance industry continue to hold the lion’s share of business will depend on their willingness to embrace consumer-driven technologies and boost productivity, delegates attending the recently held Strategy Institute conference were told. In particular, the pressure of higher consumer expectations coupled with increased competition from new players to insurance will be felt mostly in the personal lines arena, the speakers warn.
Marketing Strides – getting ON TOP
September 1, 1999 Shelley BoyesGiven the breath-taking surroundings, subjects like e-commerce, branding and reducing work-related stress should have been far from the minds of delegates at the 76th Annual Insurance MarketingCommunications Association conference.
The Ball in IBAC’s Court
September 1, 1999 Lowell ConnProperty & casualty insurance brokers are breathing a collective sigh of relief as the federal government’s discussion paper on the future of financial institutions in Canada effectively put a moratorium on the banks’ entry into the retail insurance market. Despite…
the drive for Safer Roads
September 1, 1999 Lowell ConnCanadian automobile insurers wrote a combined $9.3 billion in earned premiums in 1998 while incurring losses of $7.0 billion. This 77.45 loss ratio ranks second only to accident & sickness as the worst loss experience category among all property &…
Y2K: rollingthe dice
September 1, 1999 Sean van Zyl, EditorWith year 2000 reinsurance treaty negotiationscurrently in full swing, there is a desperate hope among the players that rates will return to moresensible levels. However, faced with increasedcompetition, both locally and globally, reinsurersanticipate a long road ahead before the soft…
Proactive or Reactive
September 1, 1999 by Canadian UnderwriterThe Dominion of Canada General Insurance Company’s answer to the direct writing threat, Chieftian Insurance, is one of the future consumer-interaction options open to brokers, predicts Alan Hanks, vice president field operations of the new company. Hanks outlined the broad…