Wake up, the “Knowledge Economy” is here
July 1, 1999 Sean van Zyl, EditorThe Insurance Institute of Ontario’s Centennial Symposium, recently held in Toronto, drew together several key local and international financial services experts who provided a mixed view of the future in terms of how current and emerging marketplace events will impact the property and casualty insurance industry. However, all of the speakers agreed that change is rushing the industry into a new era.
The Internet’s consumer VOICE
July 1, 1999 Dennis Krueger, a U.S. freelance technology writerOriginally a medium for scientists to exchange information, the Internet’s use has rapidly expanded to become a virtual commercial marketplace. And, with the Internet’s commercial potential beginning to truly surface, consumers through news group forums and dedicated web sites are…
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.
ROAD SAFETY SWITCHES GEARS
July 1, 1999 Lowell ConnThe pendulum on road safety from an insurer perspective is swinging back from mechanical design of vehicles to a more holistic view of driving skills and adequacy of road infrastructure, delegates were told at the Insurance Information Centre of Canada’s…
RIMS releases 99 Quality Scorecard
July 1, 1999 by Canadian UnderwriterThe New York-based Risk and Insurance Management Society (RIMS) released its second annual Quality Scorecard which polled 1,259 risk managers rating the service of brokers, carriers and third-party administrators (TPA). The overall performances were similar to that of last year,…
Progressive packs south
July 1, 1999 by Canadian UnderwriterA month after Progressive announced its intention to pull out of the Canadian marketplace, its general manager continues to insist the withdrawal had nothing to with Canada’s insurance environment. Chip Conner, Progressive general manager, says industry speculation that the company…
CIBC rumours persist
July 1, 1999 by Canadian UnderwriterThe federal government’s recently released paper outlining the future of financial institutions in Canada did little to quell market rumours surrounding a potential sale of CIBC Insurance. The company, originally tabbed to be sold to U.S.-based GEICO Insurance, is now…
Modeling risk, or maybe not…
June 1, 1999 Sean van Zyl, EditorWith the rising trend of North American natural catastrophe losses, a great deal of attention is being turned to the development of computer simulated cat risk programs. Cat risk models are hardly a new technological advancement for the insurance industry,…
Mandatory mediation: Split decision?
June 1, 1999 Jonathan Schrieder, Milton J. Brown, Q.C. & Assoc., Barristers &When the Financial Services Commission of Ontario (FSCO) introduced mandatory mediation of statutory accident benefits disputes, insurance companies quietly rejoiced. Essentially, the new rules preclude plaintiffs from launching an action at law prior to mediating issues in dispute which fall…
Letters (June 01, 1999)
June 1, 1999 by Canadian UnderwriterDear Editor, You are to be complimented on an excellent feature article, in the April Underwriter, on the threat posed by the big banks. The Independent Life Insurance Brokers of Canada have many members who also hold a p&c license.…
The Safety Equation
June 1, 1999 Sean van Zyl, EditorRecent months have seen increased pressure being brought to bear by the private property and casualty insurance industry to deregulate the monopoly positions of provincial government insurers. Due to its sheer size and control of one of Canada’s largest consumer…