The Ethical Choice in Risk Management
September 1, 2004 Garry McDonellEthical dilemmas are a reality in the risk management profession. How prepared are you as risk manager – as well as the organization that you work for – in responding to the ethical “gray areas” of operational decisions?
What’s new: In brief (August 18, 2004)
August 18, 2004 by Canadian UnderwriterBoomerang Tracking is being purchased by Massachusetts-based LoJack Corp., for US$48 million in cash/stock options to shareholders. “By joining LoJack, we believe we can more effectively increase our penetration in existing markets and enter new markets through the synergy created…
United Voice
August 1, 2004 Vikki SpencerThe past year has been one of turmoil for the nation’s independent insurance brokers – overhauled auto insurance systems, commercial liability and homeowners’ coverage availability concerns, a strong lobby effort by credit unions and the contemplation of cross-pillar mergers. As Keith Wilson takes over the presidency of the Insurance Brokers Association of Canada (IBAC), he says this year will be focused on sending out a clear, consistent message on these issues to insurers, legislators, and most importantly, the public.
U.S. Senate considers TRIA extension
July 22, 2004 by Canadian UnderwriterThe U.S. Senate will consider a bipartisan bill to extend the Terrorism Risk Insurance Act (TRIA) until the end of 2007, much to the delight of insurers. The Property Casualty Insurers Association of America (PCI) says it is pleased to…
European insurers see improved results for 2003
June 27, 2004 by Canadian Underwriter2003 yearend results for European insurers show total premium income up 0.9% and investment income rising 6.9%, according to results from the Comite Europeen des Assurances (CEA).In its “European Insurance in Figures”, the CEA notes total number of companies in…
Global insurers continue “road to recovery” in 2004: Swiss Re
June 24, 2004 by Canadian UnderwriterFinancial results for the non-life insurance industry improved significantly in 2003, according to a new sigma report from Swiss Re. In “World Insurance in 2003”, Swiss Re notes that the road to recovery should continue in 2004, assuming average claims…
Automated Underwriting: An Art of Science?
June 1, 2004 Sean van Zyl, EditorWhile the focus of Canadian insurers in the technology application arena has been primarily on “front-end” interface with brokers, new developments in terms of electronic underwriting tools and risk modeling are slowly beginning to surface as companies have been forced to review their existing legacy-based mainframe systems in order to achieve real-time processing. This has created the opportunity to build “risk filters” into the mainframe architecture with the ability to integrate data from third-party information providers. But, the move by Canadian insurers toward automated underwriting has been slow and cautious relative to advancements made in the U.S. marketplace, possibly due to emerging controversy surrounding the use of policyholders’ individual information – such as credit standing – in setting the price of coverage.
Lloyd’s Chair Warns Against Regulatory Interference
June 1, 2004 by Canadian UnderwriterRecent years has seen the Canadian property and casualty insurance industry become increasingly volatile with the availability and pricing of coverage having fluctuated to the extent that insurers have come under intense public scrutiny and criticism, observes Lord Levene, chairman…
Northbridge sells life unit to Western Financial
May 27, 2004 by Canadian UnderwriterNorthbridge Financial the combined Canadian entities of Fairfax Financial Holdings announces it has sold its life operation, Federated Life Insurance Co. of Canada, to Western Financial Group. The $56.9 million transaction includes $20 million for Western to purchase all outstanding…
What’s new: In brief (May 26, 2004)
May 26, 2004 by Canadian UnderwriterGE has priced the IPO of its investment/life insurance spin-off, Genworth Financial (NYSE: GNW), which could net US$2.5-2.9 billion. After the offering, GE will own about 70% of the company. More than 500 people have been killed by flooding in…
M&A activity set to pick up in 2004: Conning
April 28, 2004 by Canadian UnderwriterWith 2003 ending in a flurry of high-profile insurance mergers, the stage is set for further m&a activity in 2004, says a new report by Conning & Co. 2003 had been expected to follow the two-year trend of low activity…
Storm in a Tea Cup?
April 1, 2004 John MorinRegulation of Quebec’s auto insurance system has a long history of controversy. Now, with private auto insurance in the other provinces of Canada seemingly having lost anchorage with runaway accident benefit claims costs, Quebec’s system has been held up as a shining example of a workable model. The question is, can this be maintained? Recent political pressures to restrict insured benefits of drivers convicted of a criminal offence and to allow innocent victims to sue such offenders could reopen the door to increased tort costs.