Underwriting trends: Canada goes north, U.S. south.
November 1, 2000 Joel Baker, general manager of A.M. Best Co., CanadaAlthough the optimistic whisper of higher premium pricing echoes along the company corridors of both the Canadian and U.S. property and casualty insurance industries, the first half-year underwriting results from both countries hint at caution. While the Canadian industry benefited…
IT SECURITY, an executive function
November 1, 2000 Ron Lepofsky, president of PTI Technologies Inc., and Tom Adler,Technology shopping-lists and three-page security policies are no longer an adequate network security planning method for an insurance company. It used to be information technology (IT) management would seek funding approval for firewalls, anti-virus tools, and the computers to run…
Insurer Strategies for 2001: balancing the BooksT
November 1, 2000 Sean van Zyl, EditorFollowing a grueling year of devastating performance across the various areas of business – weak rates, rising claim costs, higher expense ratios and volatile investment returns – Canada’s property and casualty insurers may have perhaps turned the corner for the…
Managing assets and liabilities: Methodology vs. Mythology
November 1, 2000 Sean van Zyl, EditorLike druids, witches and warlocks of ancient folklore, financial risk evaluators such as actuaries are generally treated by management of financial institutions with a degree of awe and suspicion. The mathematical risk recipes presented by these modern day wizards may…
CGNU sells U.S. p&c business at discount
November 1, 2000 by Canadian UnderwriterThe strong market position of CGU’s Canadian operations should leave it untouched in the wake of the CGNU group’s decision to divest its U.S. general insurance operations. Mark Webb, president of CGU Canada says, “the Canadian operations clearly meet the…
MPI offers drivers a break
September 1, 2000 by Canadian UnderwriterManitoba’s drivers could see lower rates on their insurance next year as a result of a strong financial showing by the Manitoba Public Insurance Corporation (MPI) for the fiscal year ending February 29, 2000. MPI saw its net income rise…
Canadian/U.S. insurance markets bounce back
September 1, 2000 Sean van Zyl, EditorAfter 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…
BUSINESS DISRUPTION: Risk Management for SMEs
September 1, 2000 Sean van Zyl, EditorEstimates suggest that roughly 65% of Canadian small to medium size enterprises (SMEs) engaged in manufacturing currently do not have equipment breakdown coverage, according to research by the Boiler Insurance and Inspection Company of Canada (BI&I). Clearly the owners of…
Coming THrough A Crisis
September 1, 2000 Vikki SpencerWhen a tornado ripped through Pine Lake, Alberta in July of this year, confusion was the order of the day. Local emergency authorities and the media swarmed around the devastated area trying to assist the victims. Insurers and adjusters were also there, providing swift service in getting the residents back on their feet
ALBERTA GOVERNMENT ESTABLISHES RELIEF PACKAGE
September 1, 2000 by Canadian UnderwriterAlthough much of the damage caused by the Pine Lake tornado was insured, the Alberta government has set aside funds to pay for uninsured losses and to cover emergency service expenses. The multimillion-dollar relief package includes an automatic $3,000 award…
Rhine Re pulls facultative business
September 1, 2000 by Canadian UnderwriterAnother reinsurer has withdrawn capacity from the Canadian market with Rhine Reinsurance’s recent decision to discontinue its facultative business. The reinsurer experienced “marginal losses” in this area since it entered this particular line three years ago, says Patrick King, chief…
CNA Re closes Canadian offices
August 1, 2000 by Canadian UnderwriterThe Chicago-based CNA Group is the latest of reinsurance players to be placed on the injury list as a result of losses on Canadian business. CNA Re, which writes its business in Canada through a wholly-owned U.S. registered subsidiary, Niagara…