New York’s decision on terror exclusions presents coverage withdrawal
January 10, 2002 by Canadian UnderwriterThe recent rejection by The New York Department of Insurance (DOI) of terrorism exclusion wordings compiled on behalf of insurers by the Insurance Services Office (ISO) could lead to a significant withdrawal of commercial cover at a time when the…
Post-9/11 Canadian insurance market “brutal”: Belton Report
January 9, 2002 by Canadian UnderwriterTerrorist attacks south of the border are sending reverberations through the Canadian p&c industry, says analyst Ted Belton, author of the Belton Report. In his third quarter analysis, Belton notes that prior to the attacks market hardening was predicted to…
Insurers see mixed results from technology: TTP survey
January 7, 2002 by Canadian UnderwriterNorth American insurers have not yet realized the promise of technology investments, but appear hopeful those benefits will be seen in the future, suggests a study by Tillinghast-Towers Perrin (TTP). The survey, which tracks 248 financial services providers, largely insurers,…
Canadian Underwriter and canadianunderwriter.ca Launch Free Insurance News Alert Service
January 1, 2002 by Canadian UnderwriterWelcome to your first edition of Canadian Underwriter magazine and canadianunderwriter.ca’s new Email News Alert Service for the Insurance Industry, called “At Your Personal Request”. This FREE Breaking News Alert Service will keep the market informed of the latest Insurance…
Auto Insurance Reform: a Long Road for Ontario
January 1, 2002 Mark Yakabuski, Ontario vice president of the IBCMark Yakabuski,Toward the end of last year the Ontario provincial government issued a discussion document outlining its views to reform of the auto insurance product. While the insurance industry has been engaged in auto reform discussions with the government for over a year, the latest legislative proposal lacks many of the critical reform measures urgently needed. The industry through the Insurance Bureau of Canada (IBC) has relayed its concerns to the government as the reform discussions continue over what on a daily basis is rapidly becoming a market crises.
Terrorism Exclusions Walking a Thin Line
January 1, 2002 Sean van Zyl, EditorWith the January 1st deadline for when the vast majority of reinsurance treaty renewals take effect having come and gone without any response from the federal government on providing an alternative financing source for terrorism risks, primary insurers have begun issuing policy exclusions on both commercial and personal lines of cover — the consequence being that large parts of both the small and large business sectors, as well as individuals, have now been left uninsured to potential terrorism losses. While discussions between insurers and the federal government continue into the new year, it seems clear that the government’s future involvement, if any, will be limited to “high risk target” exposures, and that the general terrorism exclusions implemented by insurers in Canada will stay in place. How will this affect the property and casualty insurance industry in Canada? CU approached company CEOs and several organizations impacted by the withdrawal of reinsurance terrorism cover to determine how they will deal with the problem.
Collision Repair Following Global Leadership
January 1, 2002 Vikki SpencerAs insurance rates begin climbing upwards, pressure is also increasing to reduce claims costs, particularly in auto insurance. And, while costs associated with collision repair are an obvious target, the size of this segment of the market has been declining over recent years in both revenue and the number of repair shops, delegates at the annual CARSTAR Industry Conference heard. Speakers also highlighted new challenges facing bodyshops through technology and growing customer demands.
Claims to Lead Technology Surge
January 1, 2002 Dale Hardy, president of Correlation Technologies Inc.“Hub power” is likely going to be the next big technology push in the North American property and casualty insurance industry, with the claims handling arena at the forefront of this advancement. Are you ready?
“Stopped” …or not?
January 1, 2002 Sean van Zyl, EditorThe deadline facing the Canadian government to introduce a form of reinsurance cover for terrorism risks has come and gone — without any response from the government. Primary insurers acting through the Insurance Bureau of Canada (IBC) have been engaged…
National financial services ombudsman launched
January 1, 2002 by Canadian UnderwriterAll major sector players operating in the Canadian financial services environment — from banks, life insurers, property and casualty insurers, health insurers, investment dealers and mutual funds — have co-founded a new national consumer ombudsman office. The National Financial Services…
U.S. insurers results: from ground-zero to zero
January 1, 2002 by Canadian UnderwriterU.S. property and casualty insurers incurred their worst financial loss for the first nine months of last year since the devastation caused by Hurricane Andrew in 1992, observes the Insurance Services Office (ISO) and the National Association of Independent Insurers…
Getting Back to Basics
January 1, 2002 by Canadian UnderwriterIn the continually evolving world of claims, adjusters are dealing with new pressures daily. The demands of loss cost reduction, increasing customer expectations, changing regulations and technology may, however, cause a return to the foundations of good adjusting. For incoming Ontario Insurance Adjusters Association (OIAA) president Louise Rivett, the keys to adjusting in the new world are simple – good customer relationships and strong knowledge and skill base. With mergers and acquisitions shrinking the marketplace, the pressure is increasing on adjusters to have the right skills and latest knowledge.