“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.
Claims Management Strategies 2002: A Delicate Balance
January 1, 2002 Vikki SpencerThe insurance industry is at a crossroads, with rates rising, but continuing to be outpaced by claims costs. Technology is a relentless force, offering promise, but also upping the ante on customer service expectations. A survey of top insurer claims staff shows that today’s adjusters walk a fine line between the increasing demands of the customer and the need to reduce costs, between technology’s potential and its potential downfalls. CU asks the experts what new forces threaten this delicate balance moving forward.
Broker consolidators lift revenue
January 1, 2002 by Canadian UnderwriterResults for broker network consolidators to the end of September 2001 show increased revenues and signs that the hardening market will have positive impact on bottom-lines. Calgary-based Anthony Clark International Insurance Brokers (TSE: ACL) posted a 14% increase in revenue…
Fin institutions launch national consumer ombudsman service
December 20, 2001 by Canadian UnderwriterAll of the 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…
Travelers out of Citigroup umbrella
December 19, 2001 by Canadian UnderwriterCitigroup Inc. confirms that it will spin off Travelers Property Casualty Corp. Up to 20% of Travelers will be released through an initial public offering, and the remainder will be spun off to Citigroup shareholders.The deal follows a long and…
Kingsway operations gain strong financial ratings
December 14, 2001 by Canadian UnderwriterRating agency A.M. Best has reaffirmed the "A" (excellent) rating of the Canadian insurance operations of Kingsway Financial Services Inc. (TSE: KFS). The operations in question include Kingsway General Insurance Co., York Fire & Casualty Insurance Co., Jevco Insurance Co,…
Lloyd’s capacity hits record high for 2002
December 12, 2001 by Canadian UnderwriterLloyd’s of London says it will have record-breaking capacity in 2002, to the tune of US$17.2 billion. This, combined with last year’s capacity of US$15.4 billion, means the market’s capacity has grown 20% in two years. The previous highest year…
Government airline cover could be permanent
December 10, 2001 by Canadian UnderwriterCoverage for airlines introduced by the government following the September 11 terrorist attacks could become a permanent measure, the National Post is reporting. This comes after an announcement by federal Transport Minister David Collenette that the temporary coverage, which involves…
Cost of risk declines in 2000, but signs point to hardening
December 6, 2001 by Canadian UnderwriterThe cost of risk declined in 2000, according to a survey released by the Risk and Insurance Management Society (RIMS). The annual Benchmark Survey, conducted with Ernst & Young, asks more than 830 risk managers in the U.S. and Canada…