“We’re in a world where the ‘world of products’ is going to get even bigger,” predicts Norma Nielson, chair of insurance at the University of Calgary. A major issue arising from the “blurring of traditional product lines” and the multi-skills…
A 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…
The Insurance Brokers Association of Canada (IBAC) has set in motion plans to return a major salvo against direct writers in the consumer advertising war during this year. At IBAC’s recently held broker-based company CEO symposium, through which the association…
The 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…
U.S.-based Allstate Corporation has acquired CNA’s personal lines business in a transaction valued at $1.2 billion. The deal calls for Allstate to pay CNA $140 million in cash for the business and company shell. Also, Allstate will utilize about $950…
A Conning & Company reinsurance study concludes that buyers will not respond well to a general hardening of market rates. The study suggests that a reinsurance price increase will lead to a significant outflow of business from the traditional insurance…
Queensway Financial Holdings Inc. and St. Paul Companies released their first quarter earnings, with both showing results mirroring industry trends. Both companies followed the industry’s alarming trend of rising operating ratios. And while Queensway’s premium volume rose considerably — the…
The 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 1990s saw considerable attention drawn to the global benefits of the so-called “hot” developing economies such as South America, Asia and the former Eastern Bloc countries. Most recently, we have seen plunging stock markets and economic uncertainty resulting in these same areas. Strangely, these have a link with trends in Canadian financial supervision.
Dear Editor, Subject: Jokers Wild, editorial, February Issue Your editorial appears to bemoan the demise of Synchron, an event that is now about a year old. Its flavour tars the system vendors as a special interest group outside the industry,…
The 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…
We couldn’t have picked a worse day for the opening of my company’s new regional office. Gale-force winds had blasted into the city overnight, knocking down trees and power-lines, shutting down the airport, and tearing the roofs off new, unfinished…