The Problem of Partners…
January 1, 2002 AxiomFred Wilson and I leaned into our brushes, sweeping hard in front of the stone as it slowly slid into the 16-foot circle, crept past the 8-foot before finally coming to rest inside the 4-foot ring. A winning shot. We…
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.
Outsourcing Benefits or just more “Widgets”
January 1, 2002 Margaret Oudkerk, a regional claims manager at ING HalifaxWhile independent claims adjusters may achieve a short-term gain in increased business as insurers once again begin addressing outsourcing of their claims handling requirements as pressure mounts to cut operating costs, too much emphasis on “cost cutting” could prove detrimental in the long run to both parties.
OSFI to wind up Reliance Canadian operations
December 4, 2001 by Canadian UnderwriterFollowing the insolvency of Pennsylvania-based parent Reliance, the company’s Canadian branch operation will be shut down by the Office of the Superintendent of Financial Services (OSFI). OSFI had frozen the Canadian operation’s assets in August, 2000, and directed it to…
September 11 Will Change Canadian Insurers
December 1, 2001 Joel Baker, GM, A.M. Best Canada Ltd. and Robert Adams, asst. VP, A.M. Best Co.The indirect consequences of the September 11 terrorist attacks on the U.S. will have a far greater impact on the insurance industry in Canada than the direct costs resulting from the tragedy. Few Canadian companies will be directly affected.
Concern grows over U.S. terrorism pool as yearend approaches
November 20, 2001 by Canadian UnderwriterWith the arrival of the U.S. Thanksgiving weekend, concern is growing over when legislation creating a government-backed terrorism pool will be returned by Congress. The National Association of Professional Insurance Agents (PIA) is adding its voice to the concerns, calling…
An About-Face
November 1, 2001 Vikki SpencerIn distancing itself from the controversies of the past, Lloyd’s of London is setting a new track for profitability. In Canada, the charge is being led by attorney in fact Nicholas Smith. But his task will not be an easy…
Quebec Brokers: Back to School
October 1, 2001 John Morin, president of Morin, Elliott Associates LteeFirst enacted in June 1998, Quebec’s financial services intermediary legislation, Bill-188, has reached a critical stage in its implementation. Starting from September this year, financial intermediaries including property and casualty insurance brokers will be subject for the first time to earning compulsorily continuing education credits, while other contentious sections of the law still have to be put into effect.
Growth and Hope
October 1, 2001 Dennis Prouse, government affairs manager Pacific region, IBCThe last few months have seen a number of key breakthroughs in the Insurance Bureau of Canada’s (IBC) campaign to open up the B.C. auto insurance market. We have broken through barriers that many said were impossible to overcome, and now stand closer than ever to seeing B.C. consumers enjoying full competition and choice in auto insurance.
IBAC Begins “PMS” Tour
October 1, 2001 Sean van Zyl, EditorInsurance Brokers Association of Canada (IBAC) newly appointed president for the 2001/2002 term, Ginny Bannerman, announced her theme for the year ahead, the “PMS tour” – presidential moving and shaking tour – at the association’s recently held annual general meeting…
Portal Power, People Power
October 1, 2001 Vikki SpencerAs one of the “founding fathers” of the developing broker/company portal, incoming Insurance Brokers Association of Ontario (IBAO) president Danny Craig is confident the year ahead will be a time of massive, positive change for the industry. The association, he…
Commercial Liability Lines: Bright Sunshiny Days?
September 1, 2001 Sean van Zyl, EditorWith the sharp rise in property related insurance losses, particularly on personal auto which by far accounts for the lion’s share of premiums in Canada, many insurers have shown renewed interest in commercial liability lines. Recent acquisitions have resulted in specialty operators with dominating interests in specific liability classes, while some of the major general underwriters have created dedicated liability risk departments with the intent of pursuing new business. But, while the commercial liability landscape may appear at this point to be more inviting than the “dog eat dog” competitive environment on the property side, some within the industry believe that the “tail” of liability coverages will eventually sweep back in the faces of Canadian insurers similar to the adverse developments underway in the U.S. market.