The Future of Financial Services Regulation
October 1, 1999 Michael HlinkaLast June the federal government released its white paper on financial services regulation. While the gist of the paper was very much in favor of protecting the existing rights of members of the property and casualty insurance industry, contained within…
Going for Wholesale or BROKE
October 1, 1999 Lowell ConnThe recent acquisition of insurance wholesale broker KMS Insurance by consolidator The Hub Group emphasizes the change consolidation is bringing about throughout the broker distribution channel. Wholesale brokers and managing general agents have been brought into the market fray of soft rates and the eternal drive for cost-efficiency. Is there a future for this particular breed of broker — most of the players believe so, but each appears to be taking a different course.
Queensway tumbles in second quarter
October 1, 1999 by Canadian UnderwriterQueensway Financial Holdings Ltd. (TSE: QFH), recently the subject of a management purge by new U.S.-based majority stakeholders, has released its second quarter figures posting a significant loss over last year’s figures. For the first six months of 1999, the…
MARKETING MANAGEMENT: The SAME PRODUCT, but the SAME SERVICE?
October 1, 1999 Chris MacKechnie, a consultant at Information DesignWorksAs an industry within the personal financial services sector, our customers don’t like us very much. To tell you the truth, I don’t blame them.; The SAME PRODUCT,
Underwriting performance HERE, and SOUTH
October 1, 1999 Gary Ketchum, managing senior financial analyst at A.M. Best Co.Investment gains have kept Canadian property and casualty underwriting results afloat, but conservative leverage — combined with signs of a market price hardening — now look to provide some additional comfort to the market. However, a comparison of business strategies applied by companies in Canada and their counterparts south of the border suggests that the former will have to place greater emphasis on reducing operating expenses.
Canada/U.S. data shows similar ails
October 1, 1999 by Canadian UnderwriterCanadian and U.S. property and casualty insurance results for the first half of 1999 show a marked decline in earnings, primarily due to weak investment returns and sluggish premium growth. Both the Canadian and U.S. industries witnessed a rise in…
INVESTING in a low interest market
October 1, 1999 Cameron Laird, senior vice president of securities investment atWith the potential of gaining profit on underwriting limited by the soft market, property and casualty insurers are increasingly looking at ways of boosting their investment earnings. However, in today’s volatile investment markets, coupled with a low interest rate environment, the task of achieving an above average return is easier said than done — but not impossible. Appropriate risk rating and investment strategy implementation can generate higher gains.
The Ball in IBAC’s Court
September 1, 1999 Lowell ConnProperty & casualty insurance brokers are breathing a collective sigh of relief as the federal government’s discussion paper on the future of financial institutions in Canada effectively put a moratorium on the banks’ entry into the retail insurance market. Despite…
Y2K: rollingthe dice
September 1, 1999 Sean van Zyl, EditorWith year 2000 reinsurance treaty negotiationscurrently in full swing, there is a desperate hope among the players that rates will return to moresensible levels. However, faced with increasedcompetition, both locally and globally, reinsurersanticipate a long road ahead before the soft…
LONDON calling
September 1, 1999 Glenn McGillivray, head of corporate communication at Swiss ReinSince reforms in the mid-1990s, more and more corporate capital is flowing into Lloyd’s of London — much of it from some of the world’s most noted reinsurers. Could this injection of new capital forge the rebirth of the world’s most unique insurance market?
Hub releases 2nd quarter, expands South
September 1, 1999 by Canadian UnderwriterPublicly traded broker network The Hub Group Ltd. has released its second quarter figures posting promising earnings in the face of many acquisitions. Total revenue in the second quarter amounted to $19.1 million, bringing year to date revenue to $35.2…
“DO or DIE”, strategy message is to embrace the TECHNOLOGY FUTURE
September 1, 1999 Sean van Zyl, EditorWhether traditional players in the property and casualty insurance industry continue to hold the lion’s share of business will depend on their willingness to embrace consumer-driven technologies and boost productivity, delegates attending the recently held Strategy Institute conference were told. In particular, the pressure of higher consumer expectations coupled with increased competition from new players to insurance will be felt mostly in the personal lines arena, the speakers warn.