Chubb tops claims survey again; industry numbers high
October 11, 2004 by Canadian UnderwriterDespite public backlash over auto insurance rates over the past few years, the industry continued to score relatively high marks for claims satisfaction in its largest market. The Ontario auto claims satisfaction survey, which includes 50 writers of personal lines…
Broker, Consumer Relations: Battered & Bruised?
October 1, 2004 Sean van Zyl, EditorWith insurers’ profitability believed to now be at a sustainable level to deliver adequate shareholder returns, a sense of stability has crept into the Canadian property and casualty insurance marketplace. Coverage availability has increased tremendously across the provinces over the course of this year, with new product innovations within the regulated auto line set to kick into effect in early 2005 – all of which should alleviate the cost pressures and overall company/broker relationship stress that has marked the past two years of the hard market. But, will consumers simply forget the turmoil of the insurance marketplace and willingly embrace the industry with open arms? Whether justified or not, the public image of the insurance industry has plummeted to an all-time low – an issue which brokers and insurers alike agree has to be addressed urgently.
Moments In Time (June 01, 2004)
June 1, 2004 by Canadian UnderwriterEach month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
Disability Management Consulting: Help or Hindrance?
April 1, 2004 Maria Vandenhurk & Susan PhilchukFor those involved in the field of disability management consulting (DMC), it is not uncommon to encounter skeptical and cynical comments from the payers of these services. Disability management consultants are sometimes perceived as “gullible” and/or “advocates for the client”, who fail to contribute substantially to the closure of the file. But forming a cost-effective and successful partnership with a DM provider can be achieved if business goals and client outcomes are kept front of mind.
Canadian Western Bank Buys HSBC Insurance Operations
March 1, 2004 by Canadian UnderwriterThe insurance operations of HSBC Bank Canada, known as Canadian Direct Insurance Inc., have been acquired by Canadian Western Bank. The deal involves a cash payment of $25.4 million, reflecting a 25% premium over book value of the HSBC insurance…
ICBC aims to become more competitive
February 19, 2004 by Canadian UnderwriterB.C.’s government auto insurer is looking to become more competitive and behave more like a private insurer, according to the 2004-2006 service plan tabled by the Insurance Corp. of B.C. (ICBC) as part of the provincial budget this week.Since the…
Tech Squeeze on Auto Fraud
February 1, 2004 Ivor KayeSay the word “fraud” and insurers shake in their boots. Of the host of financial challenges facing the insurance industry today, fraud ranks as perhaps the most menacing. However, new technologies may provide a solution to beat back the “fraud monster” – if the industry stakeholders are willing to join together to create integrated systems.
Crash Course in Collision Claims
January 1, 2004 Sam MalatestaIn the face of auto insurance rate increases, consumers are changing the way they view the claims process. Expectations for service are high, and severity is increasing as consumers shy away from filing all but the most serious claims. In this atmosphere, insurers and their claims partners have to find a way to win back public confidence while managing costs throughout the claims process.
High claims satisfaction rates come despite auto rate concerns
November 18, 2003 by Canadian UnderwriterResponding to the high overall score by the Ontario auto insurance industry on the recent “claims satisfaction survey”, the Insurance Bureau of Canada (IBC) says the results highlight the need the make the private insurance system work.“Despite a lot of…
Industry still meeting consumers’ expectations on claims
November 13, 2003 by Canadian UnderwriterWith the release of the annual Ontario auto insurance claims satisfaction survey, it seems consumer ire over rates is being offset by high satisfaction with claims handling. A full 85% of people experiencing a claim over the past year were…
Reinsurance Strategies 2003: Signs of Recovery
November 1, 2003 Vikki SpencerFor an industry that was on the brink of disaster less than a year ago, reinsurers can take pride in the financial turnaround seen thus far for 2003. But, CEOs offering their insights to CU’s annual yearend treaty outlook are…
Untangling Concurrent or “Overlapping Coverage”
November 1, 2003 Paul Famula, Crawford Adjusters CanadaWhen two insurance policies appear to insure the same loss, how do you determine if there should be contribution and how is it to be shared? A review of current law, policies in effect, and specifically the Ontario Insurance Act provides some clarity.