IUA says tsunami insured losses could reach US$10 billion
January 4, 2005 by Canadian UnderwriterLondon-based International Underwriting Association (IUA) says insured losses stemming from the December 26 Indian Ocean tsunami could be between US$5-$10 billion.The IUA asked member insurers for best estimates of potential losses from the event the IUA includes many London operations…
Golden Opportunity
January 1, 2005 Vikki SpencerForgive claims managers and independent adjusters if they boast. But given their ability to maintain high marks on claims surveys, despite the negative spotlight focused on the property & casualty industry, their confidence seems justified. As the industry moves into 2005, CU asks claims leaders to look ahead at what trends will shape the claims piece – overwhelmingly they say that the focus in 2005 will be on the customer, with claims hoping to become the industry’s “golden egg” in terms of winning back the confidence of consumers.
Making a Name for Adjusters
January 1, 2005 Vikki SpencerAs the Ontario Insurance Adjusters Association (OIAA) builds up to its 75th anniversary year, which kicks off this July, association president Spencer Bailey says the focus will be squarely on helping adjusters learn new skills and sharpen old ones to address an industry in transition. Changing auto insurance legislation, privacy legislation and more have confronted adjusters over the past year, and Bailey says the OIAA’s membership is ready to answer the call of these challenges.
Regulating Oil Tanks
January 1, 2005 Craig HarrisLeaking domestic oil tanks pose a persistent problem for insurers, particularly in Atlantic Canada and rural areas of Ontario and Quebec. The property and casualty insurance industry finds itself in the rare position of calling for more regulation on how oil tanks are installed, maintained and replaced in key provinces.
The Spanish School Saga – A New Direction in “Claims Made” Coverage
January 1, 2005 William BlakeneyIn the late 1800s, the Canadian federal government developed a residential school system to ensure the education of native children. As the Royal Commission on Aboriginal Affairs has pointed out, one flaw of this well intended plan was the fact that Canada looked to the U.S. for a working model. The goal was not to teach Indian children to read and write, but to ensure that by removing them from their home environment, they would be more easily integrated into white society.
Managing Service Provider Relations
January 1, 2005 Tim RenaudThe insurance industry is experiencing an era where litigation has become commonplace and accountabilities have increased for the management of information and the use of standardized processes. As most insurance companies depend on professional service providers to supply a range of services needed for their policyholders, it is important that insurers build effective service provider (vendor) management programs.
Collision Repair: Change Is the Only Constant
January 1, 2005 by Canadian UnderwriterJust as insurers have faced massive change in the auto insurance business over the past several years, so have their collision repair partners. As body shop owners and their business partners met recently for the inaugural PPG CertifiedFirst Network Conference in Calgary, change management was very much the topic of choice. And speakers say that those who can keep pace with change will reap the rewards with both their insurer partners and, more importantly, with consumers.
New Year’s Resolutions…
January 1, 2005 AxiomMy car’s headlights showed a wild blizzard of flying snow ahead of us. We slithered sideways turning the corner, and I spun the wheel in the opposite direction to straighten up. A car going the other way hooted its horn…
Views (January 01, 2005)
January 1, 2005 by Canadian UnderwriterCrawford Adjusters’ Jeff Bowman presents the “Virginia Crawford Distinguished Service Award” to Dawn Boyle, who accepted the award on behalf of her late husband, Jeff. Jeff Boyle was branch manager for Crawford’s claims management services operation in Victoria, BC, until…
What’s new: In brief (December 23, 2004)
December 23, 2004 by Canadian UnderwriterKingsway Financial Services and its U.S. holding company, Kingsway America Inc., have had their ratings affirmed by Dominion Bond Rating Service, based on its consistent execution of strategy and strong underwriting performance. Specific note was taken of improvement in the…
Broker revenues dropping even before Spitzer probe: study
December 15, 2004 by Canadian UnderwriterA new study reveals “organic” revenues were dropping for the world’s largest brokers even before the impact of the U.S. compensation probe was felt.The study, by Pennsylvania-based WFG Capital Advisors LP, finds that the eight largest brokerages saw organic revenue…
What’s new: In brief (December 15, 2004)
December 15, 2004 by Canadian UnderwriterB.C. Finance Minister Gary Collins is stepping down to take a job in the private sector. Collins, who has held the role since 2001 when the Liberals took office with a landslide election win, says he wants to devote more…