Mobilizing for a Cause
December 1, 2002 Vikki SpencerIn 1995 Jan Tomlinson crossed the border to take over as president of Chubb Insurance Co. of Canada. That was also the same year one of the industry’s premier organizations, the Women in Insurance Cancer Crusade (WICC) began raising funds to fight the dreaded disease. Since that time, Tomlinson has emerged as a strong voice for core underwriting discipline and claims service. She has also taken a lead role in the industry’s battle against cancer as co-chair of WICC.
Reinsurance Strategies 2003: Keeping the Boat Afloat
November 1, 2002 Sean van Zyl, EditorWhile the underlying tone of last year’s reinsurance treaty negotiations in the aftermath of 9/11 was “price! price! price!” – with an average upward rate adjustment of about 40% having been implemented across the Canadian marketplace – the 2003 renewals are likely to be driven by a tightening of coverage terms and increased use of exclusions, say CEOs partaking in CU’s annual “Reinsurance Strategy Outlook”. That said, pricing will most definitely be a factor in the upcoming treaty renewal round, with certain classes of business such as liability – which has incurred significant losses primarily as a result of the hemorrhaging auto markets – likely to face rate adjustments of between 40% to 80%. Exclusions on emerging perils such as asbestos, mold and nuclear will also feature dominantly in the renewals. Overall, the CEOs say, expect reinsurers to apply detailed underwriting as international pressure continues to restrain capacity until the tumultuous waters of the marketplace return to a profitable calm.
News – 01-NOV-02
November 1, 2002 by Canadian Underwriter50www.canadianunderwriter.ca CANADIAN UNDERWRITER / NOVEMBER 2002
Keep Capacity Coming
October 1, 2002 Danny Craig, president of IBAOThe free-flow of insurer red ink caused by Ontario auto insurance eventually had to be stopped. And, there now are positive signs of a market improvement through pending legislative product reform. However, the market has incurred its cost, with at least two company casualties while others have indicated a withdrawal of business. Many insurers have also set their capital allocation budgets for next year, which could add to the shortage of capacity within the marketplace. For brokers, there are tough challenges ahead.
New Technology Will Bring Big Changes
October 1, 2002 Ivor Kaye, Grantech TechnologiesYou don’t have to be a mystic to predict that the next five years are going to be a time of change for Canada’s insurance industry, particularly the broker-based property & casualty sector. This should not come as a surprise,…
Technology Efficiency: Start Your Engines
October 1, 2002 Terry Neilson, president of Insurance Systems Inc.With the birth of the Centre for Study of Insurance Operations’ (CSIO) Internet portal, brokers and insurers can now “vamp up” their rating/ underwriting processes through “rules engine” technology which could produce significant savings in money, time and customer retention.
Into the Fire
September 1, 2002 Brian Jones, president of Jones Brown Inc.Devastating condominium fires, such as the most recent blaze at Calgary’s Waterford complex, have created challenges for the construction industry and builders risk insurance market. Are the actions of insurers justified relative to loss experience, and how are insureds reacting to the tighter terms and pricing of cover?
American Re consolidates Canadian operation
September 1, 2002 by Canadian UnderwriterThe Canadian operation of American Re has been rationalized with the underwriting and client service functions shifted to the group’s Princeton, New Jersey-based headquarters. The operational change, which will see the company close its Montreal office with Toronto remaining to…
K&K resumes business with new underwriter
August 1, 2002 by Canadian UnderwriterSports and entertainment specialist managing general agent (MGA) K&K Insurance Group is back in business after having found a new underwriting partner. Following a series of poor underwriting results, the MGA’s former underwriter, TIG, withdrew its business. K&K is the…
K&K resumes business with new partner
July 4, 2002 by Canadian UnderwriterSports and entertainment insurer K&K Insurance Group is back in business after having to find a new underwriting partner. K&K, the biggest managing general agent (MGA) for the leisure and entertainment industries, was on hold after its largest carrier TIG…
Treaty Underwriters: Pricing & Volatility
July 1, 2002 Rob Finnie, vice president of CCRReinsurance treaty underwriters are “odd” people. We are not exactly numerous. There are only about 50 treaty underwriters in Canada with the authority to write business. That works out to about one in every 1,300 insurance industry workers, or one in every 600,000 people in the general population.
Reinsurance Broker Perspective: Where are the Good Old Days?
July 1, 2002 Don Alexander of Guy Carpenter CanadaTrying to “crystal ball” the outcome of the upcoming yearend reinsurance renewal season is something I am not going to hazard a chance at. However, based on the dismal company financial returns for 2001, and the “no nonsense” approach of underwriters during the current year, it is safe to say that securing treaties for 2003 will require skillful negotiation.