What’s new: In brief (January 06, 2005)

Breckles Insurance is challenging fellow members of the Insurance Brokers of Toronto Region (IBTR) to a “fundraising challenge” to help victims of the Indonesian tsunami. Breckles’ employees will be raising as much money as they can between now and January 14, and are asking other IBTR members to do the same and to email information on their progress to ssargent@breckles.com or ktower@breckles.com so a total for the entire chapter can be tallied. They add that other IBAO chapters are welcome to join in the challenge for a very worthy cause. The IBTR is also welcoming everyone to its first monthly luncheon of the new year, January 18 at the Ramada Hotel-Don Valley. For more information contact Andrea Raspa at araspa@bellnet.ca.

In its 27-year life & health insurer insolvency study, A.M. Best finds impairment rates have improved in recent years, and overall, insolvency remains rare. Over the length of the study, the average annual impairment rate was 1 in 109 companies, with a range of 1 in 250 in more stable times, to 1 in 35 in troubled times. Impairment was most often triggered by mismanagement, the rater suggests, with identified causes including inadequate pricing (22%), affiliate problems (20%) and rapid growth (17%).

A Dutch health insurer is taking a novel approach to reducing heart disease, offering policyholders rebates for using low-cholesterol food products. VGZ will subsidize customers up to EUR40 per year to refund purchases of Unilver’s Becel “pro-active” products, which cut cholesterol. The insurer hopes to take a bite out of the EUR35 million it paid out last year for policyholders taking medication to lower cholesterol.