Industry
Thin profit margins have prompted insurers to closely examine claims cost reduction strategies. While bodily injury and healthcare have received the lion's share of attention in auto insurance, the vehicle damage side of the equation is experiencing challenges of its own. Insurers are trying to find ways to reduce cycle turnaround time, improve supply chain management and save money through aftermarket and recycled parts. The issue for insurers is how to trim costs while ensuring parts quality and vehicle safety.
April 30, 2004
10 min read
U.S. property and casualty insurers brought home a 9.4% ROE for the 2003 financial year on the back of a net profit of US$29.9 billion – reflecting nearly a 10 times increase on the US$3 billion in net income reported for 2002. Much of the profit gain made over last year arose from an 85% […]
2 min read
While the so-called stock market rebound this year has “totally lacked conviction”, investors should still look forward to a rosier 2004, economist Dr. Lloyd Atkinson told a recent meeting of the Canadian Insurance Accountants Association (CIAA). Atkinson says that, despite a jobless, or in his words “job-loss” recovery in the U.S., that country’s economy is […]
1 min read
Bob Fitzgerald, chairman of the Centre for Study of Insurance Operations (CSIO), says that the realization of a single-entry, real-time technology solution in information exchange between brokers and insurers is critical to the future success of the property and casualty insurance industry. Speaking at the centre’s 2004 annual general meeting (AGM), Fitzgerald points out that […]
Jean-Francois Blais will take over as CEO of AXA Canada with news of the retirement of Jean-Denis Talon. Blais has been with the company since 1988, most recently as president and COO. Talon will remain as chairman of the company he has served for 22 years. Insurance Search Bureau announces the appointment of Sean Cassidy […]
Insurers can access new guidance on transactions from the Office of the Superintendent of Financial Institutions (OSFI), which the regulator says will assist in preparing applications for regulatory approval.Among the areas covered by the new guidance are orders to commence business or add/delete a class of business for Canadian companies, or orders to insure Canadian […]
By Canadian Underwriter | April 29, 2004
With 2003 ending in a flurry of high-profile insurance mergers, the stage is set for further m&a activity in 2004, says a new report by Conning & Co. 2003 had been expected to follow the two-year trend of low activity both in size and number of transactions. However, three transactions which ranked among the top […]
By Canadian Underwriter | April 28, 2004
In a scathing press release, Alberta’s plaintiffs’ lawyers are lashing out at proposed changes to the province’s auto insurance system which would limit the right of those with minor injuries to collect “non-economic” damages.The Alberta Civil Trial Lawyers Association says the proposed regulations, which cap “pain and suffering” awards for soft tissue injuries at $4,000, […]
By Canadian Underwriter | April 27, 2004
Hub International Ltd. has established its 11th “hub”, this time in the Pacific Northwest U.S., with the purchase of Seattle, Washington-based Bush, Cotton & Scott, LLC. The brokerage specializes in general insurance and surety bonding for construction firms in Washington, and is the largest privately-held construction specialist in the Northwest with annual revenues of US$9 […]
Northbridge Financial Corp. (TSX: NB) posted underwriting profit of $20.3 million on a 92.8% combined ratio for the first quarter ending March 31, 2004. This more than doubles the underwriting profit of $10.1 million produced in first quarter 2003, when the combined ratio was 95.4%.Northbridge, which includes the Canadian entities of Fairfax Financial Holdings, brought […]
By Canadian Underwriter | April 26, 2004
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