Industry
Alberta-based Western Financial Group Inc. (TSX: WES) says its previously announced offering of almost 4.6 million share purchase warrants has grossed more than $11.3 million to finance further growth for the broker consolidator and western bank.The offering involved units including one common share of the company and one half of a purchase warrant to acquire […]
By Canadian Underwriter | January 5, 2004
1 min read
Rating agency Fitch says U.S. p&c insurers can look forward to stronger returns in 2004, on the heels of price increases and tighter underwriting over the past two years. But those who have lagged behind this hard market trend may have lost the opportunity to play catch-up as price increases flatten in the coming year.Results […]
2 min read
In his Letter to the Editor (CU’s November 2003 issue, page 49) broker Neil Whetham criticizes writer Craig Harris for comments made in Harris’ August 2003 article “Building Boom Insurance Bust.” In particular, Whetham singles out Harris’ closing comments that, “Some repeat the familiar refrain that insurers are [increasing rates] simply trying to recoup recent […]
December 31, 2003
Rating agency Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB+” from “A+”. The ratings have been taken off watch, but have been assigned a negative outlook. “The ratings on AZ Canada [Allianz and Trafalgar collectively] were lowered […]
The many changes introduced to Ontario's auto insurance legislation over the years has resulted in insurers responding to the increasingly complex regulatory environment by applying new practices and procedures in their claims handling processes. The effectiveness of these processes in many cases depends on "trial and error" experience, which in itself can unravel new uncertainties relating to specific situations. Such is the case with settlement of loss of income claims made by self-employed individuals.
4 min read
The property and casualty insurance industry has woken to find itself in the "hot seat" of a tumultuous public storm - consumers, the media and provincial governments have set their sights on insurers as an opportunistic menace. The result has seen ongoing, radical provincial auto insurance legislation amendments, blossoming tort losses, and new cost pressures at every level of insurance companies. And, in taking the pulse of claims managers and independent adjusters, CU finds this negative public image and its effects are high on the minds of claims managers and adjusters as the industry moves into 2004.
9 min read
In 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.
The arrival of 2004 no doubt brought a sigh of relief from many Canadian insurer CEOs in thinking that the climate of the marketplace can only improve going forward after having “survived” the stormy year past. For once, such hopes could prove to be more than just desperate “wishful thinking” as insurers’ financial returns for […]
With the concerted drive of property and casualty insurers over the past two years to contain claims costs, a great deal of attention has turned to the professionals who provide the critical "fieldwork" to claims management - company and independent claims adjusters. The claims handling profession, from the independent operator to the inhouse employee, has as a result been presented with numerous cost challenges over recent years, confirms Frank Castaldo, president of the Ontario Insurance Adjusters Association (OIAA) for the 2004 term. The cost pressure on the insurance industry has also introduced added stress for both company and independent adjusters, he observes, the result being a more intense workload with insurers less likely to outsource job files. But, the biggest concern arising from the current state of the market is the shortage of new talent coming into the adjusting profession, Castaldo says. This is where he believes organizations such as the OIAA play their most important role.
6 min read
On a global scale, 2003 will go down as a modest year for insured catastrophe losses, but the human toll of yearend disasters – specifically the earthquake in Iran – were significant. In its annual report on global catastrophes, Munich Re notes that total insured losses for the year were US$15 billion, with Swiss Re […]
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