Industry
Sweeping changes unlike any ever seen in the history of the insurance industry are altering the competitive landscape. Insurers, brokers and agents alike feel their future survival may depend on wise choices made today – but they are faced with a bewildering tangle of regulatory reforms, new technologies, shifting business models, multiplying delivery channels, and […]
March 31, 2003
5 min read
Last December, the Financial Services Commission of Ontario (FSCO) laid seven charges against a Toronto-base paralegal for alleged improprieties in the settlement of an insurance claim. This was followed by the passage of Bill-198 and a subsequent first draft of regulations governing the conduct of paralegals in the auto claims process. This would seem to […]
10 min read
As independent and company adjusters joined together in Toronto for a recent CICMA/CIAA conference, auto claims issues were front and center. From the passage of Bill-198 in Ontario to auto theft, a common message came out of the discussions: the industry needs to share information if it has any hope of cracking down on fraud […]
Last year saw the highest number of U.S. property and casualty insurers go into liquidation or placed under regulatory supervision in the last three years, according to a report recently released by rating agency A.M. Best. Several rating agency and investment analyst reports indicate that the capital base of the U.S. insurance industry showed marked […]
4 min read
Royal & SunAlliance Insurance Co. of Canada has signed an agreement to underwrite travel insurance products available through the Expert Travel Financial Security (ETFS) group. A Royal & SunAlliance statement says the agreement will make it the “leading provider of travel insurance products for the ETFS portfolio”. The ETFS portfolio is currently valued at about […]
1 min read
E-L Financial chair and president Henry N.R. Jackman is stepping down, to be replaced by his son, Duncan. Among his roles is as chair of the board of Dominion of Canada General Insurance Co. The Insurance Bureau of Canada’s new vice president is Robert John Kimball, past president of the Insurance Brokers Association of New […]
First-Line of Underwriting
7 min read
Kingsway Financial Services (TSX: KFS) increased net earnings by 77% to $79.5 million for the 2002 financial year compared with the $44.9 million reported for the year prior. This translates to earnings of $1.61 a share for 2002 against the $1.19 a share shown for the previous year. The company’s net income for the fourth […]
Broker consolidator Hub International Ltd. (TSX: HBG) increased net earnings by 194% to US$29.4 million for the year ending December 2002. Fully diluted earnings rose by 112% to US$1.05 a share from US$0.50 a share the year before. The company’s revenue for 2002 came in at US$220 million compared with the US$154 million reported for […]
2 min read
With the Canadian property and casualty insurance industry bringing in return on equity (ROE) of 1.6% for 2002, last year takes the title as worst year on record – despite price increases that saw an improvement in underwriting performance. Financial data collected by the Insurance Bureau of Canada (IBC), recently revealed by the bureau’s chief […]
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