Industry
Despite the events of September 11, the International Insurance Association (IIA) sees a bright future for insurers, says its executive director Patrick Kenny. In anticipation of the association’s annual seminar scheduled to take place in Singapore during July, Kenny says Asia is becoming a key emerging market for insurers. The entry of China in the […]
December 31, 2001
1 min read
As insurance rates begin climbing upwards, pressure is also increasing to reduce claims costs, particularly in auto insurance. And, while costs associated with collision repair are an obvious target, the size of this segment of the market has been declining over recent years in both revenue and the number of repair shops, delegates at the annual CARSTAR Industry Conference heard. Speakers also highlighted new challenges facing bodyshops through technology and growing customer demands.
5 min read
"Hub power" is likely going to be the next big technology push in the North American property and casualty insurance industry, with the claims handling arena at the forefront of this advancement. Are you ready?
All major sector players operating in the Canadian financial services environment — from banks, life insurers, property and casualty insurers, health insurers, investment dealers and mutual funds — have co-founded a new national consumer ombudsman office. The National Financial Services OmbudService (NFSO), to be officially opened from July this year, will handle consumer complaints across […]
A recent decision taken by British Columbia's Supreme Court against one of Canada's major banking groups with regard to the selling of credit insurance could have broader implications with regard to limiting at the provincial level the types of financial service products the banks have branched into under federal regulations.
6 min read
While independent claims adjusters may achieve a short-term gain in increased business as insurers once again begin addressing outsourcing of their claims handling requirements as pressure mounts to cut operating costs, too much emphasis on "cost cutting" could prove detrimental in the long run to both parties.
3 min read
Creating value for customers and shareholders is something all insurance companies strive to achieve. But how does a company continuously deliver value amid global and knowledge-based competition? To deliver that value, good business strategies are required to become very good business operations. Management needs to execute these strategies not only within a company, but also […]
4 min read
In response to the high number of late filings from federally-regulated financial services companies, including insurers, the Office of the Superintendent of Financial Services (OSFI) has proposed regulations for “late and erroneous filings” penalties. The proposed regulation, which at the time of going to press was still open to “comment”, is needed OSFI says because […]
Results for broker network consolidators to the end of September 2001 show increased revenues and signs that the hardening market will have positive impact on bottom-lines. Calgary-based Anthony Clark International Insurance Brokers (TSE: ACL) posted a 14% increase in revenue to $2.2 million for the six months to end September of this year compared with […]
2 min read
The Registered Insurance Brokers of Ontario (RIBO) annual general meeting, held recently in Toronto, marked the 20th anniversary of the province’s self-regulatory body for property and casualty insurance brokers. Over the past year, RIBO faced new challenges through changes in Ontario’s financial services regulation structure, specifically the merger of the Financial Services Commission of Ontario […]
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