Industry
The last few months have seen a number of key breakthroughs in the Insurance Bureau of Canada's (IBC) campaign to open up the B.C. auto insurance market. We have broken through barriers that many said were impossible to overcome, and now stand closer than ever to seeing B.C. consumers enjoying full competition and choice in auto insurance.
September 30, 2001
5 min read
58www.canadianunderwriter.ca CANADIAN UNDERWRITER / OCTOBER 2001
1 min read
Recently published results would tend to suggest that the Canadian property and casualty insurance industry is continuing a long run of poor underwriting results. Indeed, it has been many years since the industry as a whole could boast about an underwriting profit. Most carriers continue to run combines loss ratios well in excess of 100%. With one or two exceptions, even best of breed carriers are running at just under 100%. It is therefore no wonder that the industry has struggled to attract new capital over the last few years.
6 min read
The inviting smell of cooking hamburgers wafted in the warm sunny air as I walked across the park. A dozen large barbecues were lined up side-by-side, each with a smother of patties sizzling away. Off to another side there was a giant drum filled with cobs of corn gently bubbling in boiling water. A large […]
9 min read
The winds of change are sweeping across the property and casualty insurance industry. Some of the changes have been "blowing in the wind" for some time, while others are relatively new. For example, increasing consolidation in the industry, as well as moves by brokers to diversify and expand their product offerings. New changes include the liberalization of Canadian financial regulations, demutualization of many firms, and technical advances that could lead to a single-entry, multiple company interface for brokers.
George Anderson, CEO of the Insurance Bureau of Canada (IBC), has announced his retirement from the organization, effective from the beginning of July of this year. Anderson joined the IBC as president in 1992. “It has been a wonderful time to work at IBC, and we have accomplished some remarkable things. But, to my mind, […]
$15.5 billion Hurricane Andrew (1992) $15.5 billion Northridge Earthquake (1994) $15.3 billion Hurricane Hugo (1989) $4.2 billion Hurricane Andrew (1992) $15.5 billion Northridge Earthquake (1994) $15.3 billion Hurricane Hugo (1989) $4.2 billion Hurricane Andrew (1992) $15.5 billion Northridge Earthquake (1994) $15.3 billion Hurricane Hugo (1989) $4.2 billion In the face of rising loss estimates, insurers […]
3 min read
Originally introduced in June 2000 as Bill C-38, the legislation died on the order paper that fell when the federal election dissolved parliament. Reintroduced in February 2001, the legislation was passed particularly swiftly considering the protracted review process that led up to it, and the magnitude of the changes it will usher in for the […]
First enacted in June 1998, Quebec's financial services intermediary legislation, Bill-188, has reached a critical stage in its implementation. Starting from September this year, financial intermediaries including property and casualty insurance brokers will be subject for the first time to earning compulsorily continuing education credits, while other contentious sections of the law still have to be put into effect.
When two insurers come together, whether as a result of a takeover or a merger, one of the most pressing issues to be resolved is the development of a strategic plan. Some companies, approaching a takeover or merger, choose to take a proactive approach and bring in an independent consulting firm to take them through the strategic planning process in advance. Whether they are about to buy or be bought, or simply join forces, a strong plan in place protects the strength of the combined corporate culture, and enables the new organization to strive forward.
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