Industry
Kingsway Financial Services announces the appointment of Frank Amodeo as vice president. Amodeo has more than 20 years experience in the insurance industry, most recently heading up the Canadian branch of Winterthur International. David L. Emerson has been appointed a director to the boards of Royal & Sun Alliance’s five Canadian companies. Emerson is currently […]
August 31, 2001
1 min read
After more than 10 years of heated debate and political positioning by various stakeholders, the new federal financial services legislation under Bill C-8 was proclaimed this past June. The new legislation was passed with the all-important block against the banks selling insurance products through their branches - this despite a delay in the bill's delivery due to the last minute general election call in the fall of last year. The fact that banking representatives made it clear before the Senate Financing Committee just prior to the passing of Bill C-8 that they expect financial services reform to be re-addressed incoming years, is a clear sign that independent insurance brokers cannot let up the pressure in their political lobbying campaign, says Ginny Bannerman, incoming president of the Insurance Brokers Association of Canada (IBAC).
6 min read
In this era of rapid growth and development, technology is the key that unlocks opportunity. Unfortunately, the insurance industry has been slow to adopt technology as a primary tool, preferring instead to simply replace manual tasks with automation, and upgrade the old technology, with new, fast, low-cost systems. It is not that the industry is […]
4 min read
Rehabilitation healthcare costs associated with auto injuries have almost overnight become one of the biggest cost concerns for Canadian insurers. While the dramatic rise in treatment costs has much to do with attempts by the provincial governments over recent years to shift the spiraling healthcare cost burden onto the private sector, the greater injury to insurers lies in the myriad of unregulated service providers operating in the rehab sector and the ineffectiveness of the current "fee-for-service" payment system.
Canada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70% drop in the industry’s taxed earnings to $269 million for the first half of this […]
2 min read
Canadian financial services holding company E-L Financial Corporation Ltd. (TSE: ELF) saw earnings for the first half of 2001 drop by 9% to $30.8 million compared with the $33.8 million reported for the same period the year prior. This equates to earnings of 801 a share for the first six months of this year (June […]
Insurance market Lloyd’s of London is predicting that loss for the last two years will exceed 2 billion pounds (US$3 billion). Because Lloyd’s reports its results three years in arrears, it must estimate losses in the interim. For 1999, the market expects losses of 1.39 billion pounds (US$2 billion) and for 2000, losses of 694 […]
By Canadian Underwriter | August 31, 2001
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA), parent of the Western Insurance Network (WIN), reports strong growth in the first six months of 2001. The company, which operates mainly in Western Canada offering a wide range of financial products including insurance, saw revenue and net income rise over last year.Net income growth was an astounding […]
By Canadian Underwriter | August 30, 2001
With the seven-year term of current superintendent John Palmer coming to a close, Nicholas LePan is set to become the government’s top watchdog of financial institutions. Formerly deputy superintendent, Le Pan will become head of the Office of the Superintendent of Financial Institutions (OSFI) for a similar seven-year term.Among Le Pan’s responsibilities will be overseeing […]
Canadian-based insurance technology vendor CGI Group Inc. (NYSE: GIB; TSE: GIB.A) announces it has inked a 10-year deal with California-based Fireman’s Fund Insurance Company, a subsidiary of Allianz.The deal, which CGI predicts is worth between US $350 million to US$400 million, would see CGI provide information technology support to FFIC’s 80 locations across the U.S. […]
By Canadian Underwriter | August 29, 2001
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