Industry
In April, the Canadian government stopped underwriting domestic credit insurance. This is a welcome response to our ongoing industry lobby. This breakthrough shows that a persistent and sustained effort is the key to eventually convince governments to also exit other insurance businesses across Canada.
April 30, 2000
5 min read
With recent changes having been introduced by the Financial Services Commission of Ontario (FSCO) to insurer market conduct self-audits, there is a sense that the regulator is toughening its position on reporting non-compliance which could have serious ramifications for the insurance industry.
6 min read
This year’s Insurance Brokers Association of Ontario (IBAO) annual general meeting and mid-year conference, which was recently held in Ottawa, drew focus on the need for the brokerage community to unite in the face of rapid consolition and the technological changes sweeping through the insurance industry. In presenting his opening speech, IBAO president Ken Orr […]
If you are a small independent insurance broker doing business in today's market, you are no doubt feeling uncertain about your future. With the advancement of direct writers and the broker network consolidators, who could blame you. However, for those in the brokerage community willing to embrace technology advantages, the future can be a bright one.
3 min read
The recent acquisition of broker network consolidator Canada Brokerlink by insurance company Allianz Canada appears to have set off a series of fireworks on the insurance industry’s skyline — an event which could result in a significant change in the current balance of power on the issue of client ownership. As one industry insider source […]
Legal action against insurance companies in the U.S. for alleged unauthorized use of aftermarket parts in vehicle repair have bubbled up into Canada. Within months of a successful $1.2 billion class action in Illinois against State Farm Insurance, similar suits have been filed in Quebec against AXA Canada, Groupe Desjardin and ING Canada, and in […]
8 min read
The Fourth Annual Women in Insurance Cancer Crusade (WICC) dinner was held Wednesday, March 29 at the Toronto Marriott Hotel. Pat Trywhitt, of Insurance Portfolio Inc., was the first ever recipient of the Lew Dunn Memorial Award for outstanding volunteer work. The annual award is named after Lewis Dunn, past president and chief executive officer […]
1 min read
Auto physical damage claims (APDs) represent a significant portion of claim costs for most insurers dealing in personal lines business. But, should this area of claims management be simply seen as the “dark evil” of being in the business, or rather an opportunity to improve profitability and gain a competitive edge. If you believe APD […]
Imbalances in growth rates for property/casualty insurance premiums, losses and expenses could lead to a record downturn, says Frank J. Coyne, president and chief operating officer of Insurance Services Office Inc. (ISO). Forecasts based on third-quarter 1999 growth rates show the industry’s combined ratio would increase from 107.5% to 111.7% this year, and 136.2% for […]
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) reported a 40% rise in net income to $345,226 for the 1999 financial year compared with the prior year’s earnings. However, earnings came in lower at 3 a share (1998: 4 a share) due to the dilution affect of debenture conversions to common stock. The debentures, amounting to […]
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