Industry
More shots have been fired in the hostile takeover bid by Equisure Financial Network of fellow consolidator Canada Brokerlink. Equisure, a holder of 700,000 shares in Brokerlink, has appealed to the Ontario Securities Council to set aside a shareholder rights plan enacted by Brokerlink just days before Equisure’s takeover bid went public. The rights plan […]
January 31, 2000
2 min read
Responding to a market survey of insurance brokers across Canada, ING Halifax is offering brokers three different partnership models in the coming years, Don Lough, ING Halifax president, told lunch guests at a recent Metropolitan Toronto Insurance Brokers meeting. ING research conducting over the past few years has found insurance brokers prioritize carrier consistency and […]
December 31, 1999
Each year U.S. insureds are involved in about 35 million automobile accidents. The cost to repair these vehicles tops an eye-popping nine billion dollars — more than the combined 1998 net incomes of Microsoft, Sears and Disney. Not surprisingly, automobile insurance companies in the U.S. and Canada are seeking tools to better allocate their resources […]
3 min read
In a move towards cutting $500 million out of its operating expenses, CIBC recently announced it was cutting 4200 jobs, roughly 10% of its entire workforce. While the bank will not release figures on the jobs being cut — maintaining they are across the board — CIBC sources have indicated an internal memo announced CIBC […]
1998 proved to be a record year for mergers and acquisitions (M&As) in the insurance industry, with total transactions exceeding US$150 billion. But the pace of insurance M&As sputtered in the second half of 1998, failing to pick up any real momentum in 1999. What lies ahead for 2000?
8 min read
Pressed with rising claim costs and cutthroat pricing, insurers are having to look for cost-effective ways to reduce operating costs. Technology is expected to play a significant role in this respect in coming years, however an area offering enormous short-term scope is electronic settlement of casualty losses. Virtual settlement has finally come to Canada.
The independent adjuster faces an array of challenges in the year ahead, concedes new Ontario Insurance Adjusters Association (OIAA) president Christina Welton. Greater regulatory scrutiny on licensing, a pending court case that could introduce more liability for claims professionals, and the ever present carrier cost squeeze will continue to make life interesting for the industry. […]
6 min read
A recent recipient of the Insurance Marketing Communications Association Golden Torch Award, honouring communication within the industry, Jan Lowther has surprised her peers once more. The flamboyant group publisher of Canadian Underwriter magazine has announced her retirement ending a twenty three year tenure with the publication.
The North American Insurance Conference, recently held in St. Petersburg Beach, Florida, drew an equal crowd of Canadian and U.S. insurance attendees, the event speakers covering a broad range of subjects from reinsurance market conditions through to the impact of primary company consolidation and the evolution of financial services distribution. However, a panel debate on […]
5 min read
One of the grayest areas of claims management is effective assessment of occupational related disabilities. In determining a claim settlement, the insurer not only has to judge the merit of the claim presented, but as well the accuracy of the assessment data used. However, the latter is now an area which can be more effectively managed through professional and well documented "functional evaluation" (FE) procedures.
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