Industry
The new millennium is not only bringing Y2K exposures to the fore, but a sense of consumer branding. From companies, brokers through to reinsurers, the latest industry leader forums have all hosted an urgency to address consumerism. The property and casualty insurance sector has hardly been renowned for its innovative approach to identifying buyer needs […]
June 30, 1999
3 min read
A month after Progressive announced its intention to pull out of the Canadian marketplace, its general manager continues to insist the withdrawal had nothing to with Canada’s insurance environment. Chip Conner, Progressive general manager, says industry speculation that the company was burned by an early year foray into the Alberta market is unfounded. “We’ve actually […]
1 min read
The federal government’s recently released paper outlining the future of financial institutions in Canada did little to quell market rumours surrounding a potential sale of CIBC Insurance. The company, originally tabbed to be sold to U.S.-based GEICO Insurance, is now allegedly being sought by General Motors of Canada (GM). The two companies would be a […]
U.S.-based A.M. Best Company has announced it has acquired TRAC Insurance Services Ltd. — an independent Canadian insurance rating agency — and renamed it A.M. Best Canada Ltd. The acquisition of Toronto-based TRAC is the latest step in A.M. Best’s global expansion. Over the past three years, the 100-year-old rating agency has more than tripled […]
Dear Editor, Subject: Jokers Wild, editorial, February Issue Your editorial appears to bemoan the demise of Synchron, an event that is now about a year old. Its flavour tars the system vendors as a special interest group outside the industry, and wants to place brokers in the single solution vanguard. This journal is one of […]
The Insurance Brokers Association of Canada (IBAC) has set in motion plans to return a major salvo against direct writers in the consumer advertising war during this year. At IBAC’s recently held broker-based company CEO symposium, through which the association provides annual feedback to supporting insurers of its market strategy, president Mike Toole announced the […]
2 min read
The Insurance Institute of Ontario's Centennial Symposium, recently held in Toronto, drew together several key local and international financial services experts who provided a mixed view of the future in terms of how current and emerging marketplace events will impact the property and casualty insurance industry. However, all of the speakers agreed that change is rushing the industry into a new era.
5 min read
Originally a medium for scientists to exchange information, the Internet’s use has rapidly expanded to become a virtual commercial marketplace. And, with the Internet’s commercial potential beginning to truly surface, consumers through news group forums and dedicated web sites are now reacting to perceived unfair business practices. As these widespread forums continue to grow in […]
4 min read
Economical Mutual Insurance Company has announced plans to purchase the insurance-related assets of the Family Group of Companies, which filed for bankruptcy protection in British Columbia earlier this year. Swiss Reinsurance Company, a Family creditor, joins Economical and will receive its minority equity interest to partially off-set the $20 million owed to them by Family. […]
“We’re in a world where the ‘world of products’ is going to get even bigger,” predicts Norma Nielson, chair of insurance at the University of Calgary. A major issue arising from the “blurring of traditional product lines” and the multi-skills today required of financial service intermediaries, is how the regulators will react to the selling […]
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