Industry
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?
By David Carr | December 31, 1999
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.
By Gary Winston, Director and General Manager of Canadian Operation | December 31, 1999
3 min read
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. […]
By Lowell Conn | December 31, 1999
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 […]
By Sean van Zyl, Editor | December 31, 1999
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.
By Craig McCleary of Ability To Function Inc. | December 31, 1999
The Insurance Bureau of Canada (IBC) is proposing the establishment of a Natural Disaster Reduction Plan, which would see all levels of government contribute a total of up to $750 million over five years to create a Natural Disaster Protection Fund. George Anderson, president of the IBC, announced the proposal at a December lunch at […]
December 31, 1999
1 min read
The 1999 third quarter returns for both Canadian and U.S. property and casualty insurers show little improvement in net earnings, with the return on investment of both sectors now hovering at around the 7% mark. The real problem child surfacing from the first nine-month results from both Canada and the U.S is a dramatic decline […]
The majority of brokers that have sold their business, or are contemplating the prospect of doing so, have reacted for one or more of the following reasons: Rate of attrition and threats from dwindling volumes; Desire to be a part of a bigger company that can provide markets, capital, and assistance with direction; Want to […]
November 30, 1999
The traditional property and casualty (p&c) insurance industry is moving toward multi-channel distribution. The shift may not be as brisk as some industry observers believe is necessary to blunt the competitive challenge posed by the banks and others, even some traditional broker companies. Still, it is difficult to argue with the success that Canadian brokers are having in retaining customers in the face of an expanded range of distribution options already available.
By Jacinta Whyte, vice president of the personal insurance division | November 30, 1999
7 min read
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