Risk
Insurance professionals tend to be well versed with the mechanics of information technology (IT), but lacking on strategic, legal, e-business applications. Much of their exposure to computer hardware and software comes from vendor and technology consultants who are long on technical expertise but short on how to add value in providing insurance services to clients. Consequently, insurance professionals who buy IT may become victims of "bells-and-whistles" sales pitches.
January 31, 2002
6 min read
Industry
The story of online insurance has been one of caution and, ultimately, missed opportunities in the past. But are things really changing? Are insurers starting to catch up to banks and other providers of financial services in the online realm? The answer, for the most part, is still "no". So where does the industry go from here?
All to often insurers are presented e-business strategies that appear to be conceived, developed and implemented in a straightforward manner. This view makes getting online look easy, but let us face it: things have not quite worked out that way.
7 min read
Since automobiles became the predominant means of transportation in North America, disputes have arisen between automobile and general liability insurers from time to time over losses related to the use or operation of a motor vehicle. A recent court decision, which will require specific exclusions to be made to future CGL policies, goes back full circle to a case decision made more than 40 years ago.
9 min read
Auto
I would not want to be the CEO of an insurance company. Aside from traveling first class, CEOs have few luxuries. They face a dizzying array of problems with an equally large number of potential solutions from which to choose. Constant top and bottom-line pressures, seemingly uncontrollable, make the task of running an insurance company […]
4 min read
With the departure of American Re CEO Edward J. Noonan, John Phelan (pictured) is set to take over the top spot at Munich Re’s U.S. subsidiary, effective March 31. Phelan has been with Munich Re of Canada (MROC) for almost 30 years, and has been the company’s president as well as president of Temple Insurance […]
1 min read
Manitoba’s public insurer is feeling the financial crunch, with poor investment returns and higher than expected claims costs leading to an almost 85% drop in income for the first three quarters of 2001. For the nine months ending November 30, 2001, Manitoba Public Insurance (MPI) reports income dropped to $11.6 million, down from $67.1 million […]
Adjusters, their suppliers, clients and special guests met at the Metro Convention Center in Toronto recently for the Ontario Insurance Adjusters Association annual Christmas Party (see photos below, courtesy Stephanie Lake Photography). The event was also a chance to welcome new OIAA president Louise Rivett. The OIAA next meets for its Claims 2002 conference, February […]
2 min read
Although the 2001 yearend results for both the Canadian and U.S. property and casualty insurance industries are expected to reflect one of the worst financial years on record, there is an excited buzz among the ranks of company CEOs that this is will be a year of renewed prosperity. Indeed, the industry’s business pricing cycle […]
Just days after the September 11 terrorist attacks the U.S. Federal Bureau of Investigation began warning the public that the potential for future attacks exist, and among the threats was that of cyber terrorism. The concept is not a new one, such attacks have been taking place between Palestinian and Israeli groups, and between U.S. and Chinese sources, in response to political conflicts. And now, in light of new terrorism and cyber exclusions in insurance policies, commercial insurance buyers are wondering how to protect themselves from the potential threat of today's "hacktivists" becoming tomorrow's cyber terrorists, and weapons of mass disruption turning into weapons of mass destruction.
10 min read
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