Auto
Manitoba’s public insurer has been hard hit in the first half of 2001, with its highest claims volume in five years cutting net income by nearly $44 million. Net income for Manitoba Public Insurance (MPI) stands at $8.5 million for the half ending August 31, as compared with $52.4 million. Lower investment income was also […]
By Canadian Underwriter | October 1, 2001
1 min read
Industry
The last few months have seen a number of key breakthroughs in the Insurance Bureau of Canada's (IBC) campaign to open up the B.C. auto insurance market. We have broken through barriers that many said were impossible to overcome, and now stand closer than ever to seeing B.C. consumers enjoying full competition and choice in auto insurance.
September 30, 2001
5 min read
58www.canadianunderwriter.ca CANADIAN UNDERWRITER / OCTOBER 2001
Risk
The images of death and destruction that burned into our consciousness on September 11, 2001, will forever haunt us. Over time, the buildings, airplanes, and property damage can be replaced or repaired, however the horrific and sudden loss of life will always remain with us. The human suffering from this disaster is incalculable. Although life can never be replaced, life insurance can help prevent further financial trauma. Life insurers and life reinsurers are now called upon to make good on promises made to policyholders.
4 min read
As delegates at the 2001 Canadian Risk and Insurance Management Society (CRIMS) Conference learned of the tragic terrorist attacks carried out in the U.S. mid-way through the gathering, normal sessions were put aside and attention turned to the implications, both personal and professional, of these historic events. Amidst fears for co-workers possibly involved in the World Trade Center (WTC) crisis and a general outpouring of sympathy, risk managers tried to understand the disaster, and perhaps even take some lessons.
6 min read
Recently published results would tend to suggest that the Canadian property and casualty insurance industry is continuing a long run of poor underwriting results. Indeed, it has been many years since the industry as a whole could boast about an underwriting profit. Most carriers continue to run combines loss ratios well in excess of 100%. With one or two exceptions, even best of breed carriers are running at just under 100%. It is therefore no wonder that the industry has struggled to attract new capital over the last few years.
The inviting smell of cooking hamburgers wafted in the warm sunny air as I walked across the park. A dozen large barbecues were lined up side-by-side, each with a smother of patties sizzling away. Off to another side there was a giant drum filled with cobs of corn gently bubbling in boiling water. A large […]
9 min read
The combined impact of increased customer expectations and the shifting competitive landscape is driving significant change in the Canadian service industry. More than any other factor, it is the ability of insurers to work closely with brokers in a true partnership relationship, driving out costs and delivering true value to the customer, that will determine the success of the players.
The winds of change are sweeping across the property and casualty insurance industry. Some of the changes have been "blowing in the wind" for some time, while others are relatively new. For example, increasing consolidation in the industry, as well as moves by brokers to diversify and expand their product offerings. New changes include the liberalization of Canadian financial regulations, demutualization of many firms, and technical advances that could lead to a single-entry, multiple company interface for brokers.
Terrorism, and the cost of terror, has taken the forefront of catastrophic loss concerns of the global insurance industry. Until September 11 of this year, when acts of terrorism perpetuated in New York City and Washington D.C. brought about destruction of unprecedented magnitude and horror, the concept of such a loss was unimaginable in North […]
13 min read
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