Risk
With my boss, Fred Wilson, at the wheel, we maneuvered the comfy van on to the highway and headed for the golf course. As manager of the company’s downtown branch, Fred was in close daily contact with many of our brokers. Today, however, it was a warm and sunny Friday afternoon in Spring. This was […]
May 31, 2001
8 min read
Mention Walkerton, and the immediate thought that jumps to mind is "water contamination". The tragic deaths that occurred in Walkerton, Ontario last year as a result of contaminated water supply are a stark reminder of the importance of risk management. A proper risk management program applied by the Walkerton authorities could have averted the tragedy that took place. As such, insurers looking to underwrite general liability insurance products for municipalities need to focus on the appropriate risk containment programs applied by these insureds.
5 min read
Industry
Adecision handed down by an international “arbitration panel” in late April of this year which upholds Hydro-Quebec’s (HQ) position in a multi-billion dollar contract dispute with a group of Vermont electricity companies could bode poorly for several Canadian insurers who are currently engaged in legal actions against Quebec’s power utility provider to recover losses that […]
4 min read
Chuck Byrne, executive director of IBABC, was incorrectly quoted in the May 2001 issue of CU as stating that the insurance delivery system operated under ICBC is less efficient than would be the case should the market be deregulated. Byrne says an open competition model would place a greater workload on the broker.
1 min read
Poor results in the overall auto market are carrying over into the Facility Association, the insurance pool for high-risk drivers. At the association’s recent AGM, outgoing CEO Stan Griffin noted that in Ontario combined ratios for the FA jumped from 87% in 1999 to 109% in 2000. “I can say from having looked at the […]
Claims
The insurance industry’s natural disaster mitigation body, the institute for Catastrophic Loss Reduction (ICLR), highlighted the value of research and information sharing between the private, public and scientific sectors at its recent annual general meeting. During 2000, the ICLR formalized a partnership with the University of Western Ontario and the Ontario government to build a […]
Listed broker consolidator Hub International Ltd. (TSE: HBG) lifted net earnings by 7% to $3.9 million for the first quarter of this year compared with the $3.6 million posted for the same period in 2000. This translated to earnings of 21 a share against the 20 a share made for the first quarter of last […]
2 min read
Boomerang Tracking company has gained support for its vehicle tracking systems among 14 Ontario insurers. The system, which has already made inroads in the Quebec market, will be endorsed by national companies including The Guarantee Company and Economical, who will recommend its installation to owners of high-end and high-risk vehicles. Boomerang reports the device has […]
"Some people regard lobbying as kind of dirty word. I don't necessarily agree, I think a lot of positive initiatives, from public safety to consumer protection, have come about from efforts to influence public policy," says the man who for a long time standing has been a major driving force behind regulatory reform lobby campaigns engaged by the Insurance Bureau of Canada (IBC). George Cooke, president of one of Canada's more prominent "home bred" property and casualty insurers - The Dominion of Canada General Insurance Company - was recently appointed the chair of what will become a new and more formidable industry lobby body as the IBC and the Insurance Information Centre of Canada (IICC) merge from July this year.
With the advent of Internet sales and service, building a solid relationship with customers will become more important than ever. Not only does the Internet bring the opportunity for high-tech customer relationship management (CRM) solutions, but it also gives consumers the ability to change insurers with a simple click of the mouse. Insurers seem to […]
12 min read
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