Industry
New Year's Resolution?
December 31, 2000
5 min read
The Economical Insurance Group’s purchase of Hartford Insurance Co. of Canada should allow the Waterloo-based insurer to expand its U.S. presence, says vice president of marketing and distribution Tom Reikman. The sale, for which financial terms have not been disclosed, brings in about $35 million in premium to Economical. It also opens up a road […]
2 min read
Outsourcing has burst out of the margins for many property and casualty insurers. The Office of the Superintendent of Financial Institutions (OSFI) lists examples of existing and proposed outsourcing arrangements: .Information system management and maintenance (software development, data entry and processing, data centers, facilities management, end-user support, local area networks, help desks). .Document processing (cheques, […]
1 min read
Claims
Roughly half of the amount paid by insurers through claims resulting from comprehensive auto cover on new vehicles is caused by theft, the Insurance Crime Prevention Bureau (ICPB) and the Vehicle Information Centre of Canada (VICC) recently disclosed. At a Canadian Association of Special Investigation Units luncheon, Terri Maclean, COO of the ICPB says that […]
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U.S. insurers experienced their lowest quarterly catastrophe related loss for the third quarter of this year since 1990, says the Insurance Services Office (ISO). The overall cat loss for the third quarter amounts to US$315 million based on three events with a thunderstorm that occurred in the upper Midwest in early July fetching the highest […]
In the few short years between 1991 and 1998, the cost of healthcare as a percentage of auto claims across Canada rose on average by almost a third to the point where amounts paid out by insurers toward vehicle damage/loss has been dwarfed in comparison. The steep and sudden rise in healthcare costs has prompted […]
9 min read
First came the “dot.com startups”, then came the “dot.com crashes”. The year that Internet business is expected to break the backbone of traditional business operators has been widely and inaccurately predicted for some time, speakers at the Insurance Information Centre of Canada’s (IICC) recently held executive technology forum acknowledged. However, despite the hype surrounding the […]
6 min read
Risk
Insurance coverage for intentional acts — specifically sexual abuse allegations — has been one of the most contentious areas of insurance law over the past five years. The controversy has pitted some of Canada’s oldest and most respected religious and charitable institutions against the insurance industry, as churches and not-for-profit organizations seek insurance coverage for […]
In the past several years we have seen a movement in the Canadian property and casualty insurance industry toward the U.S. model of adjusting claims and handling claims management through third-party administrators (TPAs). In line with this trend, the days of conducting all investigations in person seem to be fading fast with increased focus on […]
There are few industries in the world that can flow though an individual’s arteries like the business of insurance. The philosophies have been passed down for hundreds of years from generation to generation. But, as the world of risk transforms, modern day insurers need to prepare for a new approach to risk management. “Thou shall […]
3 min read
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