Industry
In today’s corporate world of cost-cutting, automation, mergers and acquisitions, the biggest challenge facing senior management is dealing with employees who feel “alienated” by events of change. Building a successful “new culture” is no easy task, as many insurance CEOs will testify, however, careful planning from a “top to bottom approach” based on openly communicated […]
December 31, 2000
3 min read
While 2000 was the year that “should have been, but wasn’t” in terms of industry price corrections, Canadian insurance CEOs appear to be approaching the new financial year with a steely and determined discipline. In fact, they should. After two years of dismal financial performance with an industry average return on equity of between 6% […]
Darren Hamilton was elected the incoming president of the Registered Insurance Brokers of Ontario (RIBO) at the organization’s recently held annual general meeting. In his closing remarks, former president Art Despard acknowledged that Canada’s brokerage market is facing significant change, and to remain relevant in such an environment, RIBO will have to be open to […]
2 min read
Claims
“While Canada does a great job responding to natural disasters and rebuilding afterward, we have a lot to do when it comes to preventing disaster,” says George Anderson, president of the Insurance Bureau of Canada (IBC). Anderson, who recently gave an address at a seminar hosted by the IBC’s sister organization, the Institute for Catastrophic […]
Risk
The cost of risk in Canada rose by more than half this year to an average of $2.88 per $1,000 of revenue compared with 1999’s $1.74 per $1,000 revenue, according to the latest Risk & Insurance Management Society (RIMS) and Ernst & Young Benchmark survey of risk managers in the U.S. and Canada. In contrast […]
The Canadian property and casualty insurance industry’s net income for the first three quarters of 2000 rose by 9% to $261 million against the $239 million reported at the end of September 1999. This modest growth in earnings for the quarter, which was almost entirely driven by investment gains, produced a slightly better return on […]
Home
As a unique auction held in London, U.K., attests to, Internet domain names are becoming a hot property in the insurance industry. Staged by international auctioneers Colliers CRE, the auction put 303 “virtual properties”, or domain names, referencing the insurance industry on the block. Included were “AccidentInsuring.com”, “LifeInsuring.com” and “MedicalInsuring.com”, as well as their “.net” […]
November 30, 2000
1 min read
Auto
In its drive to promote the use of electronic vehicle immobilizers as an alternative to car alarms and other devices, the Vehicle Information Centre of Canada has approved the use of the Magtec 6000. The device, distributed by Calgary-based Magtec Products Inc. meets VICC’s standard for car and light truck security. VICC has been promoting […]
With most reinsurers adamant that a tough stand will be taken in the upcoming annual treaty negotiations, CU went to the "frontline" to establish a broker perspective of the market mood. Tom Hopkinson, president of Guy Carpenter's Canadian operations, expects the following:
CGU Group Canada has sold its 75% stake in the Insurance Co. of Prince Edward Island (ICPEI) for $2.7 million. The deal, which is subject to regulatory approval, was struck with the Saskatchewan Government Insurance Co. (SGI). ICPEI’s other major shareholder, PEI-based brokerage network Cooke Holdings Inc., is said to have prompted the switch in […]
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