Industry
A month after Progressive announced its intention to pull out of the Canadian marketplace, its general manager continues to insist the withdrawal had nothing to with Canada’s insurance environment. Chip Conner, Progressive general manager, says industry speculation that the company was burned by an early year foray into the Alberta market is unfounded. “We’ve actually […]
June 30, 1999
1 min read
Risk
National harmonization of the licensing and regulation of the adjusting profession has become a hot topic for regulators and the insurance industry in Canada. Alberta’s recent Insurance Act rewrite included a step-licensing structure as well as a provision for mandatory continuing education. The profession hopes to see similar developments across the country. Incoming Canadian Independent […]
5 min read
The federal government’s recently released paper outlining the future of financial institutions in Canada did little to quell market rumours surrounding a potential sale of CIBC Insurance. The company, originally tabbed to be sold to U.S.-based GEICO Insurance, is now allegedly being sought by General Motors of Canada (GM). The two companies would be a […]
U.S.-based A.M. Best Company has announced it has acquired TRAC Insurance Services Ltd. — an independent Canadian insurance rating agency — and renamed it A.M. Best Canada Ltd. The acquisition of Toronto-based TRAC is the latest step in A.M. Best’s global expansion. Over the past three years, the 100-year-old rating agency has more than tripled […]
A Conning & Company reinsurance study concludes that buyers will not respond well to a general hardening of market rates. The study suggests that a reinsurance price increase will lead to a significant outflow of business from the traditional insurance sector to the alternative risk transfer market (ART). Currently comprising about 35% of total commercial […]
Claims
Canada Brokerlink Inc. posted first quarter results for this year showed business growth of 67%, and, at the same time, nearly doubling its assets to $67 million compared with the level for the same period in 1998. Revenue for first quarter of 1999 amounted to $6 million against the first quarter of 1998’s $3.6 million. […]
Dear Editor, Subject: Jokers Wild, editorial, February Issue Your editorial appears to bemoan the demise of Synchron, an event that is now about a year old. Its flavour tars the system vendors as a special interest group outside the industry, and wants to place brokers in the single solution vanguard. This journal is one of […]
The Insurance Brokers Association of Canada (IBAC) has set in motion plans to return a major salvo against direct writers in the consumer advertising war during this year. At IBAC’s recently held broker-based company CEO symposium, through which the association provides annual feedback to supporting insurers of its market strategy, president Mike Toole announced the […]
2 min read
The Insurance Institute of Ontario's Centennial Symposium, recently held in Toronto, drew together several key local and international financial services experts who provided a mixed view of the future in terms of how current and emerging marketplace events will impact the property and casualty insurance industry. However, all of the speakers agreed that change is rushing the industry into a new era.
Originally a medium for scientists to exchange information, the Internet’s use has rapidly expanded to become a virtual commercial marketplace. And, with the Internet’s commercial potential beginning to truly surface, consumers through news group forums and dedicated web sites are now reacting to perceived unfair business practices. As these widespread forums continue to grow in […]
4 min read
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