Risk
The past three years has seen an unprecedented level of intervention by provincial governments in the setting of auto insurance prices. Over this period, an estimated $1.3 billion in auto insurance premiums has come under direct price controls in the form of mandatory rebates, rollbacks and price freezes. This number will move even higher when further mandatory price dictates come into effect this month in the province's of Alberta and Newfoundland.
May 31, 2005
7 min read
Despite the higher profitability achieved by Canadian property and casualty insurers for 2004, the industry is unlikely to maintain this earnings momentum through this year and into 2006, according to the recently released fourth quarter 2004 “MSA/Baron Outlook Report”. The report expects that developing pricing weakness in commercial lines, combined with the auto rate rollbacks […]
2 min read
Once spinning their wheels with standalone technology products, many insurance companies are now actively pursuing integrated, end-to-end solutions that allow for full management of the claim lifecycle. Modern technology, coupled with a tight focus on business processes and employee training, is giving insurers a chance to accelerate the speed of claims handling and ramp up service standards. The question today, however, is who is staying ahead of the claims curve?
10 min read
More than 100 industry veterans were present for the 46th Annual Reception of the Quarter Century Club, held May 3, 2005 at the Hilton International, Toronto. Emcee John Cherrie welcomed members as he presided over the “roast” of the popular and admired John Sharoun. Sharoun, offering over 30 years of insurance industry experience, is currently […]
3 min read
K ingsway Financial Services Inc. (TSX: KFS) brought home an annualized return on equity (ROE) of 22.6% for the first quarter of 2005, showing a 5.7 percentage point gain on its 16.9% return achieved for the same period last year. The specialty risk insurer’s net earnings for the first quarter of this year rose by […]
The Department of Homeland Security and the Transportation Security Agency recently heightened security precautions for truck drivers. A new mandate states that U.S. truckers applying to renew their hazardous-materials (haz-mat) driver’s licenses must now undergo fingerprint-based background checks. David Mitchell, director of risk control, Aon (NYSE:AOC) Risk Service’s trucking group, acknowledges this process may become […]
By Canadian Underwriter | May 31, 2005
1 min read
Long Island Business News, a leading regional business journal, recently recognized Roslyn Spiegel, senior vice president of Hub International Northeast, as one of Long Island’s “Top 50 Most Influential Women in Business.” This list is comprised of elite female professionals who have demonstrated exceptional leadership and growth throughout their careers, as well as have made […]
By Canadian Underwriter | May 30, 2005
A compensation survey of the Canadian and U.S. risk management profession conducted jointly by the Risk and Insurance Management Society Inc. (RIMS) and Mercer Human Resource Consulting suggests that the total cash earnings of risk managers rose by between 10%-25% over the past year. The only employment position in risk management where salary earnings growth […]
By Canadian Underwriter | May 26, 2005
In a recent move against the non-traditional insurance sector, Connecticut Attorney General Richard Blumenthal has subpoenaed insurance companies regarding their involvement in finite reinsurance transactions. The Hartford Financial Services Group Inc. disclosed to a Hartford Courant reporter that it received a subpoena on Tuesday May 24, requesting information indicating possible use or sale of finite […]
By Canadian Underwriter | May 25, 2005
Canadian agriculture businesses are pooling together to form an Insurance Purchasing Group (IPG) in response to trends toward increasing premiums, claims penalties and a lack of specialized insurance. The IPG, dubbed the Risk Management Alliance (RMA), is meant to attract large agricultural businesses from across Canada. Members represent top quartile companies that place a priority […]
By Canadian Underwriter | May 23, 2005
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