Risk
Is the Canadian property and casualty insurance industry experiencing clear skies in the area of solvency or are there dark clouds on the horizon? A tough market over the past three years has raised some questions about industry measurements in everything from capital levels to underwriting performance to reserve development. Today, most agree the solvency situation seems to be steady. But, some observers say the nature of the softening market could spell trouble for the years ahead.
June 30, 2004
9 min read
To some, the insurance cycle is a phenomenon we must endure. In reality, however, it is something we create, and we must endeavor to manage it better.
8 min read
I was taught that doing business with companies with names such as “As-honest-as-the-day-is-long Re” is generally not a good idea as they are unlikely to live up to their standing. I was also warned to be wary of companies with glittering new headquarters, as the argument ran that the management of said companies would more […]
6 min read
There is a huge inventory of articles about the underwriting cycle and the "feast or famine" nature of the property and casualty insurance business. Much of the literature attributes cycles and the inevitability of cycles to economic factors and other external pressures.
Most people who work in insurance are also purchasers of insurance. We see insurance as something that has a value to us, providing protection for ourselves and our families. But, I would like to speak as a consumer about coverages and exclusions, and offer a few thoughts about how we can improve this industry's image by giving consumers what they want.
Insurer CEO speakers at this year's Canadian Insurance Congress, which was recently held in Quebec City, expressed uncertainty regarding the future financial prosperity of the property and casualty insurance industry, despite the dramatic improvement in companies' earnings over the course of 2003. The CEOs' main concern lay with the mandatory auto product - applying across nearly all of the provinces - due to inadequacy of claims cost reform measures that have been initiated by the provincial regulators. On a broader level, an economic presentation made at the congress also offered a dour mid to long-term outlook for the insurance industry.
7 min read
Alberta’s auto insurance reform plans have received the final stamp of approval from the provincial cabinet, setting the launch date for the beginning of October this year. A committee of legislators is being put together to ensure a smooth transition to the new system, which includes a premium grid. The government has promised rates will […]
2 min read
While welcoming confirmation the New Brunswick government has abandoned the idea of a public auto insurance system, insurers remain concerned that the announced reforms will not reduce the cost of providing insurance. “We believe the government decision to preserve competition and choice is the right decision,” says Don Forgeron, Atlantic region vice president at the […]
While welcoming confirmation the New Brunswick government has abandoned the concept of public auto insurance, insurers remain concerned that reforms announced Tuesday will not help reduce the cost of providing insurance in the province.”We believe the government decision to preserve competition and choice is the right decision,” says Don Forgeron, Atlantic region vice president for […]
By Canadian Underwriter | June 29, 2004
4 min read
The Alberta government is seeking input on potential changes to its Health Information Act (HIA). An all-party committee is reviewing the legislation, put in place three years ago to limit access to personal health information. A consultation guide is available at www.hiareview.assembly.ab.ca as well as information on submitting feedback. LAWPRO (Lawyers Professional Indemnity Company) is […]
1 min read
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