Risk
Introduced in Canada in 2000, automated rental car systems changed the way insurers and rental car companies do business. The new technology promised to cut costs and boost customer service and has done so quite successfully. Now, four years later, innovations in technology have helped the replacement rental process evolve into a sophisticated relationship between […]
May 31, 2004
4 min read
Canadian commercial insurance buyers have had little to celebrate with the record rate increases and tight terms faced over the past two or more years. Now, with reinsurers and insurers reporting stronger results, risk managers' expectations of better pricing are starting to surface. However, insurers and brokers warn, risk managers who look for the loose underwriting standards and coverage giveaways of the past, do so at their own peril.
5 min read
Along the election of Nancy Chambers of Waterloo Region Municipalities Insurance Pool as president of RIMS, fellow Canadian Joseph Restoule, senior risk consultant for NOVA Chemicals Corp. was named vice president, chief risk officer and secretary of the RIMS executive council. Canadians joining Chambers on the board of directors are: Joseph Hardy (Hudson’s Bay Co.); […]
3 min read
More than 125 industry veterans were present for the 45th Annual Reception of the Quarter Century Club, held May 6th at the Hilton International Toronto. Emcee John Cherrie, welcomed this “International Order of Old Farts”, and thanked sponsors Cunningham Lindsey, Winmar and McLarens Canada. The reception featured a “roast” of legendary Douglas Cutbush, who started […]
2 min read
Recent years has seen the Canadian property and casualty insurance industry become increasingly volatile with the availability and pricing of coverage having fluctuated to the extent that insurers have come under intense public scrutiny and criticism, observes Lord Levene, chairman of Lloyd’s of London. Lord Levene recently addressed members of the Empire Club in Toronto […]
When Jane Voll stepped into the chief economist's role for the Insurance Bureau of Canada (IBC) this spring, it was a step into the public maelstrom of auto insurance few would be bold enough to take. But Voll's faith in the pivotal role of the insurance industry in Canada's economy, and her belief in a "member-led, research-based" association have her well-equipped to bring the industry's case before regulators, legislators, and ultimately the public.
6 min read
Evolving market cycles, emerging regulations and changing industry practices demand responsiveness and flexibility from commercial lines underwriters and brokers. Should insurers not expect the same from their technology?
Risk retention groups (RRGs) are on the upswing, according to data compiled by the U.S.-based Risk Retention Reporter.In 2003, RRG premiums rose to US$1.73 billion dollars, up from US$1.27 billion in 2002. In the last 17 years, RRG premiums have risen more than US$1.5 billion.And the number of RRGs jumped in 2003, to more than […]
By Canadian Underwriter | May 31, 2004
1 min read
Despite a strong recovery, downgrades are expected to continue to outpace upgrades for North American life insurers, says Standard & Poor’s.The rating agency applauds the industry’s ability to bounce back from the investment drought and weak corporate credit environment of the past few years, but says lingering issues remain, not the least of which are […]
Despite risk managers and brokers shrugging off investigations of contingent commission arrangements, a new survey suggests commercial insurance buyers do see such payments as a conflict of interest.The study, “A Season of Discontent” by Advisen, shows 69% of the 331 risk managers responding think contingent commissions represent a conflict of interest. Such commission arrangements are […]
By Canadian Underwriter | May 26, 2004
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