The rise of direct insurers has energized discussion about regulating product sales inducements. While many brokers fight to maintain the prohibition on inducements, others are asking the question, “who are we protecting?” And regulators are starting to respond, rewriting the books on how insurance is sold From toasters to trips for two, the world of […]
June 30, 2000
7 min read
The global reinsurance market suffered its worst underwriting year in 1999, largely as a result of natural disaster catastrophe losses estimated to having cost the industry about US$24 billion. European reinsurers finished 1999 with an alarming 131% combined ratio, the U.S market with 114% and Canada at 105%. The stark rise in European reinsurance underwriting […]
June 30, 2000
10 min read
For most Canadians, a natural disaster is something that takes place half a world away, generally in poor, under-developed countries, across the hurricane swept Caribbean, or along the southeast coast of the U.S. But more natural disasters are happening in our own backyard, adding to the burden of risk management, and raising concern that resources for immediate disaster relief will be spread too thin.
June 30, 2000
4 min read
What are some of the world's reinsurers doing to move forward amid what has been the worst market downturn in recent memory?
June 30, 2000
8 min read
Recent management consultant surveys of the North American property and casualty insurance industry have highlighted distribution as the number-one future concern facing insurer CEOs. The reports all weigh strongly in favor of integrated multi-distribution approaches with the Internet playing central stage. However, whether or not company CEOs agree with the views put forward by the […]
May 31, 2000
8 min read
The Risk and Insurance Management Society 2000 Conference & Exhibition, which was recently held in San Francisco, drew a record number of more than 12,000 attendees and exhibitors. The event marked the society’s 50th anniversary as the North American body for the risk management profession. Key factors raised by executive board members at the conference […]
May 31, 2000
5 min read
Included in the federal government budget for the current fiscal year was a long-range allocation of several billion dollars to be earmarked for provincial infrastructural development projects. The property and casualty insurance industry’s recently formed Institute for Catastrophic Loss Reduction (ICLR) has called for an ambitious $750 million of this expenditure to be allocated by […]
May 31, 2000
8 min read
Approximately 98% of risk managers recently surveyed by the Liberty Mutual Group say they use the Internet in carrying out their duties. The survey is based on the responses of 200 risk managers. Approximately a quarter of the survey respondents say they spend more than five hours a week online, with research being the main […]
May 31, 2000
1 min read
Armed with over 50 years experience in the insurance business, Simon Farrow is ready to lead a new company, Thompson General Insurance, onto the playing field. The market may be competitive, he says, but this “virtual company” is mixing state of the art technology with a community-based approach to tackle its larger competitors. Reducing expenses, […]
May 31, 2000
6 min read
With the recent approval of the U.S. Financial Services Modernization Act, a considerable amount of attention in Canada has been turned to watch developments south of the border. Financial services legislative reform in the U.S. has opened the door to financial institutional cross ownership and integrated product selling, essentially providing the way for the one-stop […]
May 31, 2000
3 min read