Held against the backdrop of the nation’s capital, the 1999 Canadian Insurance Congress — seen as Canada’s premier reinsurer/primary company CEO forum — offered good news to insurers and risk managers on the treaty negotiation front. This year’s reinsurance rates, which normally come up for re-negotiation between August to November, are unlikely to show much […]
June 30, 1999
7 min read
The New York-based Risk and Insurance Management Society (RIMS) released its second annual Quality Scorecard which polled 1,259 risk managers rating the service of brokers, carriers and third-party administrators (TPA). The overall performances were similar to that of last year, with brokers rising by a single satisfaction point to 74 out of a 100 while […]
June 30, 1999
1 min read
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 […]
June 30, 1999
5 min read
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 […]
June 30, 1999
1 min read
The 1990s saw considerable attention drawn to the global benefits of the so-called "hot" developing economies such as South America, Asia and the former Eastern Bloc countries. Most recently, we have seen plunging stock markets and economic uncertainty resulting in these same areas. Strangely, these have a link with trends in Canadian financial supervision.
June 30, 1999
6 min read
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. Strategy Institute: Changing Face of Canadian P&C Insurance Forum. Contact Strategic Institute at 416-944-8833. Metro Toronto Convention Centre, Toronto, […]
June 30, 1999
1 min read
Dear Editor, You are to be complimented on an excellent feature article, in the April Underwriter, on the threat posed by the big banks. The Independent Life Insurance Brokers of Canada have many members who also hold a p&c license. We are all brothers and sisters-in-arms in our fight against the intrusion of the banks […]
May 31, 1999
7 min read
Recent months have seen increased pressure being brought to bear by the private property and casualty insurance industry to deregulate the monopoly positions of provincial government insurers. Due to its sheer size and control of one of Canada’s largest consumer markets, the Insurance Corporation of British Columbia (ICBC) has attracted much of the lobbying fire […]
May 31, 1999
6 min read
Natural disasters such as extreme weather, a volcanic eruption or an earthquake, are often quaintly referred to in the insurance world as “Acts of God”, adverse events which are seemingly unexplainable or beyond man’s control. Noticeably, the economic and insurance cost associated with natural catastrophe events under “Acts of God” have escalated substantially, with the […]
May 31, 1999
9 min read
Last year I predicted 1998 would bring back a deteriorating trend to the property and casualty insurance industry. In addition to the January ice storm, I felt that the continuing “soft market” would have a negative impact on underwriting results. In fact, underwriting ratios deteriorated five percentage points from 102.4% in 1997 to 107.4% in […]
May 31, 1999
3 min read