Industry
With the Canadian property and casualty insurance industry rousing from its "wintry hard market", company attention has once again shifted to the rebuilding of books of business and the courting of brokers. It is therefore not surprising that the final quarter of last year saw a rush of insurers signing on to the Centre for Study of Insurance Operations' (CSIO) Internet-based company-to-broker "portal". With the CSIO facing a critical turning point with the pending launch of the all-important "phase II" of its single-entry, multi-company interface (SEMCI) solution, industry attention is very much focused on whether the portal has achieved "critical mass" in terms of insurer and broker support.
By Sean van Zyl, Editor | January 31, 2005
9 min read
The role of the Insurance Bureau of Canada (IBC) has evolved along with the events, and perhaps even fate, that have shaped the Canadian property and casualty insurance industry into what it is today. As lobbyist, facilitator, champion of regulative reform and the public voice of insurers, the IBC as an industry body has had to learn to adapt rapidly to the demands of a faster moving, riskier and increasingly complex marketplace. Sometimes lauded, and other times the brunt of industry criticism, those running the IBC often face a thankless job, observes Igal Mayer who took over as the bureau's board chair at the end of 2004. However, the significant achievements made over the last year regarding auto insurance reform across the provinces, and the subsequent return of adequate market coverage availability, stands testimony to the success of the IBC in handling crises, Mayer notes. Looking ahead, the bureau is shifting from crisis management to focus on long-term market reform in a bid to break from the insurance industry's destructive pricing cycle, he adds.
5 min read
New Year's resolutions often revolve around personal goals and objectives such as losing weight, getting in shape, buying that big screen plasma or LCD television, a new car, etc. This is also a great time of year to take stock of your business goals and objectives.
By Caroline Kennedy, and Catherine Trimble | January 31, 2005
4 min read
Insurers and brokers who believe time will wait for them to get their commercial operations into shape should think twice. Competitors do exist in the form of direct writers, many of whom are targeting package commercial business. Today, there is urgency for brokers and companies to share data and streamline the policy processing function.
By Kevin Campbell, president of Policy Works | January 31, 2005
"Business process management" (BPM) is a term insurers will likely hear a lot more of in the months ahead. Done right, it has vast potential to improve how companies operate their businesses. However, like any new concept it can mean virtually anything, and insurers should demand specifics.
By Glen Piller, president of iter8 Inc. | January 31, 2005
According to rate approvals from the Financial Services Commission of Ontario, the average auto insurance rate dropped 10.6% over the course of 2004. But insurers say consumers in Ontario will see even more savings in 2005. Rates fell 6.08% on average, comparing the end of 2004 to the end of 2003, but this does not […]
January 31, 2005
1 min read
Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB” from “BBB+”. The downgrade follows a review which began last October when it was announced the companies would be purchased by ING Canada. That sale became final last month, […]
Canadian financial services companies outperformed their peers over the past five years, according to a new report by Mercer Oliver Wyman released at last week’s World Economic Forum.The study notes, “North America has outperformed the global SPI (shareholder performance index) average over the past five years, with Canadian firms performing particularly well as a result […]
By Canadian Underwriter | January 30, 2005
The Joint Forum of Financial Market Regulators (JFFMR) has released its “Principles and Practices for the Sale of Products and Services in the Financial Sector”.The new document suggests principles for the sale of a wide array of products, including p&c insurance, life insurance, securities, pensions, banking products and more. It was developed with the input […]
Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB” from “BBB+”. The downgrade follows a review which began last October when it was announced the companies would be purchased by ING Canada.That sale became final last month, and […]
By Canadian Underwriter | January 27, 2005
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
