Industry
Inefficient business processes are costing insurers as much as US$10 per policy in waste, says a new report by Exigen Group. In the U.S., so-called “corporate cholesterol” amounts to more than US$2 billion, with insurers spending up to 30% more on processing claims, policies and customer inquiries than is necessary.”Inefficient processes are like cholesterol in […]
By Canadian Underwriter | May 24, 2004
1 min read
Quebec-based financial services company Desjardins Group is reporting its general insurance division, Desjardins General Insurance Group, posted strong net earnings of $13.6 million for the first quarter ending March 31, 2004. This is up from $4.7 million the year prior. Return on equity in the first quarter was 14.7% for the insurance operation. Gross written […]
By Canadian Underwriter | May 19, 2004
Alberta-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) says it has received approval to buy-back up to 397,758, or 5%, of its issued and outstanding common shares. The shares, which can be bought between May 20, 2004 and May 19, 2005, will be cancelled.”The directors of the corporation are of the view that if […]
It has been confirmed that the Insurance Bureau of Canada (IBC) will no longer publicly release its quarterly financial data on insurers to anyone other than members. At the Independent Insurance Brokers of Alberta (IIBAA) conference, ING Canada CEO Claude Dussault said the decision was made because the information has been used against the industry, […]
The coming final plans for Alberta auto reform must be embraced by the industry and made to work, CEO speakers told the Independent Insurance Brokers Association of Alberta (IIBAA) conference.The new regulations, if handled properly by the industry, are a chance to demonstrate the kind of stability legislators are looking for. “We can convince them […]
Two Illinois trials are keeping broker contingent commissions in the spotlight in the U.S., the Wall Street Journal reports. WSJ says the two cases, one involving a local government and another a fair organizer, highlight that the issue of contingent commissions goes beyond large account commercial clients to small businesses which may be less aware […]
By Canadian Underwriter | May 18, 2004
More than half of brokers surveyed in a recent poll say the market is showing signs of softening, and an even greater number say growth in the coming year will come from increased marketshare rather than rates. The survey, published by accounting firm Mazars and the British Insurance Brokers Association (BIBA) finds 53% of respondents […]
By Canadian Underwriter | May 17, 2004
2 min read
The Ontario Bar Association (OBA) says while it supports the Law Society of Upper Canada’s (LSUC) regulation of paralegals, assurances are needed that government funding will be in place to support the regulatory system.”Critical to the success of this regulatory initiative is secure, adequate Ontario government funding and this must include money for appropriate enforcement […]
Reporting at the Alberta Brokers Conference, new Insurance Brokers Association of B.C. (IBABC) president Brian Fitzpatrick says he was “shocked by the firing of Nick Geer”, CEO of Insurance Corp. of B.C. “Many people saw him as one of the best presidents we’ve seen in years,” Fitzpatrick noted. “It seems as if making ICBC an […]
Despite recent charges stemming from reserve shortfalls at Pilot Insurance, the CEO of parent Aviva Canada says the company has completed a restructuring plan and is now on “strong financial footing”.Last week, the Financial Services Commission of Ontario (FSCO) confirmed the filing of charges against Pilot’s former CEO Stu Kistruck and CFO Colin Simpson for […]
By Canadian Underwriter | May 16, 2004
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