Industry
The Insurance Bureau of Canada’s (IBC) investigative division will focus on auto theft and organized crime in the future, handing its individual claims investigation service over to another firm.As of April 1, the IBC will no longer accept new requests for individual claims file investigations, but will direct members to Forensic Investigations. Forensic Investigations has […]
By Canadian Underwriter | April 1, 2004
1 min read
In its most recent poll of members, the Canadian Federation of Independent Business (CFIB) finds that insurance continues to be a sore spot for small-to-medium sized business owners.Along with energy costs, insurance price hikes are a thorn in the side of business owners as they warm to an increasingly stable economy. While 43% of companies […]
Hello, Fred! Hello, Dave!” The welcome came from Tom Johnstone, president of a long-established and successful brokerage in the city which was celebrating its 100th year in business. He shook our hands warmly, “thanks for coming”. A huge sign across the front of their office building proclaimed: “1904 – 2004 ONE HUNDRED YEARS OF SERVICE”. […]
By Axiom | March 31, 2004
11 min read
Broker network consolidator Hub International Ltd. (TSX: HBG) boosted total revenue by 30% year-on-year to a record US$286.4 million for the 2003 financial year (2002: $220.0 million). Net earnings for the year came in at $38.5 million, equal to $1.14 a share, up from the $31.9 million, or $1.06 per share, reported for the year […]
March 31, 2004
A consultation paper outlining a new system to replace Ontario’s designated assessment centers (DACs) has been released by the Financial Services Commission of Ontario (FSCO). The “expert assessor network” (EAN) is being proposed as an alternative to what FSCO calls the “adversarial, costly, time consuming, and complex” DAC system. FSCO notes the DAC system has […]
E-L Financial Corp. Ltd. (TSX: ELF), parent company of The Dominion of Canada General Insurance Co., nearly doubled its operating income for 2003 to $42.9 million ($11.17 a share) from the $23.3 million ($6.08 per share) reported for 2002. However, overall net income for the company, including portfolio investment, life insurance and general insurance operations, […]
Last year, U.S. reinsurers saw net profit grow by almost 500% to US$3.08 billion compared with the US$628 million posted the year prior. The financial result of the U.S. reinsurance industry is calculated based on company data collected by the Reinsurance Association of America (RAA), which represents 29 domestic companies. Substantially improved underwriting results were […]
2 min read
Montreal-based Optimum General Inc. (TSX: OGI.A) jumped into the black for the 2003 financial year by posting a net profit of $2 million, equal to 17 a share. This compares with a net loss of $7.4 million, or 68 a share made for 2002. Optimum’s gross written premiums dropped moderately for 2003 to $144.5 million […]
With the release of a committee report on the potential for public auto insurance in New Brunswick, cost of establishing the system has been pegged at $82 million. The report, presented by NDP MLA Elizabeth Weir, the committee’s chair, is the result of seven months of hearings to come up with a possible public auto […]
3 min read
For those involved in the field of disability management consulting (DMC), it is not uncommon to encounter skeptical and cynical comments from the payers of these services. Disability management consultants are sometimes perceived as "gullible" and/or "advocates for the client", who fail to contribute substantially to the closure of the file. But forming a cost-effective and successful partnership with a DM provider can be achieved if business goals and client outcomes are kept front of mind.
By Maria Vandenhurk & Susan Philchuk | March 31, 2004
6 min read
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