Industry
On the tail of a slew of terrible fourth quarter 2001 reportings from insurers, Canadian-based Fairfax is the latest to tell its tale of financial woe in the wake of September 11. The World Trade Center (WTC) attacks, combined with the failure of U.S. energy giant Enron, led the company to a $346 million loss […]
By Canadian Underwriter | February 11, 2002
2 min read
Rating agency A.M. Best says the collapse of U.S. energy giant Enron has cost insurers US$3 billion in investment exposures, at least in the early stages. The figure assesses losses as of September 30, 2001.However, the majority of these losses were from the life and health industry, which had an investment of US$2.8 billion at […]
By Canadian Underwriter | February 7, 2002
1 min read
Lloyd’s of London is set to make a second cash call on its members in order to deal with claims from 1998 to 2001, including its US$2.8 billion exposure to the September 11 terrorist attacks.The calls will bring in about US$800 million ($564 million pounds sterling). Individual investors (Names) will each be asked to pay […]
By Canadian Underwriter | February 6, 2002
After years of disappointing and frustrating efforts to achieve a workable online, real-time technology platform between Canadian insurers and independent brokers, the property and casualty insurance industry's joint company/broker technology development body -- the Centre for Study of Insurance Operations (CSIO) -- has set an imminent launch date for its Internet-based "intranet" portal service that is expected to form the foundation for the next generation of online company-to-service-provider communications where past efforts such as Synchron have failed. But, while considerable effort has been made to muster insurer and broker support for this latest stab at grasping the "holy grail" of real-time online communications, the enthusiastic attitude of companies is belayed by their seemingly unprepared position for integrating their legacy-based systems with the CSIO portal as the launch date draws dangerously close. Just as importantly, most insurers admit to being unclear on the costs or potential savings expected from their participation through the portal. Are insurers and brokers really ready for the next evolutionary step into online technology?
By Sean van Zyl, Editor | January 31, 2002
9 min read
The story of online insurance has been one of caution and, ultimately, missed opportunities in the past. But are things really changing? Are insurers starting to catch up to banks and other providers of financial services in the online realm? The answer, for the most part, is still "no". So where does the industry go from here?
By Andree Ryckman, certified management consultant, Call Centre Con | January 31, 2002
6 min read
With the departure of American Re CEO Edward J. Noonan, John Phelan (pictured) is set to take over the top spot at Munich Re’s U.S. subsidiary, effective March 31. Phelan has been with Munich Re of Canada (MROC) for almost 30 years, and has been the company’s president as well as president of Temple Insurance […]
January 31, 2002
Manitoba’s public insurer is feeling the financial crunch, with poor investment returns and higher than expected claims costs leading to an almost 85% drop in income for the first three quarters of 2001. For the nine months ending November 30, 2001, Manitoba Public Insurance (MPI) reports income dropped to $11.6 million, down from $67.1 million […]
Although the 2001 yearend results for both the Canadian and U.S. property and casualty insurance industries are expected to reflect one of the worst financial years on record, there is an excited buzz among the ranks of company CEOs that this is will be a year of renewed prosperity. Indeed, the industry’s business pricing cycle […]
4 min read
On the cusp of the launch of a broker-insurer Internet portal, the eyes of the industry are on Klaas Westera, president of the Centre for the Study of Insurance Operations (CSIO). Brought on board to rejuvenate the forum between insurers and brokers, Westera has put in motion the development of the portal, a long sought after but never yet achieved innovation. Blending technology with a passion for the broker distribution channel, Westera's plans are putting the Canadian property and casualty insurance industry on the map.
By Vikki Spencer | January 31, 2002
The struggle of insurers to compete in a fragmented marketplace was up for discussion at the CARSTAR Canada “Appreciation Day” recently in Burlington, Ontario. “It’s hard to get a share point, it’s hard to keep it,” says Jim Letwin of JANKelly Marketing. Speaking to a crowd of insurance and other business partners to the collision […]
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