Industry
Alan Greenspan only has to mention inflation and interest rates in the same breath to send the investments markets into spasm. His most recent economic brief, presented toward the end of July, knocked off close to 3% of the value of the Dow Jones and the TSE-300 index in a single day. The capital markets […]
By Sean van Zyl, Editor | July 31, 1999
4 min read
As insurance professionals, we sell not only security, but also knowledge. Our competitive advantage is often based on what we know and how well we can apply it. This means that individually, as brokers, and collectively as an industry, learning is the key to success. Traditionally, we’ve accumulated knowledge by taking courses, reading books and […]
By Jaellayna Palmer & Peter Smith of Learn2Be | July 31, 1999
3 min read
The insurance industry got off lightly from the July 16 fire at a downtown Toronto Bell Canada switching station in which phone service was cut off for 113,000 downtown homes and offices for nearly five hours. Initial estimates had the disruption caused at being over $1 billion in economic losses. This, however, was mainly attributed […]
July 31, 1999
1 min read
The Co-operators group has expanded into the Quebec market by acquiring a broker-based underwriter, L’Union Canadienne compagnie d’ assurances from Unindal Inc. The deal, which is subject to regulatory approval, will boost the group’s premium income by about $100 million (equal to 7% of The Co-operators group’s 1998 consolidated premium income). L’Union Canadienne ranks ninth […]
Over recent years the largest catastrophic loss payments of most insurers have resulted from prairie hailstorms. During the 1990s, there have been six major storms, each causing catastrophic losses in excess of $50 million. The National Hail Conference, recently held by the Institute for Catastrophic Loss Reduction in Red Deer, Alberta, focused on prevention actions. […]
By Alan Pang, managing director at the Institute for Catastrophic L | July 31, 1999
It is becoming increasingly clear the importance of the financial services sector on the global stage. The recent drive toward globalization of business — coupled with new information technology and the formation of geo-economic and political alliances — have allowed financial institutions to follow their clients around the globe. However, the growing importance of financial […]
By Glenn McGillivray, head of corporate communication at Swiss Rein | July 31, 1999
9 min read
The difference between an Internet presence and soliciting business through the Internet can be significant in terms of legal exposure. With the serious growth seen in commercial entities on the web over recent years, the regulators are now beginning to address some of the legal accountability issues of jurisdiction and local laws. However, for the time being, selling insurance over the Internet holds many legal pitfalls.
By Brian Reeve, partner at Cassels Brock & Blackwell | July 31, 1999
6 min read
Peopleplus Insurance Company, a member of Zurich Financial Services Group, recently announced a partnership with Hudson’s Bay Company to launch a private label car and home insurance program. The group scheme, available exclusively to Bay and Zeller’s credit card holders, marks the latest foray by an insurer in marketing insurance to retail-chain customers. Peopleplus was […]
2 min read
Business conditions for the Canadian property and casualty insurance industry remained weak for the first quarter of this year, with auto and personal property showing increased loss ratios across Ontario and Atlantic Canada, says Paul Kovacs in the Insurance Bureau of Canada’s (IBC) quarterly industry analysis. Commercial rates are, however, showing signs of improvement after […]
Achange in senior executive positions at Toronto-based Queensway Financial Holdings Ltd. (TSE: QFH) has resulted in a shift in power from Canadian to U.S. management. A statement recently released by the company says James Petcoff and Mathew Petcoff will be taking over as CEO/president and COO/vice president. Canadian David Rooney, who previously handled the portfolio […]
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