Industry
Despite the restrictive regulations governing the Canadian property and casualty insurance marketplace, the country continues to enjoy above average demand from carriers for new commercial business. While global capacity of Lloyd's of London remained mostly flat during 2004, the market's Canadian business growth over this same period significantly outpaced that of the U.S. and the U.K.
By Nicholas Smith, attorney in fact in Canada for Lloyd's Underwriters | April 30, 2005
5 min read
Risk
As Canada's mutual insurers met in Toronto recently, expansion was very much on the minds of everyone. Mutuals are looking to expand their own membership to include other insurers closely aligned with their concerns. At the same time, the end of the hard market means a time when marketshare growth tempts. In both instances, a cautious, measured approach to expansion was urged.
By Vikki Spencer | April 30, 2005
The intensity and frequency of severe weather events is increasing globally. Concentrated population growth is also rising - particularly in areas which are more weather disaster prone. Can the insurance industry positively influence social developments to promote safer living? I believe it can and should play a crucial role in this regard.
By Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction | April 30, 2005
6 min read
A number of new provisions to the “Ontario Building Code” will come into effect from July this year. These amendments, under Bill-124, will affect builders (including restoration contractors), municipalities, building inspectors and citizens, and by extension, insurers. They will have a visible effect on the time and cost necessary to complete residential building projects. Bill-124 […]
By Kyle Urech of Disaster Kleenup Canada | April 30, 2005
4 min read
“Take care of the customer, take care of the customer, take care of the customer” – this was the response of one of my colleagues when I asked him what he does to ensure complete customer satisfaction. The answer is simple, direct, and speaks the truth. Our own personal interests and agendas often blind us […]
By Lorenzo D'Alessandro, president of Collision Solutions Network Inc. | April 30, 2005
3 min read
A recent gathering of industry leaders, organized by the CIP Society, featured animated discussions about future directions in the Canadian property and casualty insurance industry. Two broad themes of keeping rates (and risk assessment) realistic in a softening market and salvaging the industry's reputation emerged as key messages.
By Craig Harris | April 30, 2005
“One of the great, as-yet-unsolved problems today is executive compensation and how it is determined” – SEC Chairman William Donaldson, 2004. How do insurers measure up? Independent advisory firm Executive Risk Consulting, which specializes in executive compensation and board effectiveness issues, has gathered the views of Canada’s foremost thought leaders in executive compensation, and specifically […]
By Luis Navas, senior vice president of Executive Risk Consulting | April 30, 2005
The 2004 financial returns of both the Canadian and U.S. property and casualty insurance industries tell a story of “record profitability”. Notably, the earnings gain made by insurers on both sides of the border were primarily driven by robust underwriting profits that resulted not just from higher pricing but almost static growth of claims costs. […]
By Sean van Zyl, Managing Editor | April 30, 2005
For 60 years, Saskatchewan Government Insurance (SGI) has remained a force in that province, withstanding changing governments and auto insurance reform measures to post its strongest results ever last year. New president Jon Schubert, who took over the reigns in 2004, says the first 60 years are a prelude to continued growth - including further expansion beyond the province's borders - albeit cautiously and with an eye to maintaining the stability that is at the core of SGI's mandate.
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Despite the strong results posted by the U.S. property and casualty insurance industry in 2004, this year will likely see loss costs significantly outpace premium growth, according to a special report by A.M. Best. The rating agency says the US$6.3 billion underwriting profit achieved by insurers – the first since 1978 – is the result […]
April 30, 2005
2 min read
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