Industry
Despite a record level of catastrophe losses in 2004, reinsurers appear to be giving in somewhat to soft market pressures, according to a review of 2004/2005 renewals by broker Benfield. The report says that the most recent renewals saw increasing competition which pressured underwriters to reduce prices. “While 2004/5 renewals were orderly, there were signs […]
January 31, 2005
1 min read
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The shutdown of Calgary, Alberta-based Suncor Energy Inc. following a fire in early January, could produce a significant insurance bill as the company announces it will not be back to full production until the third quarter of 2005. Suncor is part of OIL Mutual Insurance and sEnergy, insurance companies created by the energy industry. The […]
Risk
Cunningham Lindsey Canada Ltd. has appointed Greg Doerr as branch manager of its Barrie, Ontario office. Doerr has been with the firm since 2001, and has more than 10 year adjusting experience. Cunningham Lindsey has also named Michael Alwyn as branch manager for the newly combined Toronto central claims services branch and Toronto commercial risk […]
2 min read
Law firm Miller Thomson LLP has expanded its presence into Quebec, merging with Pouliot Mercure. The Montreal-based firm has 56 lawyers, bringing Miller Thomson’s total professional staff to more than 500. The Quebec office will operate under the name Miller Thomson Pouliot. *** Hub International has continued its re-branding campaign in early 2005, announcing that […]
With the Canadian property and casualty insurance industry rousing from its "wintry hard market", company attention has once again shifted to the rebuilding of books of business and the courting of brokers. It is therefore not surprising that the final quarter of last year saw a rush of insurers signing on to the Centre for Study of Insurance Operations' (CSIO) Internet-based company-to-broker "portal". With the CSIO facing a critical turning point with the pending launch of the all-important "phase II" of its single-entry, multi-company interface (SEMCI) solution, industry attention is very much focused on whether the portal has achieved "critical mass" in terms of insurer and broker support.
By Sean van Zyl, Editor | January 31, 2005
9 min read
The role of the Insurance Bureau of Canada (IBC) has evolved along with the events, and perhaps even fate, that have shaped the Canadian property and casualty insurance industry into what it is today. As lobbyist, facilitator, champion of regulative reform and the public voice of insurers, the IBC as an industry body has had to learn to adapt rapidly to the demands of a faster moving, riskier and increasingly complex marketplace. Sometimes lauded, and other times the brunt of industry criticism, those running the IBC often face a thankless job, observes Igal Mayer who took over as the bureau's board chair at the end of 2004. However, the significant achievements made over the last year regarding auto insurance reform across the provinces, and the subsequent return of adequate market coverage availability, stands testimony to the success of the IBC in handling crises, Mayer notes. Looking ahead, the bureau is shifting from crisis management to focus on long-term market reform in a bid to break from the insurance industry's destructive pricing cycle, he adds.
5 min read
The devastation wrought by the Indian Ocean tsunami poses a host of dire questions for government and for insurers here in Canada as they struggle to maintain some footing in what has become a war against Mother Nature.
By Vikki Spencer | January 31, 2005
10 min read
Being one of the first annual property and casualty insurance events held in the beginning of the year, the 2005 Joint Industry Forum (JIF) - which recently took place in New York City - revealed the considerable uncertainty felt by leaders within the industry toward the startling charges made against U.S. insurer and broker representatives in the commission controversy sparked by New York's attorney general, Eliot Spitzer. While the ongoing Spitzer investigation took center-stage at this year's JIF event, insurance CEOs also highlighted a myriad of ominous indicators which, in confluence, could signal a disparaging turning point in the industry's financial affairs. At the very least, increased public scrutiny and rising cost factors point to a new period of taut strain for management of the insurance industry, the JIF's analyst and insurer CEO speakers forewarn.
8 min read
The "evils" of technology seem to haunt us wherever we turn. Portals are popping up all around us, broker management system vendors are changing their applications constantly and adding new software tools regularly, Microsoft seems to have all of us on a two-year leash of software licensing and renewal, and of course there is always a new virus poised to attack our business-critical systems every week.
By Chris Venn, president of Inventive Networks | January 31, 2005
6 min read
New Year's resolutions often revolve around personal goals and objectives such as losing weight, getting in shape, buying that big screen plasma or LCD television, a new car, etc. This is also a great time of year to take stock of your business goals and objectives.
By Caroline Kennedy, and Catherine Trimble | January 31, 2005
4 min read
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