Industry
Insurers and brokers who believe time will wait for them to get their commercial operations into shape should think twice. Competitors do exist in the form of direct writers, many of whom are targeting package commercial business. Today, there is urgency for brokers and companies to share data and streamline the policy processing function.
By Kevin Campbell, president of Policy Works | January 31, 2005
5 min read
Home
With increased competition in the property and casualty insurance industry, companies are looking for ways to improve efficiencies of staff and decrease operational costs.
By Rick Jackson, director of consulting at CGI Group Inc. | January 31, 2005
"Business process management" (BPM) is a term insurers will likely hear a lot more of in the months ahead. Done right, it has vast potential to improve how companies operate their businesses. However, like any new concept it can mean virtually anything, and insurers should demand specifics.
By Glen Piller, president of iter8 Inc. | January 31, 2005
Risk
Public champion or opportunist? Big, bad industry or an “easy target”? The public furor created by New York’s attorney general Eliot Spitzer as a result of his investigation into certain types of remuneration paid by insurers to brokers and alleged “bid rigging” in the placement of business, could not have come at a worse time […]
By Sean van Zyl, Managing Editor | January 31, 2005
4 min read
U.S. analysts are predicting property & casualty insurers will post a combined ratio of 98.9% in 2005, despite a slow down in premium growth, according to results of the Insurance Information Institute’s (III) annual “Groundhog Forecast”. Analysts from various investment and research firms say the industry’s combined ratio should be on par with the 98.7% […]
January 31, 2005
2 min read
Allianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall. AGR Canada had been part of Allianz Insurance Co. of Canada, prior to ING Canada’s acquisition of Allianz Insurance and Trafalgar Insurance Co. of Canada late last year. AGR Canada was not part of the transaction and […]
1 min read
Auto
Newfoundland’s Public Utilities Board (PUB) will hold public hearings throughout the last half of February and possibly into March on the issue of auto insurance. The hearings follow the completion of the PUB’s study of closed auto claims, published by Mercer Oliver Wyman. That study suggests significant savings if a cap were put in place […]
According to rate approvals from the Financial Services Commission of Ontario, the average auto insurance rate dropped 10.6% over the course of 2004. But insurers say consumers in Ontario will see even more savings in 2005. Rates fell 6.08% on average, comparing the end of 2004 to the end of 2003, but this does not […]
U.S. commercial insurance accounts saw significant rate softening in the last months of 2004, according to the latest quarterly survey by the Council of Insurance Agents & Brokers (CIAB). In the fourth quarter, more than 80% of small and large accounts, and 90% of medium accounts, saw their rates either hold firm or decline, brokers […]
Claims
Following reassessment of its purchase of Vista, Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has restated its half-year earnings for the period ending June 30, 2004. The company announced last November revised figures for the first quarter of 2004, after it determined the fair value of vendor debt issued on the Vista acquisition was […]
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