Risk
Most people who work in insurance are also purchasers of insurance. We see insurance as something that has a value to us, providing protection for ourselves and our families. But, I would like to speak as a consumer about coverages and exclusions, and offer a few thoughts about how we can improve this industry's image by giving consumers what they want.
By Rob Finnie | June 30, 2004
8 min read
Insurer CEO speakers at this year's Canadian Insurance Congress, which was recently held in Quebec City, expressed uncertainty regarding the future financial prosperity of the property and casualty insurance industry, despite the dramatic improvement in companies' earnings over the course of 2003. The CEOs' main concern lay with the mandatory auto product - applying across nearly all of the provinces - due to inadequacy of claims cost reform measures that have been initiated by the provincial regulators. On a broader level, an economic presentation made at the congress also offered a dour mid to long-term outlook for the insurance industry.
By Sean van Zyl, Editor | June 30, 2004
7 min read
Industry
As brokers joined for annual conventions in Alberta, B.C. and Manitoba this spring, the topic of legislation was very much on their minds. While Albertans faced the prospect of a new, unique auto system being implemented, the new Financial Services Act was front and center in B.C. Meanwhile, in Manitoba, brokers and legislators continued to wade through the lengthy process of rewriting the provincial Insurance Act.
By Vikki Spencer | June 30, 2004
6 min read
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
June 30, 2004
4 min read
Claims
Catastrophe-related insured losses for the second quarter of this year will tally about US$1.65 billion, according to claims data collected by the Insurance Services Office (ISO). The insured cat loss for the second quarter of this year shows a marked reduction on the US$5.1 billion loss insurers incurred for the same period in 2003, and […]
1 min read
While it may read as the ingredients for Armageddon, the Institute for Catastrophic Loss Reduction’s (ICLR) research agenda for the coming year encompasses a host of natural perils ranging from last year’s blackout to water and disasters to drought and winter windstorms. The agenda was set at the ICLR’s annual general meeting (AGM), which was […]
2 min read
Trading will cease in shares of Vector Intermediaries as the company faces up to an insurmountable financial crisis. The broker consolidator says that, despite having sold off all its assets, the company still faces a multi-million-dollar shortfall in meeting debt obligations. Subordinated lenders have demanded payment of more than $20 million plus interest owed under […]
Alberta’s auto insurance reform plans have received the final stamp of approval from the provincial cabinet, setting the launch date for the beginning of October this year. A committee of legislators is being put together to ensure a smooth transition to the new system, which includes a premium grid. The government has promised rates will […]
U.S. property and casualty insurers brought home a return on equity (ROE) of 11.3% for the first quarter of this year with an underwriting profit of US$5.4 billion that saw the combined ratio dip year-on-year by more than six percentage points to 93.3%, according to data collected by the Insurance Services Office (ISO) and the […]
3 min read
While welcoming confirmation the New Brunswick government has abandoned the idea of a public auto insurance system, insurers remain concerned that the announced reforms will not reduce the cost of providing insurance. “We believe the government decision to preserve competition and choice is the right decision,” says Don Forgeron, Atlantic region vice president at the […]
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