Industry
In an environment of high consumer expectations, mutual insurers looked to vendors to offer lessons in managing customer relationships at the Canadian Association of Mutual Insurance Companies (CAMIC) mid-year meeting which was recently held in Toronto. Speakers focused on meeting the customer service challenge while maintaining control of claims expenses and underwriting through enhanced information.
By Vikki Spencer | April 30, 2004
4 min read
Risk
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.
April 30, 2004
Analysis of the 2003 financial returns of Canadian and U.S. insurers reveals several interesting differences in how companies in each of the marketplaces got to their current position. The main fact is that insurers in Canada and those south of the border appear to have now moved onto more solid ground financially after what Robert […]
By Sean van Zyl, Managing Editor | April 30, 2004
It is with sadness that we report the passing of Paul Graham on April 11, just one week after his 70th birthday. Paul’s insurance career spanned 40 years, most recently as president and CEO of Canadian Re (now Swiss Reinsurance Co. of Canada) from 1989 until his retirement in 1997. He played an important role […]
1 min read
The Facility Association (FA) – the industry’s pool for high-risk drivers – produced a loss exceeding $490 million for 2003. Speaking at the FA’s recently held AGM, CEO David Simpson notes that premium volume for 2003 rose year-on-year by more than 300% to almost $1.1 billion, thus boosting the FA’s countrywide share of the auto […]
2 min read
All for a good cause, the industry tipped back some of the world’s finest scotches at the 4th Annual Scotch Nosing, hosted by the Honorable Order of the Blue Goose, Ontario Pond. The event raised $6,500 for the Women in Insurance Cancer Crusade (WICC), and attendees were treated to a sampling of Speyside Region offerings, […]
Broker network consolidator Hub International (TSX: HBG) increased net income year-on-year by 8% to US$9.6 million for the first quarter 2004 compared with the US$8.9 million posted for the same period the year prior. The company achieved this despite a US$1.7 million after-tax write-off incurred during the financial year from incorporating all operations under the […]
The auto insurance battlefield lies pockmarked by smoldering wreckage with the public’s view of insurers currently at what many regard as being at an all-time low. Skyrocketing rate adjustments introduced by insurers in response to the dramatic upward spiral in loss costs of recent years invoked a broad outcry from consumer groups and politicians which […]
13 min read
What is wrong with Ontario's auto insurance system? The answer to that question has been haunting the insurance industry for many years, but more recently has stolen the public spotlight. During the most recent provincial election, auto insurance was front and center, and with the election of a Liberal majority government, Mike Colle found himself in the eye of the auto insurance storm. Now, the parliamentary assistant to the Minister of Finance says industry and government are working together to rebuild the system for the benefit of policyholders.
6 min read
Thin profit margins have prompted insurers to closely examine claims cost reduction strategies. While bodily injury and healthcare have received the lion's share of attention in auto insurance, the vehicle damage side of the equation is experiencing challenges of its own. Insurers are trying to find ways to reduce cycle turnaround time, improve supply chain management and save money through aftermarket and recycled parts. The issue for insurers is how to trim costs while ensuring parts quality and vehicle safety.
By Craig Harris | April 30, 2004
10 min read
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