Risk
Premium hikes and availability issues have prompted the Canadian Federation of Independent Business to call for a federal review of the property and casualty insurance industry. But, insurers and brokers say solutions for small businesses should be market-driven, not political. They also contend that the market is working.
February 29, 2004
10 min read
Claims
More than eleven years after an explosion ripped through the Westray coal mine in Plymouth, Nova Scotia killing 26 miners and triggering a decade-long legal battle for victims' families, new federal legislation will make corporations, their management, directors and officers legally responsible for unsafe work environments.
By Glenn McGillivray | February 29, 2004
6 min read
One of the most important trends to have evolved in the insurance industry is the use of outsourcing to reduce costs and improve the quality of service to customers. Most insurers have already reduced their costs as much as possible. However, the use of outsourcing, particularly to offshore low-cost jurisdictions, is rapidly becoming unavoidable in order to remain competitive in the insurance industry.
By Brian Reeve | February 29, 2004
4 min read
Industry
As claims managers and adjusters entered the new year they faced tough federal privacy legislation which presented a host of unknown factors to their work environment: public reaction, professional limitations, and whether the industry’s existing claims handling standards would hold up under the new rules. So, when both sides met at the annual Joint Claims […]
By Vikki Spencer | February 29, 2004
5 min read
The Toronto Metro Convention Centre was home to the Insurance Institute of Ontario (IIO) Convocation and Awards Dinner. Amongst the honorees were (clockwise from top) Sunit Datta, Rajdeep Chopra and Richard Y.K. Liu, all of whom were presented with multiple awards by IIO president Patrick King (left) and Insurance Institute of Canada chairman Glenn Gibson […]
3 min read
2003 saw a giant leap in net income for Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A). The company generated net profit of $44.0 million for the 2003 financial year versus a loss of $1.1 million reported the year prior. This equates to earnings a share of $1.78 for 2003 against a loss of 48 […]
1 min read
Have insurers finally found their “financial feet”? Initial industry financial data revealed by the Insurance Bureau of Canada (IBC) at Swiss Reinsurance Co. Canada’s recently held “Statistical Breakfast” seminar suggests at dramatic improvement in underwriting across most lines of business for the 2003 financial year with most of the top-ranked companies showing healthy profitability. From […]
By Sean van Zyl, Managing Editor | February 29, 2004
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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.
Property and casualty insurers finished the 2003 financial year with a return on equity (ROE) of 10.7%, according to initial data released by the Insurance Bureau of Canada (IBC). The latest full-year return reflects a nine percentage point improvement in ROE on the meager 1.7% return posted for the 2002 financial year. Notably, the top […]
2 min read
Specialty insurer Kingsway Financial Services (TXS: KFS) saw its return on equity drop slightly for the 2003 financial year, although the company still boasted a double-digit return. For the 12 months ending December 2003, Kingsway’s ROE clocked in at 12.9%, showing moderate weakness on the 13.8% return posted the year prior. However, the insurer’s net […]
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