Industry
Fairfax’s Fairmont Specialty Group Inc. – which includes the remaining business of former subsidiaries TIG Insurance Group and Ranger Insurance Group – says U.S. regulators have given a “thumbs up” to the company’s structure and capitalization. The announcement prompted rating agency A.M. Best to place under review with developing implications the financial strength ratings of […]
January 31, 2004
1 min read
The Insurance Brokers Association of Canada (IBAC) kicked off its annual BIP advertising campaign last month at the Canadian National Figure Skating Championships. The well-received “Blanket-Anthem” television spots will run from January 5 to the end of May 2004 on a variety of shows in both English and French. “The more frequently the logo appears […]
3 min read
Risk
After numerous launch delays, the Centre for Study of Insurance Operations (CSIO) believes that its long-awaited Internet portal is ready to go live. However, while proponents of the portal talk of a new industry-wide commitment to comparative rating, single sign-on and new business transactions, others say the execution of the project remains riddled with bugs, design flaws and delays. Is the portal real, or is it merely an elaborate illusion?
By Craig Harris | January 31, 2004
11 min read
When David Patrick took over the top spot at the Centre for Study of Insurance Operations (CSIO) eight months ago, it was an organization in need of an overhaul. Its major undertaking, the internet portal to link brokers and insurers, was over budget and off track. But, Patrick relishes the role of the "turnaround artist" and says with the renewed support of all within the insurance industry, the CSIO portal will become reality.
By Vikki Spencer | January 31, 2004
6 min read
While the financial fortunes of North American property and casualty insurers are looking decidedly better for 2004 compared with the last two lean years, there remain many unresolved issues that could undermine the industry’s long-term financial stability. Among these “old skeletons” still knocking around are market fragmentation, reserve adequacy and the lack of new investment […]
By Sean van Zyl, Managing Editor | January 31, 2004
4 min read
In his annual “state of the province” address, New Brunswick Premier Bernard Lord took a shot at auto insurers and hinted at further reforms to come for the province’s system. While Lord noted that almost $23 million in rebates have been handed out to New Brunswick drivers since last summer, he says, “Insurance companies are […]
2 min read
Commercial property rates fell 8.8% in the last quarter of 2003, marking the first major rate decline since 2000, according to the quarterly survey by the Risk and Insurance Management Society (RIMS) and Advisen Ltd. Risk managers report not only are property rates dropping, but, exclusive of inflationary increases, other lines are flattening or experiencing […]
Commercial
Allison Murray, former executive vice president and COO of Enterprise Canada Insurance Services, has started her own company, A.M. Associates. The new company will focus on commercial lines consulting and research for insurers, brokers and law firms. Allianz Canada has appointed Laurent Nadeau as regional vice president for Quebec and Atlantic Canada after more than […]
Say the word "fraud" and insurers shake in their boots. Of the host of financial challenges facing the insurance industry today, fraud ranks as perhaps the most menacing. However, new technologies may provide a solution to beat back the "fraud monster" - if the industry stakeholders are willing to join together to create integrated systems.
By Ivor Kaye | January 31, 2004
5 min read
Auto
For the first three quarters ending November 30, 2003, Manitoba Public Insurance (MPI) is reporting growth in net income to $38.7 million, up from $23.1 million for the same period a year earlier. Investment income was almost double, hitting $85.4 million for the first nine months of the 2003 fiscal year, versus $45.8 million for […]
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