Risk
The Facility Association (FA), the industry’s pool to insure high-risk drivers, says its overall marketshare rose year-on-year by 64% to 2.8% for 2002 versus the 1.7% share for the year prior. The FA’s combined ratio also hit a high of 160% for 2002 compared with the 137% ratio reported for the previous year. The FA’s […]
April 30, 2003
2 min read
The concept of "risk" has been at the center of public attention since the events of 9/11 through corporate scandals and most recently, with the spread of severe acute respiratory syndrome (SARS). And, risk managers, meeting in Chicago recently for this year's Risk & Insurance Management Society (RIMS) conference, are more than aware of the impact this new "age of risk" is having on premiums. However, despite these "trying times", risk mangers have evolved within the corporate culture.
By Vikki Spencer | April 30, 2003
7 min read
The term "data mining" is often thrown around loosely in the insurance industry. Many companies know of it and some insurers have even introduced elements of it. But are insurance companies unleashing the true profit potential of enterprise intelligence?
By Michael Turney | April 30, 2003
4 min read
Industry
First there was the fall of Markham General, representing a market loss of about $80 million in annual capacity. As underwriting losses from auto insurance, specifically personal lines arising from mostly minor bodily injury (BI) claims in the Ontario market, began to mount over 2002, the true cost of years of price cutting became evident […]
By Sean van Zyl, Editor | April 30, 2003
Montreal-based “Assuremoi.com” plans to move into the Ontario market following its successful launch in Quebec. Assuremoi president Mark DiPerno says the Internet brokerage is “posting great numbers” in Quebec, giving 50 to 60 quotes per day on its personal lines offerings. The site can do end-to-end auto policy transactions, and referrals on the more complex […]
1 min read
Royal & SunAlliance Insurance Co. of Canada has named Rowan Saunders as vice president, personal insurance. Saunders has been with Royal & SunAlliance for 15 years, most recently as president of Agilon Financial. The Centre for Study of Insurance Operations announces the departure of president Klaas Westera. Interim general manager is Marhsall Lee, director of […]
Calgary-based broker network consolidator Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has been charged with illegally inflating its share price by the Alberta Securities Commission (ASC). “Shares of Anthony Clark International were traded in an unlawful manner by key company personnel and a brokerage firm,” alleges the ASC. The commission is charging Anthony Clark […]
At the recent AGM of the Centre for Study of Insurance Operations (CSIO), attendees were told that the industry association is looking at different options for the development of future phases of its broker-insurer portal project. With the first phase of the portal about to move from testing into launch, the CSIO has hired Deloitte […]
In homage to the well-known sports history of Brandon, Manitoba, the provincial broker’s association took “team spirit” as its theme for the recent annual convention. Insurance Brokers Association of Manitoba (IBAM) president Dale Rempel says the theme also reflects brokers within the province and across the country sharing knowledge and tackling issues together. Among the […]
Fairfax Financial Holdings Ltd. (TSX: FFH) says a preliminary prospectus for an initial public offering (IPO) of common shares of Northbridge Financial Corp., a Canadian insurance holding company, has been filed. It is intended that Northbridge would become the listed holding company for Fairfax’s Canadian operations of Lombard, Commonwealth, Markel and Federated. Based on returns […]
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