Risk
Where once catastrophes such as hurricanes, earthquakes and floods were the dread of property and casualty insurers worldwide, the post-9/11 risk environment has introduced a new threat, one which strikes to the heart of the insurance industry: corporate catastrophes. While the corporate disasters of Enron and Worldcom, and for that matter the ripple effect that […]
By Sean van Zyl, Editor | January 31, 2003
4 min read
Industry
Private passenger auto rates rose 9.2% in the fourth quarter of 2002, says the Financial Services Commission of Ontario (FSCO), the government body that has final say in determining insurers’ rate increases. In the third quarter to end Sept, 2002, auto insurance rates climbed 8.3%, with the average price for cover by the end of […]
January 31, 2003
1 min read
Once again, the Centre for the Study of Insurance Operation's (CSIO) intranet-based insurance portal is set for imminent release. As insurers and brokers hold their breath in the countdown to the project's first-phase April launch date, the industry remains charged with mixed feelings of "general optimism" as well as "uncertainty" based on the many unknown factors that could result in success or failure of the portal over the longer-term. The CSIO points out, however, that one of the biggest hurdles having thwarted past attempts at achieving an industry-wide online, real-time electronic processing solution has been overcome - by the time of the launch date the portal will be carrying a "critical mass" of insurance companies with strong commitment by brokers to sign on. Has the CSIO finally pulled the industry online technology rabbit from the hat?
11 min read
The emphasis in the world of information technology today is on value justification - how can IT directly improve an insurer's bottom-line? Nowhere is this more relevant for the insurance industry than in the development of new applications.
By Glen Piller president of iter8 Inc. | January 31, 2003
6 min read
Today insurers spend an average 4% to 8% of their annual budgets on technology - a relatively small investment compared to that of other industries. In the past year, with insurance companies being hard hit by unexpected terrorist-related claims, increasing reinsurance costs, and decreasing income from investments, beleaguered carriers are demanding more returns from their precious IT dollars. Many insurers are opting for the flexibility and agility offered by hosted ASPs (application service providers), a form of IT and application outsourcing.
By Chris Shannahan, vice president, Fair, Isaac and Co. | January 31, 2003
5 min read
Rating agency A.M. Best says that it will be closing down its Canadian office from June this year, with all activities transferred to the company’s U.S. head-office located in Oldwick, New Jersey. The objective is to streamline the Canadian rating and data reporting operations and to eliminate overlapping activities, A.M. Best says. The rating agency’s […]
U.S. insurers are questioning their ability to pay out on long-tail asbestos claims in the wake of two carriers taking large reserves for environmental claims. First, Travelers Property Casualty Pool took an after tax charge of US$1.3 billion to shore up its asbestos reserves by US$2.55 billion. This resulted in Travelers recording a loss of […]
2 min read
After a dismal year of investment performance from both the bond and equity markets, North American insurers should benefit in 2003 from a modest recovery in returns as the U.S. economy regains its health, says Robert Hartwig, chief economist at the Insurance Information Institute (III). Based on the early robust trading in stock markets in […]
Rating agency A.M. Best has affirmed its “A- (excellent)” financial rating of Gerling-Konzern Allgemeine Versicherungs AG (GKA) and its primary insurance subsidiaries of Gerling Canada Insurance Co. and Gerling America Insurance Co. A.M. Best cites Gerling’s leading position in industrial insurance coverage coupled with the groups recently announced restructuring plans as the prime strengths of […]
Property and casualty customers of The Co-operators Group may be breathing a sigh of relief as it was revealed the theft of a hard drive containing some of the insurers’ files applies to life and pension customers only.At a news conference, The Co-operators president and CEO Katherine Bardswick noted explained that the hard drive disappeared […]
By Canadian Underwriter | January 31, 2003
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