Risk
Bill-28, introduced in Newfoundland to change the province’s auto insurance system, is raising ire from the insurance industry. The Insurance Bureau of Canada (IBC) says the regulative changes do nothing to deal with escalating physical injury claims costs at the root of premium increases. The bill is “focused on the symptoms, not on the illness”, […]
December 31, 2002
2 min read
Financial services giant Fairfax Financial Holdings (TSX: FFH) is restructuring its U.S.-based TIG Insurance Group, a move which will see group assets transferred back to the parent company. The move will also impact Fairfax’s subsidiaries Commonwealth Insurance Co. and reinsurer Odyssey Re. Among the restructuring moves, TIG’s outstanding shares of Odyssey Re, Commonwealth and Ranger […]
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H.L. (Skip) Sutherland is retiring as president of Crawford Adjusters Canada after almost 45 years in the insurance industry. He began his career with Zurich in 1957 and later helped form Adjusters Canada Inc., which was bought by Crawford in 1998. He will remain a director of the company and act as a consultant on […]
What promised to be the “year of the rebound” in 2002 was anything but. Despite price hardening, claims have continued to grow, particularly with never-ending medical payouts on auto claims. And, this is just the tip of the iceberg facing claims managers. Added to the mix are the struggle to attract bright young adjusters, the […]
By Vikki Spencer | December 31, 2002
21 min read
No one would argue the insurance industry is one that stands still, particularly not in today’s market. For adjusters, the changes are keenly felt, impacting how they do their jobs on a daily basis. From mergers and acquisitions to changing auto legislation to the growing litigious environment, there is no shortage of challenges for the […]
6 min read
The financial numbers for insurers and reinsurers across North America are not good – but they may only tell part of the story of the property and casualty insurance industry’s woes. It has become a familiar refrain, the need to return to core underwriting discipline. But are companies listening? “We need profound and committed change […]
For decades it has been routine business practice in Canada to purchase occurrence-based general liability insurance policies. In recent years governmental authorities have begun to require the clean up of environmental pollution resulting from corporate activities that occurred long ago. The liability associated with such clean up is arguably covered by insurance policies issued for […]
By Jim Hamilton, director of marketing, and William Russell, CEO at | December 31, 2002
In normal business practice, it is always wise to keep a sharp watch on costs. With the present tight business economy it becomes absolutely essential. While cost control techniques vary greatly depending upon the type of business being operated, some things are universal, such as getting the most from expensive systems and services in which […]
By Ivor Kaye of Grantech Technologies | December 31, 2002
4 min read
Canadian property and casualty insurers produced a return on equity of 2.9% for the 12 months to the end of September 2002. The industry’s net taxed earnings for the first nine months of last year dropped year-on-year by 22% to $464 million compared with the $597 million reported for the same period in 2001, according […]
Industry
A survey conducted by the Insurance Information Institute (III) of 12 industry investment analysts suggests that growth in premium income within the U.S. property and casualty insurance industry will decrease in 2003. The analysts also forecast a drop in the combined ratio to an average of 103.3% for 2003 compared with 2002’s 106.3%. The III […]
1 min read
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