Industry
Like the voyaguers forging new territory, collision shop owners and insurers were looking for a road map to the future of the auto claims economy at the 5th CARSTAR Industry Conference held recently in Mont Tremblant, Quebec. The voyageurs used "Inukshuk", rock formations, to mark their path, but it may not be so easy for the two linked industries. With insurers facing rising claims costs and bodyshops facing a shrinking market, speakers urged greater communication as the key to both sides of the claims process achieving improved profitability.
By Vikki Spencer | September 30, 2002
5 min read
Risk
It was already difficult for organizers to get liability coverage for public events before September last year – now more so than ever. Insurers are retrenching and the liability coverage required for outdoor events has been difficult to source. Motor sports, air shows, parades and festival types of events have particularly high risks for liability […]
By Barry Milavsky | September 30, 2002
4 min read
If you are the owner or principal shareholder of a company such as an agency or brokerage, you likely put your energies into dealing with day-to-day issues and growing the business. However, you need to recognize that you will exit the business at some point, and this means investing time now in making sure that process happens smoothly.
By Douglas Gough, corporate finance partner at Mintz & Partners Fin | September 30, 2002
6 min read
Personal auto insurance – specifically the losses and subsequent pricing actions taken within the private sector markets has become a political “hot potato” almost countrywide. Brokers and consumer groups from the east coast through to the west are beginning to grumble with not just the dramatic upward price adjustments, but also the availability of capacity. […]
By Sean van Zyl, Editor | September 30, 2002
Soaring commercial insurance rates post-9/11 have triggered what many risk analysts believe will be the biggest withdrawal of premium from traditional coverage ever seen - exceeding the retreat of billions of dollars brought on by the liability crisis of the mid-1980s. And, similar to the commercial exodus from insurance brought on by the liability crisis, insureds are being forced to look at self-insurance options not only as a result of cost, but severe cutbacks by insurers in terms of cover and capacity across nearly all lines of business. As a result, alternative risk transfer (ART) is expected to account for about half of all U.S. commercial risk dollars by the end of 2003, according to A.M. Best. As part of this drive, the rating agency predicts record growth in the formation of captives for this year through to 2004. Is Canada following this global trend? Specialty risk solution experts CU spoke to say it is already happening.
8 min read
Auto
Ontario auto insurers say that, in general, they support the provincial government’s proposal for insurance product reform. The industry, represented by the Insurance Bureau of Canada (IBC), appeared before the government’s Auto Insurance Review Committee (AIRC). The AIRC, which was appointed by the Minister of Finance to gather stakeholder responses to the proposed legislative changes […]
September 30, 2002
2 min read
A survey carried out by the Risk and Insurance Management Society Inc. (RIMS) of 450 member companies suggests that securing adequate terrorism coverage remains highly difficult. The survey results show that 71% of respondents are finding it “very difficult” or “impossible” to obtain adequate terrorism insurance. About 84% of the respondents indicated that they did […]
1 min read
U.S. rating agencies Moody’s Investors Service and Fitch Ratings have issued negative outlook reports for the global reinsurance sector, citing limited medium to long-term earnings growth potential despite the substantial rate increases introduced by companies during the course of this year. A slowdown in growth may spur a new round of mergers and acquisitions within […]
In the July 2002 CU article “Rates Keep On Trucking”, it stated that AXA Canada has withdrawn from trucking coverage. The company still writes for trucks of 9 power units or less.
To celebrate our 75th year in business, my insurance company had staged a special anniversary party at our head-office. There had been an open bar, mounds of hot finger food, plus a few mercifully short speeches. Some of our leading brokers, independent adjusters, lawyers, and other friends of the company had come along and said […]
By Axiom | September 30, 2002
9 min read
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