Risk
Despite the significant rate increases implemented through 2002 renewals, few canadian reinsurers expect this year will produce a desperately needed profit recovery. With several of the major as well as small players on the global stage having recently been downgraded by financial rating agencies, and the parent owners of some of these operations having seemingly lost their appetite for the reinsurance business, market watchers are predicting a new wave of consolidation within the sector. While this pressure has already resulted in global head-office management shakeouts, the burn point seems to be tuning toward local senior managers as the market shifts into full drive in the race for profitability. This may be a hard market, but will the existing players and their senior management survive to see it through?
By Sean van Zyl, Editor | June 30, 2002
12 min read
While conditions for the North American economy and the property and casualty insurance industry now appear more favorable than the experience of the past two years, carriers at both the primary and reinsurance levels still face tough times with 2002 likely to produce yet another year of disappointing financial returns, say speakers at this year's Canadian Insurance Congress. Despite the recent firming of prices across nearly all lines of business, Canadian insurers remain bedeviled by runaway claims costs which can only be curtailed through product reform.
9 min read
The potential threat to the insurance industry of man-made catastrophic disasters was brought under the spotlight by the events of September 11. While considerable attention is being given to evaluate these risks at both the primary and reinsurance levels, as an industry we should not forget the hazard and need for adequate pricing of natural disaster exposures.
By Catherine Fagan, assistant vice president of Swiss Reinsurance C | June 30, 2002
7 min read
Reinsurance treaty underwriters are "odd" people. We are not exactly numerous. There are only about 50 treaty underwriters in Canada with the authority to write business. That works out to about one in every 1,300 insurance industry workers, or one in every 600,000 people in the general population.
By Rob Finnie, vice president of CCR | June 30, 2002
10 min read
Industry
As insurers, auto manufacturers and other claims supply chain representatives met for the annual AIM Forum in Toronto recently, cost control and injury reduction took the front seat. From the aftermarket parts debate to personal injury claims inflation, speakers noted that insurers and auto makers must find ways to protect against fraud and keep drivers safer, while still keeping a lid on expenses.
By Vikki Spencer | June 30, 2002
5 min read
The first quarter 2002 financial returns for both Canadian and U.S. insurers would suggest that the “soft times” are over. Indications from the reinsurance sector also suggest that the beginning of a profit recovery is underway, with the improvement at the primary and reinsurer levels being driven by significant price increases. However, despite the broad […]
3 min read
Trying to "crystal ball" the outcome of the upcoming yearend reinsurance renewal season is something I am not going to hazard a chance at. However, based on the dismal company financial returns for 2001, and the "no nonsense" approach of underwriters during the current year, it is safe to say that securing treaties for 2003 will require skillful negotiation.
By Don Alexander of Guy Carpenter Canada | June 30, 2002
4 min read
As Alberta's brokers met in Edmonton for their annual convention, the situation in other provincial auto markets was at the forefront of discussion. The Independent Insurance Brokers Association of Alberta (IIBAA) has assembled a committee to look at cost and availability of auto insurance, anticipating that the growth in claims costs and rate hikes in the Ontario and Atlantic markets may soon move west.
June 30, 2002
Claims
In an environment of claims cost cutting, increased litigation exposure and heightened competition from "inhouse resources", the independent adjusting profession faces some tough leadership challenges. And, like "the rock" that he calls home, Arnold Pike believes that as the incoming president of the Canadian Independent Adjusters Association (CIAA), he is ready to guide members through this challenging time. The keys, he says, will be to work toward a "single voice" on issues, and while doing so, "to make some noise" about the value of independent adjusters within the insurance industry.
Commercial
While Manitoba’s brokers may not be dealing with the same rate hikes being experienced in other provinces, thanks to Manitoba Public Insurance’s (MPI) recent application to hold the line on rates for 2003, it will nonetheless be a busy year for incoming broker association president Melody Terin. Following the annual convention of the Insurance Brokers […]
1 min read
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
