Risk
Relations between insurers and the financial services regulators at both the federal and provincial levels have not always been "easy going". Which is understandable considering that the basic driving forces of free enterprise and that of government regulation appear to stand at odds. As such, when the federal government appointed a new head to its financial services watchdog body, the Office of the Superintendent of Financial Institutions (OSFI), many insurer CEOs took a deep breath in anticipation of the good or bad that could result from a new regulatory regime. However, insurers have no need to worry about draconian interference in the operational structure of the insurance industry says Nick Le Pan, the newly appointed superintendent of OSFI. Le Pan expects to maintain the progress made by his predecessor toward creating a more flexible and cost-effective regulatory environment p rimarily based on a per-company risk management process.
By Sean van Zyl, Editor | April 30, 2002
6 min read
Industry
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) saw increased revenue and net income for the financial year ended December 31, 2001, the company’s sixth year of operation. Acquisitions played a key role in the company’s growth, with 9 agencies in 11 communities added to Hi-Alta’s Western Insurance Network last year, as well as the addition […]
April 30, 2002
1 min read
David Forster (left) accepts congratulations on a successful past year as president of the Insurance Brokers of Toronto Region from incoming president Debbie Thompson at the association’s recent AGM. GE ERC has appointed Rick Smith to head its new global property & casualty reinsurance business. Smith is formerly the president and CEO of the company’s […]
U.S. property and casualty insurers produced a negative return on equity of 2.7% for the 2001 financial year compared with a 6.5% ROE reported the year before. This plunge into the red resulted from skyrocketing catastrophe claims, including losses arising from the September 11 terrorist attacks, while investment earnings and capital gains withered over the […]
3 min read
Drivers in Atlantic Canada are complaining of sharp rate hikes, and regulators want answers. Insurers say the real solution involves reform.
By Frank Mumford, Regional Manager of Personal Insurance at Royal & | April 30, 2002
4 min read
Televised media coverage of the September 11 terrorist attacks that took place in downtown Manhattan, New York City, left little doubt in the minds of those that watched this tragic event that the cost of recovery -- although never replaceable in lost lives -- would be great in terms of both direct expenditure as well as economic loss. However, a new cost evaluation report suggests that the rebuilding and cleanup cost associated with the World Trade Center (WTC) attacks may prove to be billions of dollars less than originally anticipated.
Ouch! Auto insurers just cannot seem to win. Across Canada auto claim losses are pouring in with the supposed “prize market” of the country — Ontario, which accounts for about a third of all premiums in Canada — delivering some of the worst results as rate adjustments are left in the dust of accelerating bodily […]
Take a moment and look at your insurance company from your customer’s perspective. They selected your product from a sea of competitors, perhaps having questioned brokers and waded through copious amounts of advertising. You likely managed to break through based on the merits of your product and your company’s brand image. But what have you […]
By Steve Heck, managing director, Symcor Art & Logic | April 30, 2002
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. TIWA Annual General Meeting. Toronto, ON. For further information call Josie Van Ryswyck at 416-229-5438 or email josie_ryswyck@ ca.cgugroup.com. […]
2 min read
In the wake of industry speculation on the fate of “virtual” insurer Markham General, the company has told its brokers that all existing policies will be cancelled as of 12:01 a.m. on June 15. In a letter to brokers approved by Financial Services Commission of Ontario (FSCO) Superintendent Philip Howell, and dated April 12, the […]
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