Risk
The deadline facing the Canadian government to introduce a form of reinsurance cover for terrorism risks has come and gone — without any response from the government. Primary insurers acting through the Insurance Bureau of Canada (IBC) have been engaged in intensive discussions with the federal Finance Ministry from mid-November through to the beginning of […]
By Sean van Zyl, Editor | December 31, 2001
3 min read
Industry
All major sector players operating in the Canadian financial services environment — from banks, life insurers, property and casualty insurers, health insurers, investment dealers and mutual funds — have co-founded a new national consumer ombudsman office. The National Financial Services OmbudService (NFSO), to be officially opened from July this year, will handle consumer complaints across […]
December 31, 2001
1 min read
U.S. property and casualty insurers incurred their worst financial loss for the first nine months of last year since the devastation caused by Hurricane Andrew in 1992, observes the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII). The U.S. industry’s ROE for the latest nine-month reporting period sank to a negative […]
5 min read
In the continually evolving world of claims, adjusters are dealing with new pressures daily. The demands of loss cost reduction, increasing customer expectations, changing regulations and technology may, however, cause a return to the foundations of good adjusting. For incoming Ontario Insurance Adjusters Association (OIAA) president Louise Rivett, the keys to adjusting in the new world are simple - good customer relationships and strong knowledge and skill base. With mergers and acquisitions shrinking the marketplace, the pressure is increasing on adjusters to have the right skills and latest knowledge.
7 min read
The insurance industry is at a crossroads, with rates rising, but continuing to be outpaced by claims costs. Technology is a relentless force, offering promise, but also upping the ante on customer service expectations. A survey of top insurer claims staff shows that today's adjusters walk a fine line between the increasing demands of the customer and the need to reduce costs, between technology's potential and its potential downfalls. CU asks the experts what new forces threaten this delicate balance moving forward.
By Vikki Spencer | December 31, 2001
16 min read
Fred Wilson and I leaned into our brushes, sweeping hard in front of the stone as it slowly slid into the 16-foot circle, crept past the 8-foot before finally coming to rest inside the 4-foot ring. A winning shot. We pumped our arms to our team-mate down the ice, broker Bob Davies, who was the […]
By Axiom | December 31, 2001
10 min read
A recent decision taken by British Columbia's Supreme Court against one of Canada's major banking groups with regard to the selling of credit insurance could have broader implications with regard to limiting at the provincial level the types of financial service products the banks have branched into under federal regulations.
By Brian Reeve, partner at Cassels Brock & Blackwell LLP | December 31, 2001
6 min read
While independent claims adjusters may achieve a short-term gain in increased business as insurers once again begin addressing outsourcing of their claims handling requirements as pressure mounts to cut operating costs, too much emphasis on "cost cutting" could prove detrimental in the long run to both parties.
By Margaret Oudkerk, a regional claims manager at ING Halifax | December 31, 2001
With the January 1st deadline for when the vast majority of reinsurance treaty renewals take effect having come and gone without any response from the federal government on providing an alternative financing source for terrorism risks, primary insurers have begun issuing policy exclusions on both commercial and personal lines of cover -- the consequence being that large parts of both the small and large business sectors, as well as individuals, have now been left uninsured to potential terrorism losses. While discussions between insurers and the federal government continue into the new year, it seems clear that the government's future involvement, if any, will be limited to "high risk target" exposures, and that the general terrorism exclusions implemented by insurers in Canada will stay in place. How will this affect the property and casualty insurance industry in Canada? CU approached company CEOs and several organizations impacted by the withdrawal of reinsurance terrorism cover to determine how they will deal with the problem.
Through amendments to Bill C-36, the federal government is proposing to extend the laws around terrorism financing to property and casualty insurers, reports Michael Hafeman, assistant superintendent in the Office of the Superintendent of Financial Institution’s (OSFI) specialist support sector. In an address to the Canadian Insurance Accountants Association, Hafeman notes that, although p&c insurers […]
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