Risk
The area of subrogation is a necessary part of the claims process, one which is often overlooked or under-utilized by the primary insurer. A poor or effective claims management approach to subrogation can mean the difference of millions of dollars to the bottom-line. Faced with the current business climate, can insurers afford financial spillage?
By Michael Baumel, head of global subrogation at GE ERC | June 30, 2001
5 min read
“We stand on the verge of an incredible opportunity.” With these words, incoming Risk and Insurance Management Society president David Mair opened the society’s 2001 conference in Atlanta. The opportunity, he says, comes from the changing insurance market, and the changing role of risk management on the corporate landscape. As hardening insurance rates create new […]
By Vikki Spencer | June 30, 2001
6 min read
Industry
Manitoba’s crown corporation insurer, Manitoba Public Insurance (MPI), has applied to the province’s Public Utilities Board for an overall premium reduction of 1.2%. This will be the fourth consecutive year of rate reductions for the province’s drivers, the crown insurer says. The proposed premium reduction for 2002 would result in an average annual premium of […]
June 30, 2001
1 min read
A recently released Swiss Re Sigma report titled “Capital Market Innovation in the Insurance Industry” suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into capital market insurance vehicles since 1996 – with catastrophe bonds accounting for nearly half of […]
Dear Editor, Many years ago I wrote a letter to the editor asking “where is the voice of surety in Canada, I cannot hear it?”. Not too long thereafter The Surety Association of Canada was formed primarily by the bonding companies in Canada but with associate memberships to include all practitioners of the surety industry. […]
4 min read
The Toronto Insurance Women’s Association executive for 2001-2002 was recently elected at the TIWA annual general meeting. Pictured are: (back from left) Robin Darby, Lori Duclos, Dalia Sabour, Cheryl Morton, Monica Branker, Karen Akeson, Doreen Brown, (front) Gail Cuffe, Michelle Roberts (president), Kelly Brisbin-Harris, Pauline Ferguson. The Toa Reinsurance Company of America is moving house, […]
In a time when insurers are cutting costs, including those associated with claims handling, it is difficult to say any adjuster is "flying high". But Keith Edwards is one exception. Not only will he take over as president of the Canadian Independent Adjusters Association (CIAA) this year, but the licensed pilot also has high hopes for his profession. Edwards says this time of "belt tightening" is an opportunity for independents to prove their efficiency and expertise.
Canadian Underwriter Magazine recently asked Tom Hopkinson, the CEO of Guy Carpenter’s Canadian operations, to share his observations on the trends that affected treaty reinsurance year-end renewals, and his expectations for the upcoming season’s negotiations. According to Hopkinson, while reinsurance buyers face a tightening market, they can rest assured that reinsurers are by and large […]
“We haven’t seen [adverse financial] conditions such as this in the last 50 years,” says the Insurance Bureau of Canada’s (IBC) chief economist Paul Kovacs. As one of the opening speakers at this year’s Canadian Insurance Congress, Kovacs points out to the CEO attendees, “the industry is in trouble. We’re seeing numbers [company results] that […]
By Sean van Zyl, Editor | June 30, 2001
11 min read
Following the great “premium chase” of recent years, Canada’s property and casualty insurers have finally woken up to a reality: “we have sinned”. This was the underlying conclusion reached and admitted to by presidents of some of the lead ranking companies represented at this year’s Canadian Insurance Congress. While the negative impact of inadequate pricing […]
3 min read
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