Industry
Following several months of rumor that the Canadian Imperial Bank of Commerce (CIBC) was looking for an exit strategy in divesting from its less-than-profitable property and casualty insurance interests, the bank appears to have finally found a taker — for $330 million. Quebec-based financial services group Desjardins Laurentian Financial Corporation has snapped up CIBC’s The […]
June 30, 2000
2 min read
The torrential and almost record downpour resulting from a rainstorm which struck southern Ontario over the weekend of May 12th and 13th of this year is expected to cost insurers about $68 million in insured damages, according to preliminary figures released by the Insurance Bureau of Canada (IBC). And, almost a month later to the […]
Two of the public broker consolidator networks, Vector Intermediaries Inc. (V:VTE), and Hi-Alta Capital Inc. (TSE:HIA), have produced a mixed bag of financial results for the first quarter of this year. Vector’s revenue for the first quarter remained static at $3.067 million compared with that of the same period the year prior. However, the network […]
1 min read
With increasing technological and market pressures coming to bear on the broker distribution channel, it is more important than ever for brokers to market their expertise and customer-service excellence, says Renate Mueller, new president of the Insurance Brokers Association of British Columbia (IBABC). In her first address to members, at the association’s annual meeting in […]
Fuelled by mergers, acquisitions, alliances and regulatory change, the idea of one-stop financial services shopping is becoming a reality south of the border. With caution, several insurers and brokers in Canada have broadened their focus to “test the market” on integrated product selling. Although traditional companies and the independent brokerage community have in the past […]
By Vikki Spencer | May 31, 2000
10 min read
Risk
Recent management consultant surveys of the North American property and casualty insurance industry have highlighted distribution as the number-one future concern facing insurer CEOs. The reports all weigh strongly in favor of integrated multi-distribution approaches with the Internet playing central stage. However, whether or not company CEOs agree with the views put forward by the […]
8 min read
The Risk and Insurance Management Society 2000 Conference & Exhibition, which was recently held in San Francisco, drew a record number of more than 12,000 attendees and exhibitors. The event marked the society’s 50th anniversary as the North American body for the risk management profession. Key factors raised by executive board members at the conference […]
By Sean van Zyl, Editor | May 31, 2000
5 min read
Each year, for the last several years, federal and provincial governments have collected $4 billion in taxes from home, car and business insurance — an amount equal to the industry’s entire value-added. This 100% tax burden is more than three times the average tax burden borne by other financial services industries in Canada. On its […]
By JANE VOLL, Director of Policy and Research at the Insurance Bure | May 31, 2000
Auto manufacturers and property and casualty insurers recently joined forces at the AIM 2000 Conference held in Mississauga to combat cost-pressures and identify means of better serving their customers. Highlighting the agenda were the use of research, design and rating systems to reduce claims costs and reward safer designed vehicles. Insurers and auto manufacturers need […]
3 min read
Included in the federal government budget for the current fiscal year was a long-range allocation of several billion dollars to be earmarked for provincial infrastructural development projects. The property and casualty insurance industry’s recently formed Institute for Catastrophic Loss Reduction (ICLR) has called for an ambitious $750 million of this expenditure to be allocated by […]
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