Risk
As Canada's mutual insurers met in Toronto recently, expansion was very much on the minds of everyone. Mutuals are looking to expand their own membership to include other insurers closely aligned with their concerns. At the same time, the end of the hard market means a time when marketshare growth tempts. In both instances, a cautious, measured approach to expansion was urged.
By Vikki Spencer | April 30, 2005
5 min read
The intensity and frequency of severe weather events is increasing globally. Concentrated population growth is also rising - particularly in areas which are more weather disaster prone. Can the insurance industry positively influence social developments to promote safer living? I believe it can and should play a crucial role in this regard.
By Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction | April 30, 2005
6 min read
A recent gathering of industry leaders, organized by the CIP Society, featured animated discussions about future directions in the Canadian property and casualty insurance industry. Two broad themes of keeping rates (and risk assessment) realistic in a softening market and salvaging the industry's reputation emerged as key messages.
By Craig Harris | April 30, 2005
“One of the great, as-yet-unsolved problems today is executive compensation and how it is determined” – SEC Chairman William Donaldson, 2004. How do insurers measure up? Independent advisory firm Executive Risk Consulting, which specializes in executive compensation and board effectiveness issues, has gathered the views of Canada’s foremost thought leaders in executive compensation, and specifically […]
By Luis Navas, senior vice president of Executive Risk Consulting | April 30, 2005
The 2004 financial returns of both the Canadian and U.S. property and casualty insurance industries tell a story of “record profitability”. Notably, the earnings gain made by insurers on both sides of the border were primarily driven by robust underwriting profits that resulted not just from higher pricing but almost static growth of claims costs. […]
By Sean van Zyl, Managing Editor | April 30, 2005
4 min read
For 60 years, Saskatchewan Government Insurance (SGI) has remained a force in that province, withstanding changing governments and auto insurance reform measures to post its strongest results ever last year. New president Jon Schubert, who took over the reigns in 2004, says the first 60 years are a prelude to continued growth - including further expansion beyond the province's borders - albeit cautiously and with an eye to maintaining the stability that is at the core of SGI's mandate.
The Property and Casualty Insurance Compensation Corp. (PACICC) says member insurers have agreed to increase their maximum permissible assessment to the guaranty fund in order to better prepare for future insolvencies. At the recently held annual general meeting (AGM), PACICC deputy chairman Kevin McNeil, CEO of Gore Mutual Insurance Co., told members that a survey […]
April 30, 2005
2 min read
The Risk and Insurance Management Society (RIMS) has added two new tools to its Quality Improvement Process (QIP). These include the “claims service provider and risk manager partnership tool” and the “safety and loss control service provider and risk manager partnership tool”. The QIP includes guidelines for performance expectations and learning resources, including a practical […]
By Canadian Underwriter | April 27, 2005
1 min read
While commercial buyers were reporting price stabilization, brokers are reporting significant softening across accounts in the first quarter of 2005.The results of the Council of Insurance Agents and Brokers (CIAB) contrast with views expressed by risk managers in the RIMS/Advisen survey, with broker saying price decreases are the norm, while their buyers say many lines […]
By Canadian Underwriter | April 24, 2005
Groups representing brokers and agents in the U.S. have come to blows following a speech at the recent Risk & Insurance Management Society (RIMS) Conference by Willis CEO Joe Plumeri.In the speech, Plumeri said contingent commissions should be abolished for all intermediaries, including both agents and brokers. The National Association of Professional Insurance Agents (PIA) […]
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