Risk
The industry’s pool for high-risk drivers is expecting to post significant losses this fiscal year, particularly in Ontario. The Facility Association (FA) residual market stands to lose $313.9 million for the fiscal year, which runs from November 1, 2002 to October 31, 2003, according to “Outlook 2003” prepared by actuaries Eckler Partners.About $275.8 million of […]
By Canadian Underwriter | June 2, 2003
1 min read
This year's annual general meeting and conference of the Insurance Brokers Association of British Columbia (IBABC), which was recently held in Victoria, focused on implementation of increased competition in the province's optional auto insurance marketplace. Also included in the association's top priorities in the year ahead is facilitating increased underwriting capacity in commercial lines, where the province's brokers have most experienced the effect of the "hard market" cycle.
By Sean van Zyl, Editor | May 31, 2003
5 min read
There are a lot of things wrong with insurer income statements and balance-sheets these days - lackluster investment returns, rising claims costs, persistently bad underwriting results - all of which have put tremendous pressure on company "cost centers" to prove their worth. Information technology (IT) departments are no exception, with increased expectations for a return on investment. In an environment where vendors have come and gone, and many solutions have not lived up to the hype, insurers might be tempted to scale back IT investments. But, with a turn in insurer fortunes expected to come in the next year to 18 months, insurance companies can ill afford to be caught lagging, say experts. IT, they say, could well be a pivotal part of that return to profitability.
By Vikki Spencer | May 31, 2003
10 min read
While not many insurers writing auto in Ontario would agree that Bill-59 - the Automobile Insurance Rate Stability Act - was the answer to their prayers in bringing about effective reform to a longstanding problematic product, not all would share their perspective. Rob Sampson, a member of provincial parliament (MPP) and the driving force behind the latest auto insurance product reform initiatives packaged under Bill-198, believes that legislative measures introduced in 1996 under Bill-59 achieved its purpose in stabilizing pricing and enticing insurers back into the marketplace. The current legislation, which will soon be publicized as regulations, is an extension of what Bill-59 set out to do, Sampson says. In this respect, the current market environment is not unlike that of 1996 when insurers' appetite for taking on business had waned, he observes, which the latest reforms are aimed at bringing insurance companies back to the table.
6 min read
The spread of highly contagious atypical pneumonia to Canada, particularly Toronto, caused huge economic repercussions in the travel, tourism and hospitality industries. What is the impact on the insurance sector?
By Craig Harris | May 31, 2003
9 min read
General insurance underwriters analyze a variety of important factors in determining the risk of an applicant. Determining underwriting risk is a tricky science that involves a number of factors before the appropriate coverages are allowed and rates defined. Apart from determining the level of insurance permitted and priced, underwriters must also decide if the risk should be taken at all. Electronic data transmission and storage has cultivated new databases that should be used as criteria in assessing underwriting risks.
By Scott Fitzgerald | May 31, 2003
7 min read
As Canada's insurers seek to quantify their catastrophe exposure, earthquake models offer an insight into how technology can further underwriting. Even events south of the border illustrate the wealth of new information at insurers' fingertips to better comprehend large losses that can have a significant impact on reinsurance and reserves.
By Eric Gobble and Don Windeler at RMS | May 31, 2003
4 min read
The insurance and risk management communities lost a friend with the passage of Barry Shakespeare. Most recently with Duke Energy (formerly Westcoast Energy), he is a past Canadian Risk Manager of the Year and past president of the Ontario and B.C. chapters of the Risk & Insurance Management Society. He is remembered by his wife […]
May 31, 2003
When you read the headlines these days, there is a sense of susceptibility and unease amongst top executives when it comes to the security of their critical information systems – most often the lifeblood of their organization. Whether it is computer viruses running amok, the theft of vulnerable hard drives, or the growing threat of […]
By Stephen McWilliam | May 31, 2003
3 min read
The Hartford Financial Services Group Inc. has sold the renewal rights to much of its US$700 million global property and casualty reinsurance business under HartRe to Bermuda-based Endurance Specialty Holdings Ltd. A statement released by Endurance says the deal will involve about US$400 million in annual premium, of which business written by HartRe Canada is […]
2 min read
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