Industry
Lloyd’s of London has risen its 2001 writing capacity by 10% over last year to US$16.6 billion. This is the largest year-on-year increase the market has seen since 1993/4, according to a media statement. “The growth in Lloyd’s capacity indicates growing confidence in the market’s performance, and clear evidence of hardening rates in many lines […]
January 31, 2001
1 min read
Three of the public-traded broker consolidator networks, Equisure Financial Network (TSE:EFN), Hi-Alta Capital Inc. (TSE:HIA), and Vector Intermediaries Inc. (VSE:VTE), have reported stronger earnings and revenue growth for the third quarter of 2000. Equisure, which also announced the successful closure of the bid by financial services group ING to acquire all of the networks outstanding […]
2 min read
The Economical Insurance Group’s purchase of Hartford Insurance Co. of Canada should allow the Waterloo-based insurer to expand its U.S. presence, says vice president of marketing and distribution Tom Reikman. The sale, for which financial terms have not been disclosed, brings in about $35 million in premium to Economical. It also opens up a road […]
December 31, 2000
The Canadian property and casualty insurance industry’s net income for the first three quarters of 2000 rose by 9% to $261 million against the $239 million reported at the end of September 1999. This modest growth in earnings for the quarter, which was almost entirely driven by investment gains, produced a slightly better return on […]
Canadian Independent Adjusters Association past president David Buzzeo passes the gavel to new president Paul Hancock at the association’s recent conference in Edmonton, AB. Jill Hepburn has been appointed vice president, underwriting and technical services for the Facility Association. Hepburn had been working for the association since last January, on loan from Royal & SunAlliance […]
Darren Hamilton was elected the incoming president of the Registered Insurance Brokers of Ontario (RIBO) at the organization’s recently held annual general meeting. In his closing remarks, former president Art Despard acknowledged that Canada’s brokerage market is facing significant change, and to remain relevant in such an environment, RIBO will have to be open to […]
Outsourcing has burst out of the margins for many property and casualty insurers. The Office of the Superintendent of Financial Institutions (OSFI) lists examples of existing and proposed outsourcing arrangements: .Information system management and maintenance (software development, data entry and processing, data centers, facilities management, end-user support, local area networks, help desks). .Document processing (cheques, […]
In the few short years between 1991 and 1998, the cost of healthcare as a percentage of auto claims across Canada rose on average by almost a third to the point where amounts paid out by insurers toward vehicle damage/loss has been dwarfed in comparison. The steep and sudden rise in healthcare costs has prompted […]
By Sean van Zyl, Editor | December 31, 2000
9 min read
First came the “dot.com startups”, then came the “dot.com crashes”. The year that Internet business is expected to break the backbone of traditional business operators has been widely and inaccurately predicted for some time, speakers at the Insurance Information Centre of Canada’s (IICC) recently held executive technology forum acknowledged. However, despite the hype surrounding the […]
6 min read
Temi Seibert (pictured right), director of the Insurance Marketing Communications Association (IMCA) says the organization and its members need to address the changing nature of financial services. The convergence of financial services, multiple distribution channels including the Internet and the increasing importance placed on price by consumers are all affecting the way companies market products. […]
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