Issue 2008-01 -- January 8, 2008
This newsletter is for members of the Canadian Insurance Industry, and those who serve it. The newsletter is published weekly, and notes information mostly about the use of the Internet and related technologies in the industry. Some is international, where we feel it is relevant to Canada.
Marketing and the Market Place
Rogers Publishing acquires Canadian Insurance Magazine.
December 20, 2007 - Rogers Publishing Limited has acquired Canadian Insurance Magazine from Stone & Cox Limited in a transaction that will close on December 31, 2007.
Manulife Investment Sentiment Index regains ground to near six-year high.
WATERLOO, ON, Dec. 20, 2007 - Canadians' interest in investments regained ground early this month despite continued concerns about U.S. sub-prime lending and swinging equity markets, according to a national poll for Manulife Financial, Canada's leading insurance and wealth management company.
LIMRA and LOMA Members Approve Merger Plan.
Windsor, CT, and Atlanta, GA, December 13, 2007 - Member companies of LIMRA International and LOMA have voted overwhelmingly in favor of the proposal to unite two of the world's largest insurance and financial services trade organizations. The merger will go into effect on Jan. 1, 2008.
Quarterly Business Barometer "playing it safe" - CFIB.
December 19, 2007 - Toronto - Small businesses are feeling cautious in light of the high dollar, oil prices and volatility in the financial markets, the latest survey of business optimism by the Canadian Federation of Independent Business shows. Overall business optimism is at its second-lowest level since 2001 and retail performance is virtually flat this holiday season.
eMarketer's Predictions for 2008 - Part I.
DECEMBER 27, 2007 - What will the new year bring? eMarketer's analysts take a look at what's ahead for online marketing, e-business, media and emerging technologies.
eMarketer's Predictions for 2008 - Part II.
DECEMBER 28, 2007 - More of what's to come online in the new year.
Product Announcements
York Fire Launches Comprehensive Manufacturer Connection Product with Extensive US Sales Coverage.
MISSISSAUGA, December 20, 2007 - York Fire and Casualty Insurance Company (York Fire) launched this week its Manufacturer Connection product - the latest in its collection of commercial product offerings. Designed to meet the needs of today's manufacturing businesses and to accommodate US sales, this product provides practical and comprehensive insurance protection.
Claims
Suncorp Deploys Guidewire ClaimCenter.
BRISBANE, QLD, AUSTRALIA and SAN MATEO, CA, USA, January 2, 2008 - Suncorp, the second largest general insurance company in Australia, and Guidewire Software®, a leading global provider of solutions to general insurers, today announced that Suncorp has successfully deployed Guidewire ClaimCenter® as its new system for home insurance claims.
Distribution
Western Financial Group Announces New Locations in Thompson, Manitoba and Lethbridge, Alberta.
HIGH RIVER, AB, Jan. 3, 2007 - Western Financial Group announced today that it has closed on additional acquisitions in Alberta and Manitoba. The acquisition of Early Insurance in Thompson, Manitoba and Southern Insurance Management in Lethbridge, Alberta were effective December 1, 2007 and January 1, 2008 respectively.
Technology Strategies and the Battle for Producer Mindshare: Report Published by Celent.
Boston, MA, USA - December 31, 2007 - The continued growth of the independent channel in North America has increased competition among carriers. The question of carrier choice becomes more important each year. Producer technology needs are varied, but it is clear that opportunities still exist for carriers to build loyal distribution partners by focusing on the things that are most important to producers.
Consumer Information
Honda Civics again at top of Canada's Top 10 Stolen Vehicles list: List illustrates new trends in organized auto theft.
Canada's car insurers announced recently that the 1999 and 2000 Honda Civic SiR 2-door have topped the list of the most frequently stolen vehicles for the third year in a row.
Seven in Ten (72%) 'Concerned' About Falling Victim to Identity Theft: Ipsos Reid Survey for Capital One.
December 13, 2007 Toronto, ON - A new Ipsos Reid poll conducted on behalf of Capital One reveals that a strong majority of Canadians continue to worry about identity theft. In fact, nearly three quarters (72%) of Canadians are 'concerned' about becoming a victim to identity theft, while just three in ten (28%) are not concerned about the possibility of this occurrence.
Controlling Work Hazards Makes Seasonal North Pole Operation Injury Free; Nova Scotians Still Hurting: WCB of NS, NWT and Nunavut.
HALIFAX, Dec. 20 2007 - Controlling workplace safety hazards is an important concern for all employers - because workplace injury is all too real, says the Nova Scotia WCB. In 2006, there were nearly 6,000 Nova Scotia workplace injuries in manufacturing and nearly 1,500 in transportation and storage.
eBusiness and Technology
A Global View of Policy Administration Systems: The 2007 Overview - Report Published by Celent.
London, United Kingdom - 12 December 2007 - A number of factors have emerged, creating the "perfect storm" of business drivers for significant growth in policy admin system purchases. In a new report from Celent, A Global View of Policy Administration Systems: The 2007 Overview, Celent puts forward the trends in policy administration systems markets in Europe, North America, and Asia.
Business of Insurance
Aon Sells Combined Insurance Co. to ACE Limited and Sterling Life Insurance to Munich Re Group.
CHICAGO, IL - December 17, 2007 - Aon Corporation today announced that it has signed separate definitive agreements to sell its Combined Insurance Company of America and Sterling Life Insurance Company. The Sterling transaction is expected to be completed by the end of the first quarter 2008 and CICA is expected to be completed by the end of the second quarter 2008. ACE Limited has agreed to acquire Combined Insurance Co. for $2.4 billion, and Munich Re Group to purchase Sterling Life Insurance for $352 million.
U.S. P/C Insurers' Net Income and Surplus Rose Through Nine-Months 2007 as Underwriting Gains Dropped and Overall Profitability Slipped.
JERSEY CITY, N.J., Dec. 19, 2007 - The U.S. property/casualty insurance industry's net income after taxes rose 7.1 percent to $49.4 billion through nine-months 2007 from $46.1 billion through nine-months 2006. Fueled by the industry's net income, policyholders' surplus - insurers' net worth measured according to Statutory Accounting Principles - increased $35.6 billion to $521.8 billion at September 30, 2007, from $486.2 billion at year-end 2006.
from Doug:
We enjoyed a low-key Christmas and New Year's celebration, with visits to family and time with our two boys who were both here for two weeks. Since they left, I have yet to get to the undecorating part. That said, our outside decorations are already in storage ..... as winter hit early and hard here, they never get out of their packing boxes. My idiosyncracies aside, I hope that you had the opportunity to "make a memory" over the break.
All of us here at Insurance Canada wish you a healthy and a happy 2008.