C A N A D A’ S I N S U R A N C E A N D R I S K M A G A Z I N E . C A N A D I A N U N D E R W R I T E R . C A
“As 2008 comes to an end, we start 2009 with uncertainty not only within the property and casualty insurance industry, but with a lack of predictability about how the global economy will affect Canada.”
“The year 2008 will forever be recorded in history as a year of global volatility. Damage to the economy has been fast and it went deep, wiping off the map companies that had been successful for more than 150 years.”
“Small, measured rate
“I expect the latter part of 2008 and early 2009 to be turbulent times for our industry, characterized by continued overall deterioration in industry combined ratios coupled with uncertainty in capital markets.”
increases today will stave off larger increases tomorrow. Looking to 2009, I strongly expect this trend will continue so that brokers and consumers are not victims of ‘rate shock.’”
“Now more than ever, insurers and brokers must work together to understand the needs of clients, provide highly responsive service and improve workflow efficiency.”
“Results across all product lines had already been deteriorating for some time before the investment climate unexpectedly eroded revenue further.”
“When rates do harden, the most important issue will be for insurers and brokers to work together to demonstrate the value of their propositions and help their customers find practical solutions in tough economic times.”
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“I applaud everyone in the industry who stepped up in 2008 to assure consumers of the strength of our industry during these uncertain times.”
“A decrease in investment income will undoubtedly lead to a greater focus on underwriting profit by shareholders.”
“We should always keep in mind how consumers, brokers, regulators and legislators reacted a few years ago when we, as an industry, failed to react in an orderly fashion to the deterioration of our profitability.”
“It might be more important than ever to evaluate an insurance company based on its financial strength, including knowledge of a company’s investment portfolio.”
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