Insurance-Canada.ca Newsletter Archive

Issue 2004-46:   December 7, 2004

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.




Managing Relationships

Management of Privacy Policies is Top Concern Among Global 2000 Companies Integrating Customer Data: DWL.

DWL announced today, a new version of its industry-leading customer data integration (CDI) software. DWL Customer™ 5.5 offers dramatic improvements for organizations seeking to comply with privacy options. A report issued this month by the CDI Institute reinforced the importance of this functionality, with 92 percent of Global 2000 respondents citing the ability to centrally manage privacy policies as a primary business driver for adopting a best-of-breed CDI solution. DWL Customer 5.5 also introduces easy-to-use administrative data stewardship tools for comprehensive customer data governance.

Business of Insurance

Industrial Alliance Continues to Strengthen its Competitive Position by Combining the Operations of its National Life Subsidiary with its Own.

Industrial Alliance announced that the Boards of Directors of The National Life Assurance Company of Canada and Industrial Alliance have approved the Company's decision to combine the operations of its Toronto subsidiary, National Life, with its own.

Manulife Financial increases stake in Interlife John Hancock.

Canadian-based Manulife Financial and its locally-affiliated Thai holding company now control more than 93 per cent in Interlife John Hancock Assurance Public Co., Ltd (Interlife John Hancock).

Multinational Executives Expect Compliance Costs to Increase, PwC Finds.

More than half of U.S. and European multinational companies (51 percent) will increase compliance spending by an average of 23 percent during the next 12-24 months, according to the PricewaterhouseCoopers' Management Barometer Survey.

Swiss Re's Insurance Review and Outlook: profits continue in both life and non-life in 2005, although premium growth will slow.

Swiss Re held its annual review and outlook on insurance markets today. The life and non-life industry's 2004 return to profitability will continue. Growth will be lower than that achieved in 2004, however, as rates reach their peak.

From Canadian Insurance ENEWS: Federally Regulated Reinsurers must now File Quarterly

All federally regulated reinsurers are required to file interim financial returns on a quarterly basis, in the same format and within the same 45-day timeframe as required by other insurers.

From Canadian Insurance ENEWS: IBC Annual Meeting: Crises and Opportunities

Our industry made it through an extremely tough year: getting through the hard market, managing the difficult process of reform in many areas of the country, and saving our very existence in New Brunswick. The crisis didn't kill us, so to speak, and as an industry we are heading into the new year much stronger and wiser for it.

Reference and Statistics

IBC Perspective, December 2004: A quarterly analysis of economic trends in Canada's P&C insurance industry.

This issue looks at individual company result variance from overall industry results, factors in the insurance cycle versus long term average trends, the heavy tax load of P&C insurance and the impact of commercial insurance rate increases and some factors.

eBusiness and Technology

IT Spending Landscape Evolving : eMarketer.

META Group predicts that IT spending will rise by only 4% to 5% in 2005, as organizations remain cautious about their IT spending. Howard Rubin, senior vice president of META Group, notes that "IT budgets are not simply declining or leveling-off. Rather, they are changing completely.

Distribution

National Bank and Canada Life sign distribution agreement.

National Bank of Canada and The Canada Life Assurance Company today announced that they have signed a definitive agreement to distribute banking products and services through Canada Life's distribution channels.

Our People

LOMA Offers New Insight on Insurance Company Operations Text.

LOMA, the leading trade association of the international insurance and financial service industry, proudly announces a revision of course materials for LOMA 290�Insurance Company Operation.

Consumer Information

One-Stop Source of Information Helps Public Identify Compensation Plans for Savings, Investments and Insurance Policies.

Six of Canada's financial services insolvency compensation plans announced they have joined together to launch a new Web portal to help consumers identify the appropriate compensation plan for their savings, investments and insurance policies. The address for the new Web site is www.financeprotection.ca.

Nova Scotia WCB Pays Workers With Chronic Pain.

The WCB has begun to issue decisions to injured workers with chronic pain and make payments to those who are eligible to receive benefits. Over 4000 injured workers have contacted the WCB in recent months asking to be considered for these benefits. Over half of these people currently are receiving other income replacement benefits not related to chronic pain.

Use your head! Prevent whiplash! Car makers only partially responsible for injury prevention: Insurance Bureau of Canada.

On the heels of a damning report issued by the U.S.-based Insurance Institute for Highway Safety, which revealed that few headrests adequately protect vehicle occupants, Insurance Bureau of Canada (IBC) reminds Canadians that whiplash protection does not lie solely with vehicle manufacturers or the design of the headrest.

Ontario Ministry of Health and Long-Term Care launches anti-smoking campaign for youth.

The Ontario government is launching an innovative multi-media campaign to prevent smoking among youth as part of its comprehensive tobacco control strategy, Health and Long-Term Care Minister George Smitherman said today. "Our government is committed to implementing an aggressive plan to reduce smoking - the number one preventable killer in this province," said Smitherman.

Insurance in the Community

Habitat for Humanity partners with Manulife Financial to build in four North American cities.

Five homes will be built with families in need in four North American cities through a partnership between Manulife Financial and Habitat for Humanity. This partnership represents one of the largest contributions of grant money and employee time by a corporation in Canada.

from Doug:

In downtown Toronto, our first snowfall yesterday. I suppose I soon must think about Christmas letter and decorations, especially as we are hosting the Christmas dinner meeting for our heritage group executive next Monday. I hope that you are better prepared than me! In any case, enjoy the season.