Friendly
Reminder |
Ontario
brokers are reminded they must have all CE hours in
place by the end of September in order to renew their
license.
Call
1-800-404-2211 if you need hours. |
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Industry Briefs |
| Record
year for Canadian P&C industry
A.M. Best reported last month that 2004 was one of
the best years ever for the Canadian Property and Casualty
industry. Net underwriting income for the year was $3
billion, an increase of 465.6% over 2003. While industry
experts say it’s unlikely that this level of profitability
can be sustained in 2005, the year should end in profit
for most underwriters.
ICBC files civil action to recover claims costs
The Insurance Corporation of British Columbia (ICBC)
has recently filed a statement of claim in BC Supreme
Court to take civil action against the owner of a motorcycle
parts store owner. ICBC hopes to recover claims paid
and investigation costs, plus damages, associated to
an alleged motorcycle theft scheme.
In 2003, ICBC investigators received information through
its Tip Line regarding motorcycle thefts in the Lower
Mainland. In June of that year, police executed search
warrants at M/Speed Performance, a Burnaby motorcycle
parts store, and a warehouse in North Vancouver connected
to M/Speed's owner, Marbod Kern. The searches resulted
in what is believed to be the largest recovery of stolen
motorcycles and parts in BC. The estimated value of
recovered vehicles was over $250,000.
Katrina damage could top $25 billion USD
While damages from Hurricane Katrina continue to amount,
insurance experts believe that costs might exceed $25
billion USD.
Millions of homes have been without power, hundreds
are feared dead and those who survived may not have
home to return to. The hurricane has caused millions
of dollars worth of damage in Louisiana and Mississippi.
Predictions of the final cost to insurers range from
$9 billion to $25 billion, making it potentially more
costly than the 2001 World Trader Center attacks. Hurricane
Andrew in 1992 was the most expensive in U.S. history
at $21 billion. It is feared that Katrina might be just
as expensive.
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September
Message
by
Steve Hawrishok
It may be
the ‘school teacher’ left over from my years of
teaching in Saskatchewan, but to me, September always feels
like the beginning of a new year. So it is particularly fitting
that it is September when we are launching the first edition
of On Track, our online newsletter for insurance professionals.
(Some of you may remember the original On Track newsletter
we mailed out in the late 1990's.)
Why do we need an online newsletter at this time?
There is a lot happening in our industry, in our communities,
in our brokerages and with our staff. There are a number
of existing publications specific to our industry that do
a great job of keeping us informed. We hope you will find
On Track to be an easy and convenient addition to the group
of publications you look forward to receiving.
What can you expect in On Track?
We will be monitoring news and issues that matter to our
industry, as well as stories about the lighter side of insurance.
We will be featuring some people in our industry we’d
like you to meet…people who have made a difference,
both professionally and in their communities. And, we will
be inviting you to suggest ways we can make On Track even
more relevant and interesting.
It’s always exciting to begin a ‘new year.’
This year it’s even more exciting as we launch On
Track. I sincerely hope you enjoy the publication and I
look forward to hearing your comments and suggestions.
Steve Hawrishok, B.Ed., AIIC, CAIB
President
ILS Learning Corporation
Mexico
Trip
from
ILS Learning Corporation
Completing
courses with ILS Learning Corporation has never been this
rewarding!
  We
would like to thank you, our loyal clients, for making ILS
Canada’s Number One online continuing education provider.
As a token
of our appreciation, we are giving away an all-inclusive
trip for two to Puerto Vallarta, Mexico!
Every time you complete an ILS Learning Corporation online
course between August 15, 2005 and December 12, 2005, you
will automatically be entered in a draw for the trip. The
more courses you complete, the better your chances of winning!
Education
really does have its rewards.
For more
information, check out our Web site: www.ilscorp.com
Web
Sense
by
Julie Hawrishok
For some
of us, it’s hard to remember a world without the Internet.
In the past few years, Internet technology has seemed to
explode. Try to go a day without seeing or hearing buzzwords
like “online”, “email”, “www”
and “website.” Good luck!
According to recent studies by Statistics Canada, businesses
are embracing the new technology as much as consumers.
Research by the firm showed that 99.9% of public sector
businesses use the Internet and 92.4% of these companies
have their own Web site. Pretty staggering numbers, aren’t
they?
Before we get too excited, the financial and insurance
industries are lagging a bit behind other industries.
In the same Statistics Canada studies, it was found that
while just over 90% of businesses in these fields use
the Internet, only about 60% of them have their own Web
site.
Does your business have a Web site? If you’re among
the 40% of financial and insurance companies without,
you might want to reconsider! The Internet is today as
the Yellow Pages once were. If you needed a plumber, you
would look for someone with a good ad. On the Internet,
you want your clients to see you and your Web site will
make that possible. If you don’t have a Web site,
you are potentially losing clients to brokerages that
are online.
You don’t need to be an Internet merchant to benefit
from a Web site. There are many reasons why a Web site
can be greatly beneficial to your company, regardless
of size. Let’s look at some of the reasons now:
- Your Web site can allow clients to visit your business
24 hours a day, seven days a week, 365 days a year.
- Your Web site can act as an online brochure. It can
be easily updated or changed at any time.
- You can post your Privacy Policy online, letting clients
access it whenever they need.
- Your Web site can improve customer service. It can
provide basic information such as location and hours
of operation, but also allow for a confidential feedback,
online employee directory or frequently asked questions.
- Having a Web site can be a cost-effective means of
advertising. Telephone book advertisements can be costly
with recurring costs. Establishing a Web site can be
done without a huge monetary investment.
Of course there are many more reasons why a Web site
can help your business. In the insurance world - where
products, services and pricing rarely differ too much
from brokerage to brokerage - it is your image and reputation
that can get you clients. Create a Web site and let the
clients click their way to you!
Did
you know ?
- In 2004, household spending on personal insurance and
pension contributions – excluding RRSPs - grew 3%
from the previous year to $3,510 each – or about 5.7%
of the average Canadian’s personal budget?
- About 60,000 people worldwide have taken out insurance
policies against being turned into a vampire or werewolf?
No word yet as to how many of these have been claimed.
- A September 2004 survey of seatbelt use in rural areas
of the country found that only 87% of all light-duty vehicle
occupants wear their seatbelts regularly?
- In 2003, the average amount of life insurance owned by
insured individuals was $142,200?
- Bruce Springsteen insured his voice for $5.6 million USD?
Nominations
We’re
looking to profile deserving people in future issues of On
Track. Do you have a co-worker, employee, boss or support
staff member who has done something extraordinary lately?
Has someone in your office gone above and beyond the call
of duty? Is someone you know making a difference in the community?
Tell us about them!
Send your
nomination to us at newsletter@ilscorp.com
and keep your eyes peeled in upcoming issues of On Track to
read their stories.
Start sending
in your nominations! Each time you nominate someone, we’ll
enter your name in a year-end draw for a fantastic prize!
Comments on
our newsletter are appreciated and welcomed.
However, if you do not to wish receive this newsletter, or wish
to subscribe another email address, please select your option
below.
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