The perfect storm: the top 4 news stories of 2010
The stories that shaped the year in insurance.
1) The dealmakers
With many insurers emerging from the recession with healthy capitalization, industry watchers predicted strategic acquisitions in both the Canadian and broader insurance industry. Globally, RSA’s offer for Aviva plc didn’t take, but the company’s Canadian arm closed a deal with GCAN months later, completing what RSA CEO Rowan Saunders called “a perfect strategic fit.”
2) Storm central
The images of flooded highways, washed out bridges and sunken foundations repeated themselves throughout 2010, as severe weather swept through almost every part of the country. And it hasn’t let up yet–as the year closed, floods continued to plague the Maritimes.
3) Ontario auto reform
After months of planning–and an equally lengthy period of speculation–Ontario unveiled auto reforms that let consumers choose coverage, and gave brokers an educational challenge as they untangled the details for clients.
4) Insurance technology goes mobile
When Lloyd’s–the oldest insurance market–is one of the first to adopt 21st century technology for its brokers, it’s a sure sign that mobile insurance services have moved beyond the fringe. Joining the Lloyd’s iPads: claims apps, and mobile broker management systems. The result? Better business outside brokerage walls–with the “same features, functionality, and client information they have access to inside the brokerage,” says Shannon Major, marketing and communications manager at Keal Technology.