| Mike's Comments |
Dec 11, 2011Some thoughts at the close of another year: Time continues to fly by, and in fact seems to be going even faster if that's possible. This year has been a positive one for us with some growth in our book of business, some great new clients and improvements in coverage/more business with our existing clients. My thanks goes out to my staff, who work very hard, our clients, without whom we'd be out of business and our companies who have handled the servicing of our customer's policies and claims in a courteous and professional manner. This year brought to light the importance of Insurance after we saw major disasters all over the world. The Insurance system has worked well to respond to the damages people have suffered and to put them back, as much as possible, to the position they were in prior to the events occurring. Situations like the fire in Slave Lake and the earthquake and tsunami in Japan highlighted how truly vulnerable we can be, but also how resiliant we can be. The industry is by no means perfect, but without the financial assistance provided by Insurance these situations would have been even more devastating than they have already been. Looking back through my previous comments I see many notes about Insurance fruad and scams. I may sometimes sound like a broken record, but these issues are of great importance to me and I want people to be aware so they can protect themselves and also spread the word. The abuse of the Insurance system will never be stopped completely, but it is in everyone's best interest to know what is going on, report fraud when they see it and let others know it is totally unacceptable to cheat the system. Insurance is a contract of 'Utmost Good Faith' - a higher standard of honesty than required under normal contracts. When the system is cheated or when shady characters hold themselves out as legitimate insurance operations then abscond with the premiums, everyone loses due to the breakdown of trust. Vigilance on the part of all players in the business as well as the consumer is the best defence against fraud. Finally, a bit of a look ahead to 2012. We will be celebrating out 25th year in business next year - a major milestone for us. New initiatives I hope to complete in the new year include a corporate facebook page and of course the continued growth of our business. We have a number of new products we will continue to promote, including the Hagerty classic car coverage and DAS legal expense insurance coverage. Industry consolidation will most likely continue, as evidenced by the merger of RSA/GAN last year as well as Axa/Intact. We will be watching the situation at Economical Mutual very closely as the legislation relating to their possible demutualization has been delayed. It is my hope that they will successfully list on the TSX and remain a Canadian owned company like Intact. 2012 should be a very interesting year! Best wishes for the holidays and a happy and prosperous New Year to everyone! Michael Stuart, BBA, FCIP, CRM, CAIB Grant, Jones & Stuart Insurance Brokers Phone: 905-470-2732 ext 225 Toll Free: 1-800-445-2270 Fax: 905-470-2762 |