Aviva 2007 Annual Report Download - page 49
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Please find page 49 of the 2007 Aviva annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Aviva plc
Annual Report and
Accounts 2007
45
Business
review
Looking ahead, we expect that the Canadian general
insurance market will continue to experience low growth
driven by a softening of commercial lines rates and greater
stability for rates in personal lines. Motor insurance rate
increases in Ontario will positively impact the outlook for
premium and profit growth.
In 2008 to 2009, we will start realising the benefits
of the strategic investments we have made over the
past few years. This will allow management to accelerate
the growth of the business and improve underwriting
performance. We are also making a strong investment
in communicating the Aviva brand. The launch of
our brand campaign in 2008 will significantly raise
consumer awareness.
ThinkFirst and Aviva
Canada Insurance –
Safety for Canadian Kids
Aviva Canada launched a signature
partnership in 2007 with ThinkFirst,
a charitable organisation devoted
to the prevention of injury in
children and young people.
We have committed to C$500,000
in sponsorship over the next two
years which will help to strengthen
existing local ThinkFirst chapters and
assist in the creation of new ones.
The partnership will provide
opportunities for Aviva employees
to volunteer at special events and
with local chapters. It will connect
Aviva and our employees with
the concept of protection in the
community at large.
For more information visit
www.thinkfirst.ca or
www.avivacanada.com
90
92
94
96
98
2004 2005 2006 2007
0
20
40
60
80
160
120
140
100
Canada – operating profit and COR
COR (%)
Operating profit (£m)
Operating profit
COR
In personal lines, our premiums increased by 3% in
a market with flat rates in Ontario and auto reform
impacting several provinces. Our warranty business
experienced organic growth of over 60%. In the specialty
personal lines market we continued as the number one
provider of leisure and lifestyle insurance products.
Commercial lines net written premiums increased by
6% in a softening market. In particular, Fastrax, our broker
portal for small commercial business, achieved good
growth of 29%. Utilising this technology and with further
growth, we expect to become the leader in this market.
Management of claims costs is a core expertise.
We proactively manage claims costs through our Premiere
Healthcare programme and have partnered with the
University Health Network to deliver ground-breaking
research on treatment for soft tissue injuries. Our claims
satisfaction is exceptional and stands at an impressive 93%.
We are the only insurer in the world to have achieved
accreditation by CARF (Commission on Accreditation of
Rehabilitation Facilities), an independent, non-profit
accreditor of service providers in many areas of healthcare,
community programmes and medical rehabilitation.
In 2007 we achieved exceptional satisfaction scores
from our brokers with 88% responding that they would
recommend Aviva to their customers. We remain
committed to supporting the independent broker
channel in Canada and we have invested significantly
in helping brokers to protect their business and develop
new growth opportunities.
We are making substantial investments in the
business to secure our future profitability and growth.
Our investments will help us streamline back-office
processes, enhance risk selection and pricing sophistication
and improve the overall broker and consumer experience.
Through investment and engagement Aviva Canada
continues to be successful in attracting, building and
retaining the best talent in the industry. Our approach
to training has won international acclaim with our
Core Insurance Skills programme recognised by Skillsoft
(a global provider of e-learning content).