EN :

Over the past fifty years, the insurance industry in Canada has undergone rather significant modifications. While often reluctant to change, circumstances have compelled the insurance industry to adapt to the times by seeking out new solutions to old problems. In his article, our director, Mr. Gérard Parizeau, examines the principal aspects of these solutions from both the individual and collective points of view. Mr. Parizeau points out, in particular, the detrimental effects of inflation upon the real value of capital as well as the measures taken in an effort to counter or at least partially alleviate the effects thereof.

EN :

We should like to extend heart-felt thanks to Mr. Michel Bélanger whose article presents a vivid portrayal of the Canadian banking system. The author, President and Chief Executive Officer of the National Bank of Canada, traces the evolution of Canadian banking from its early days, to the 1930's and to modern times, outlining the wide spectrum of services and well-structured branches currently offered bank clients. Mr. Bélanger further expounds upon the development of the chartered bank, its competitors, the solid footing it has secured itself and what it has come to symbolize both at home and on international money markets: a hallmark of economic and social efficiency and leadership.

EN :

The size and number of private Canadian financial intermediaries have grown sharply since 1930. In that year, life insurance companies and chartered banks controlled over 70% of the assets of private Canadian financial intermediaries. By 1980, chartered banks were still dominating over other intermediaries but life insurance companies were smaller by assets than other pension funds or trust and mortgage loan companies. Public intermediaries have grown significantly also. The rise of pension funds has been a boon to the stock market in that it is where they invested a larger proportion of their rapidly growing assets than other intermediaries. The overall investment pattern of these intermediaries in the fast twenty years has been to invest less in bonds and more in assets that reflect their main line of business. They also invested in other assets such as mortgage loans in the case of life insurance companies and slightly more in the stock market.

Life insurance companies have experienced rapid growth since 1930, but their rate of growth has slowed. This may be attributed to the mature state of the insurance market and to the emergence of group insurance, a form of insurance that carries less premiums as a percent of life insurance in force than does ordinary insurance. Investment income has played an increasingly important part of the income of life insurance companies over the fast fifty years.

The investment pattern of life insurance companies has varied over the years. Public bonds reached their zenith during World War II, declining continuously since then, having been replaced by corporate bonds. Equity investments have represented a relatively constant proportion of life insurance investments. However, after the netting out of Sun Life's unusually high equity investments in the 1930's, sharp changes took place within the equity portfolio. Preferred shares rose from insignificance to being roughly equal to investments in common shares in the 1946-1951 period. Since 1951, investment in preferred share has declined constantly despite a minor resurgence in the fast few years. The Canadian stock market exchanges showed erratic secular growth in the 1930-1955 period. Since then, the pattern has been positive despite the odd negative years.

FR :

Le Bureau d’assurance du Canada croit que 1982 sera une autre année difficile. L’inflation, l’insuffisance des primes et l’augmentation de la criminalité expliquent les très mauvais résultats des deux derniers exercices. Des hausses de tarifs s’imposent. Elles contribueront à redonner aux opérations d’assurance la rentabilité nécessaire, d’ici la fin de l’exercice, sinon en 1983, pense le président du B.A.C., M. John L. Lyndon. Nous le remercions d’avoir bien voulu nous donner cet article sur les problèmes actuels de l’assurance autre que vie, au Canada.

EN :

Without a doubt, the domineering social values of a society should be made perfectly clear by the Civil Code. Whether the rights relate to persons, families or successions, the right of property, of obligations, of civil responsibility one may rightfully expect to find in the C.C. the moral and economic concerns clearly expressed for the benefit of a population.

Such is the message as rendered by the professor Paul-A. Crépeau, C.R., who assumed the direction of the Office of Revision of Civil Code. The past three decades have witnessed numerous changes and progress for the Quebec society. Indeed, this is why the Office presented to the Government, on June 20th, 1978, a major project reforming the Civil Code.

EN :

In this thought-provoking article, Mr. Marcellin Tremblay presents the problems currently facing the insurance industry in Canada. Funds available for investment are slowly dwindling owing to the movement of the insurance market toward temporary and group insurance and the tendency of large corporate groups to increasingly channel their available funds into other sectors. Moreover, the author deplores the ever-increasing involvement of government which prevents Life assurance from fully assuming its role of capital supplier to a market which, in the years to come, will have great need of such funds.

EN :

In his article, Mr. Parenteau presents his view of the economic situation over the past fifty years, a time span equalling the existence of Assurances. We should like to thank him for having reviewed the economic trends and the principal elements having prevailed throughout this period. His reflections allow him to draw the following conclusion: the Canadian economy has made great strides in the last fifty years but is currently plagued by a profound malaise. To counter this situation, the author advises we rid ourselves of a number of preconceived views and most importantly, channel a greater flow of energy and ideas into improving productivity and restoring economic harmony.

EN :

The author analyses the evolution of the Montreal Stock Exchange, as it was called in 1932, and has become Montreal Exchange. It has come a long way during this half of the century, narrated by Mr. Pierre Lortie, President. Here are some measures taken by successive administrations since the depression years: revision of controlling services, integration to Quebec economy, diversified field of options (shares, gold, contracts), opening on international markets.

Mr. Lortie also points out the significative improvements and achievements of each Montreal Exchange presidential terms. So that the institution may become instrumental in the progress of our national economics and a very dynamic sector, not only in Quebec, but abroad.

EN :

In his article, Mr. Rémi Moreau conveys a two-tiered aspect of insurance law. On one level, he exposes with whom lies the legislative power to regulate the industry. This the author illustrates through the citing of a number of disagreements having arisen between the federal and provincial governments. On another level, Mr. Moreau reviews the various laws respecting insurance in Québec and the major reforms carried out in recent years, more especially the 1974 amending of The Insurance Act and the introduction in 1977 of The Automobile Insurance Act.

FR :

Notre fidèle collaborateur, M. Eric A. Pearce, n’a pas voulu laisser passer le cinquantenaire de la Revue sans nous donner un nouveau texte. Cette fois, il fait la comparaison entre deux polices de réassurance ayant trait à la responsabilité civile; l’une est celle de la World Auxiliary Corporation et l’autre, le texte dont on fait actuellement usage. S’il y a des différences entre les deux, à un peu plus d’un demi-siècle de distance, il est étonnant de voir comme la pratique a peu changé. Comme le dit M. Pearce, on avait trouvé dès le début une solution favorable dont on n’a guère voulu s’écarter, suivant la meilleure tradition britannique.

EN :

For many years one heard very little tell of professional liability claims in Canada. In his article, Mr. Bergeron traces development in this field over the past fifty years and points out with reason that individuals in the United States, and to a lesser degree in Canada, have, over the last decade, tended increasingly to rashly affirm their real or imagined rights. The author examines the ramifications of this issue as they pertain to the insurance industry.

EN :

Women status has changed since the end of the second World War. After an outlook of the evolution of women in the Canadian society, particularly in Quebec, the author analyses the new generation of women which is emerging: the career women. That new type of women is a challenge for the insurance industry: it will have to integrate women to their executive staff.

EN :

The Author, founder and director of this publication, recalls how it was born and progressed throughout the years.

''Assurances" till now has been very much alive because of his determination, courage and tenacity along with extensive knowledge of insurance per se. His great talent as a writer naturally completed the requirements for success.

Numerous faithful collaborators have also contributed to keep up interest, along with our subscribers.

These pages contain a perfect blend of numerous anecdotes through which one captures the visionary soul of the author that he always was and still is.