Canadian Underwriter

Personal Lines

Bob Carter
Feature Personal Lines

Ontario Auto Losses Remain Under Spotlight

June 1, 2003 by Canadian Underwriter

As insurers await Bill-198 regulations, substantial problems remain within Ontario’s auto insurance system, says Mark Yakabuski the Ontario regional vice president of the Insurance Bureau of Canada (IBC). He recently spoke at the annual meeting of the Canadian Insurance Accountants

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Auto theft stats on the rise: ICBC

May 20, 2003 by Canadian Underwriter

Auto theft statistics from 2002 show the crime is on the rise in B.C., says that province’s public insurer.The Insurance Corp. of B.C. (ICBC) says auto theft was up 7% last year, with 23,670 vehicles reported stolen. On top of

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Independent Nova Scotia report supports insurers’ auto pricing

May 15, 2003 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has hailed the release of an investigative report conducted by Nova Scotia’s Utility and Review Board (UARB) into auto insurance pricing within the province, with the findings supporting the insurance industry’s rate increases based

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Independent regulator to set ICBC rates

May 13, 2003 by Canadian Underwriter

New legislation could put strict controls on rate setting by B.C.’s public insurer. The “Insurance Corporation Amendment Act”, introduced in the legislature on Monday, would see an independent regulator set the Insurance Corporation of B.C.’s (ICBC) rates on basic auto

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ING to stay in Nova Scotia

May 12, 2003 by Canadian Underwriter

ING is the first insurer to publicly state it will continue to write auto insurance in Nova Scotia despite introduction of a bill to freeze rates for the next six months in that province.Recently the provincial government introduced Bill-45 which

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ICBC posts Q1 net income of $5 million

May 8, 2003 by Canadian Underwriter

The Insurance Corp. of B.C. (ICBC), the province’s public auto insurer, is posting net income of $5 million for the first three months of 2003, compared to a loss of $30 million in the first quarter of 2002.Premiums were up

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Nova Scotia rate freeze draws industry ire

May 6, 2003 by Canadian Underwriter

A bill to freeze auto insurance rates for six months, introduced into the Nova Scotia legislature, is drawing the wrath of the insurance industry’s lobby group.The Insurance Bureau of Canada (IBC) says the move will only “delay the implementation of

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IBC renews push for New Brunswick auto reform in face of election battle

May 1, 2003 by Canadian Underwriter

The insurance industry’s lobby group renewed its call for action on proposed legislation to change New Brunswick’s auto insurance system. The Insurance Bureau of Canada (IBC) is specifically fighting for the passage of tort reform to limit awards for non-economic

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Auto Insurance, The Industry’s Orphan Annie

May 1, 2003 Sean van Zyl, Editor

With auto insurance accounting for nearly half of all premiums written in Canada, this once “darling” of the industry has now become the “wayward child” disowned by insurers as underwriting losses stemming primarily from soft-tissue bodily injury claims and tort costs continue to spiral out of control countrywide. Notably, insurers were forced to adjust their reserves by nearly two-thirds of a billion dollars last year as a result of an adverse development on auto business. Although several of the provinces are currently addressing legislative product reform initiatives in a bid to curtail auto losses and the barrage of premium hikes implemented by the insurance industry last year, insurers remain cautious in their market dealings, with many companies having “capped” writing of new business. The result has been a dearth of underwriting capacity, with Ontario and the Atlantic Canada region being particularly hard hit. As insurers continue to “shun auto” in wait of political reform, many in the industry wonder whether the product will ever regain attraction.

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Star calls on insurers to tackle fraud together

April 30, 2003 by Canadian Underwriter

Insurers need to stand up to paralegals, tow truck operators, rehabilitation clinics and claimants who attempt to defraud the auto insurance system, Kingsway Financial Services CEO Bill Star told attendees at an industry luncheon today. At the Insurance Institute of

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Results deteriorate, marketshare rises for Facility

April 23, 2003 by Canadian Underwriter

The industry’s pool for high-risk auto insurance is seeing its marketshare increase, and its combined ratios deteriorate, despite attempts to raise premiums.At its agm in Toronto today, the Facility Association (FA) told member insurers that across the country marketshare is

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Auto insurance reform among FSCO priorities

April 17, 2003 by Canadian Underwriter

With the release of the Financial Services Commission of Ontario’s (FSCO) “statement of priorities” for consultation, insurers can take heart that among the list is to “increase enforcement addressing abuse in the automobile insurance system”.With the passage of Bill-198 and