Topic
Mergers and Aqcuisitions
S&P predicts Florida homeowners’ rates to rise 10%
February 2, 2005 by Canadian UnderwriterAs the day draws near for Florida’s insurers to request a rate increase following last year’s record hurricanes, Standard & Poor’s expects an average 10% increase may be in the offing.S&P’s Robert McNatt says insurers are in far better shape…
FSCO updates guidance on territorial rating
January 31, 2005 by Canadian UnderwriterOntario’s insurance regulator has posted a bulletin outlining rules for territorial rating for auto insurance.The Financial Services Commission of Ontario (FSCO) bulletin supercedes rules put in place in 2000, with the regulator noting, “there were concerns that there was a…
Canadian market set for interesting year in 2005: Cook
January 30, 2005 by Canadian Underwriter2005 is shaping up to be an interesting year for Canada’s property & casualty insurance industry, says Omega Insurance Holdings CEO Philip Cook. Cook looked into his crystal ball to outline “33 trends” the industry may see this year, speaking…
What’s new: In brief (January 27, 2005)
January 27, 2005 by Canadian UnderwriterCGI and Insurance Search Bureau (ISB) have signed an agreement wherein CGI information products will be exclusively distributed to the p&c claims industry by ISB. ISB president Michael Damm says, “the fact that the information required in handling of a…
Industry preparing for release of 2004 yearend results: Yakabuski
January 26, 2005 by Canadian UnderwriterThe insurance industry is already preparing to better handle the release of 2004 yearend financial results and the incumbent media attention they will garner, says Mark Yakabuski, vice president of federal affairs and Ontario region for the Insurance Bureau of…
What’s new: In brief (January 25, 2005)
January 25, 2005 by Canadian UnderwriterBroker Aon says the introduction of the Airbus A380 will challenge the aviation liability market, and may cause liability limits to rise for the entire industry. Much like the introduction of Pan Am’s 747 some 35 years ago, the mammoth…
What’s new: In brief (January 24, 2005)
January 24, 2005 by Canadian UnderwriterAviva Canada says it will connect directly to the Centre for Study of Insurance Operations (CSIO) portal in 2005, but in the meantime will be guaranteeing quotes generated on the portal as of March 1. This applies to Aviva’s Pilot,…
ICBC application for no rate increase approved
January 23, 2005 by Canadian UnderwriterThe Insurance Corp. of B.C. (ICBC) has gotten its wish and will not have to raise basic auto insurance rates in 2005. The B.C. Utilities Commission approved the public insurer’s rate application which had been submitted last July. The commission…
Kingsway latest to join portal
January 20, 2005 by Canadian UnderwriterMississauga, Ontario-based Kingsway General Insurance Co. is the latest insurer to hop on the Centre for Study of Insurance Operations (CSIO) portal.Non-standard auto insurer Kingsway is the 30th company to take part in the web-based portal for broker-insurer interaction, a…
What’s new: In brief (January 19, 2005)
January 19, 2005 by Canadian UnderwriterThe Insurance Institute for Highway Safety (IIHS) says if police in all U.S. states were allowed to stop drivers not wearing a seatbelt, 700 lives per year would probably be saved. Currently only 21 states and the District of Columbia…
Ontario auto rates drop in 2004, but further savings to come in 2005
January 18, 2005 by Canadian UnderwriterAccording to rate approvals from the Financial Services Commission of Ontario, the average auto insurance rate dropped 10.6% over the course of 2004. But insurers say consumers in Ontario will see even more savings in 2005.FSCO calculates the average rate…
MPI reports net income of $81.5 million for first three quarters of 2004
January 17, 2005 by Canadian UnderwriterManitoba Public Insurance (MPI) says for the first nine months ending November 30, 2004, it pulled in net income of $81.5 million, more than double the $38.7 million reported in the first nine months a year prior.Premiums written were up…