Topic
Mergers and Aqcuisitions
IBC commissioned study shows negative impact of public insurance
November 28, 2003 by Canadian UnderwriterA new study commissioned by the insurance industry suggests a publicly-run auto insurance system in New Brunswick could prove very costly.The study, released by the Centre for Spatial Economic and Shift Central Inc., says such a system would be a…
Dominion CEO takes issue with Flaherty comments
November 28, 2003 by Canadian UnderwriterThe Dominion of Canada General Insurance Co. CEO George Cooke is taking issue with comments made by former Ontario Minister of Enterprise Jim Flaherty. Cooke notes that his company’s Ontario auto insurance rate filing in September reflected the fact that…
ICBC receives more than $100,000 on suspicious claims
November 27, 2003 by Canadian UnderwriterB.C.’s public insurer has received more than $100,000 in payments as a result of investigation into suspicious claims.In one case, Langley resident Marcus John Lowe was ordered to pay back $40,000 on a claim and assessed a $3,000 for giving…
Alberta auto reforms promise $250 million premium savings
November 21, 2003 by Canadian UnderwriterIntroducing a new “premium grid” for auto insurance policyholders, the Alberta government says its reforms will lead to $250 million in savings for the province’s drivers.According to the grid, a “benchmark premium” for drivers with clean records would be set,…
Co-operators reports income jump, claims improvement
November 18, 2003 by Canadian UnderwriterGuelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting solid net income of $10.93 million, or $0.48 per share, for the third quarter ending September 30, 2003, a turnaround from the net loss of $3.4 million, or $0.23 per…
High claims satisfaction rates come despite auto rate concerns
November 18, 2003 by Canadian UnderwriterResponding to the high overall score by the Ontario auto insurance industry on the recent “claims satisfaction survey”, the Insurance Bureau of Canada (IBC) says the results highlight the need the make the private insurance system work.“Despite a lot of…
Industry still meeting consumers’ expectations on claims
November 13, 2003 by Canadian UnderwriterWith the release of the annual Ontario auto insurance claims satisfaction survey, it seems consumer ire over rates is being offset by high satisfaction with claims handling. A full 85% of people experiencing a claim over the past year were…
Income benefits limit reinstated in Ontario
November 12, 2003 by Canadian UnderwriterA move by the former Ontario Conservative government to reduce income replacement benefits (IRBs) for auto accident victims has been revoked by the new Liberal leadership.This week, the Financial Services Commission of Ontario (FSCO) announced that the move to reduce…
Public auto rates higher, says Fraser Institute report
November 11, 2003 by Canadian UnderwriterA conservative think tank’s new study suggest rates in public auto insurance provinces will soon be higher than those in private market provinces. The Fraser Institute report notes that with current rate freezes and rollbacks in place, rates will actually…
Tiburon tops IBC “most stolen vehicles” list for fourth year
November 10, 2003 by Canadian UnderwriterFor the fourth year in a row, the two-door Hyundai Tiburon has been listed as the “most stolen car in Canada” by the Insurance Bureau of Canada (IBC). But this could be the last year, as the vehicle maker have…
Ontario auto rates jump 8.2% in third quarter
November 6, 2003 by Canadian UnderwriterAuto insurance rate increases averaging 8.22% were granted in the third quarter of 2003, says the Financial Services Commission of Ontario (FSCO), the government body which regulates pricing.The increases happened prior to the provincial Liberals’ election win, and to the…
ICBC’s nine month earnings soar on asset gains
November 5, 2003 by Canadian UnderwriterCrown insurer the Insurance Corp. of British Columbia’s (ICBC) net earnings rose by 4.5 times to $111.7 million for the first nine months of this year compared with the $24.4 million disclosed for the same period in 2002. The dramatic…