Topic
Mergers and Aqcuisitions
Alberta freezes auto rates for up to 18 months
November 5, 2003 by Canadian UnderwriterFollowing up on its threats, the Alberta government has announced it will freeze auto insurance rates as of October 30, 2003, and that the freeze could be in place for as long as 18 months. Bowing to public pressure, Premier…
Dominion begins paying 20% premium cut to Nova Scotia drivers
November 3, 2003 by Canadian UnderwriterThe Dominion of Canada General Insurance Co. will issue premium refund cheques to Nova Scotia auto policyholders over the coming two weeks, a statement says. The refunds relate to the recent passing of the province’s Bill-1 auto insurance legislation which…
Royal & SunAlliance withdraws from Nova Scotia auto market
November 3, 2003 by Canadian UnderwriterRoyal & SunAlliance Insurance Co. of Canada will cease to write new personal and individual corporate auto covers in Nova Scotia effective immediately, says the company’s president Rowan Saunders. Royal & SunAlliance is the first among a number of auto…
Reinsurance Strategies 2003: Signs of Recovery
November 1, 2003 Vikki SpencerFor an industry that was on the brink of disaster less than a year ago, reinsurers can take pride in the financial turnaround seen thus far for 2003. But, CEOs offering their insights to CU’s annual yearend treaty outlook are…
Political Sparks…
November 1, 2003 Sean van Zyl, EditorRate freezes, rollbacks, premium refunds and government-run insurance. It seems that the language of auto insurance has changed so rapidly that insurers have been left dazed and disorientated in an unknown land. But, based on latest events, it would appear…
Nova Scotia Auto Reforms Spark Insurer Withdrawals
November 1, 2003 by Canadian UnderwriterIn the wake of passage of Nova Scotia’s Bill-1 – which reforms the province’s auto insurance legislation – insurers are announcing they will cease writing new business in the province. Royal & SunAlliance Insurance Co. of Canada and the Dominion…
Public Survey on Auto Cover Reveals Dissatisfaction
November 1, 2003 by Canadian UnderwriterAn independent survey of Canadian drivers across the provinces suggests that 75% of the public believe that the provincial governments should impose limits on rate increases with an equal number of respondents believing that cover price increases should not exceed…
After-Market Auto Parts Take Heat
November 1, 2003 by Canadian UnderwriterAuto repair shop attendees at the recently held Canadian Collision Industry Congress (CCIC) took aim at a panel of representatives from insurance companies in questioning the use of after-market parts in insured vehicle repairs. The attendees questioned the quality of…
Organized Crime Bites Auto Insurers
November 1, 2003 by Canadian UnderwriterThe alarming rise in insured cost of auto theft and fraud over recent years has much to do with the involvement and growth of organized crime in Canada, according to two Insurance Bureau of Canada (IBC) claim investigators who spoke…
New Brunswick reforms working, says Co-operators
October 29, 2003 by Canadian UnderwriterReforms to limit compensation for minor injuries are paying off in New Brunswick, says Co-operators General Insurance Co., one of the province’s largest insurers.The company made the statement in a release to announce that 9,00 cheques are being sent to…
Insurers want Nova Scotia auto reforms delayed
October 28, 2003 by Canadian UnderwriterOn the heels of the passage of Nova Scotia’s Bill 1, which would reform the province’s auto insurance system, insurers and brokers are scrambling to have the legislation delayed. The bill, in its present form, contains amendments that would roll…
Insurers unfazed by Ontario rate freeze
October 23, 2003 by Canadian UnderwriterAn auto insurance rate freeze announced by the brand new Ontario Liberal government today is not unexpected, says the Insurance Bureau of Canada (IBC). Insurers are prepared to cooperate with the rate freeze, but hope to work with the new…