Topic
Mergers and Aqcuisitions
Insurers Gain Stronger Profit Footing for 1-Q
July 1, 2003 by Canadian UnderwriterInsurers bounced back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to Insurance…
Insurers Back Ontario’s New Auto Reform Regs
July 1, 2003 by Canadian UnderwriterAfter more than six months, Ontario has put auto insurance regulations on the books in response to Bill-198. The regulative changes, which are largely directed at curbing runaway accident benefits (AB) claims costs, received broad support from the province’s auto…
Atlantic Premiers Investigate Public Auto System
July 1, 2003 by Canadian UnderwriterThe Atlantic provinces may see a harmonized approach to auto insurance finally come to pass, but among their options may be a public auto insurance system. The Atlantic premiers met in Charlottetown recently to address the issue of rising premiums…
Nova Scotia moves to “no frills” auto product
June 27, 2003 by Canadian UnderwriterThe Nova Scotia government plans to move to a “no frills” auto product in an attempt to lower auto insurance premiums in the province. The government expects to see a 20% reduction in premiums as a result of the plan,…
Co-operators drops liability rates on auto in New Brunswick
June 25, 2003 by Canadian UnderwriterCo-operators General Insurance Co. has filed for a 25% reduction in rate on the liability portion of its auto business in New Brunswick. The insurer says the rate reduction, which was filed for with the province’s Public Utility Board yesterday,…
MPI asks for first rate increase in five years
June 19, 2003 by Canadian UnderwriterManitoba Public Insurance (MPI) is asking the Public Utilities Board (PUB) to approve a 2.5% increase to its premium base, the first such increase in five years.In filing its annual report with the government, MPI notes that rising claims costs…
Atlantic premiers to look at public auto option
June 18, 2003 by Canadian UnderwriterAtlantic provinces may see a harmonized approach to auto insurance finally come to pass as a result of intense public attention being paid to increasing rates. But a public auto insurance system is also on the table.The Atlantic premiers met…
Insurers pleased with NB cap on minor injury claims
June 17, 2003 by Canadian UnderwriterInsurers are applauding the news that New Brunswick will cap “pain and suffering” awards for minor injuries as a result of auto accidents. The announcement follows an intense election in that province, where rising auto insurance rates become a key…
Consumer group wants public auto insurance in New Brunswick
June 16, 2003 by Canadian UnderwriterThe Consumers’ Association of Canada (CAC) has asked all three political parties in New Brunswick to implement public auto insurance in New Brunswick.The plan calls for a system based on that of the Insurance Corporation of B.C. (ICBC) as a…
Economical subs downgraded on Ontario auto losses
June 12, 2003 by Canadian UnderwriterRating agency A.M. Best has downgraded the public data ratings of several Economical Insurance Group subsidiaries. The ratings of Economical Mutual Insurance Company, Langdon Insurance Company and Perth Insurance Company have been lowered to B+ from B++. The rating of…
IBC poll shows support for limits on “pain and suffering” in Nova Scotia
June 11, 2003 by Canadian UnderwriterA new poll commissioned by the Insurance Bureau of Canada (IBC) suggests Nova Scotians would support limits on “pain and suffering” compensation for auto accident victims if it leads to lower premiums.The poll, which saw 1008 residents aged 16 or…
Insurance industry shows strengthened profitability for 1-Q
June 9, 2003 by Canadian UnderwriterInsurers bounced strongly back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to…