Topic
Mergers and Aqcuisitions
Ontario Auto Losses Remain Under Spotlight
June 1, 2003 by Canadian UnderwriterAs 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…
Profile: Keeping the Pot Tasty
June 1, 2003 Sean van Zyl, EditorWhile not many insurers writing auto in Ontario would agree that Bill-59 – the Automobile Insurance Rate Stability Act – was the answer to their prayers in bringing about effective reform to a longstanding problematic product, not all would share their perspective. Rob Sampson, a member of provincial parliament (MPP) and the driving force behind the latest auto insurance product reform initiatives packaged under Bill-198, believes that legislative measures introduced in 1996 under Bill-59 achieved its purpose in stabilizing pricing and enticing insurers back into the marketplace. The current legislation, which will soon be publicized as regulations, is an extension of what Bill-59 set out to do, Sampson says. In this respect, the current market environment is not unlike that of 1996 when insurers’ appetite for taking on business had waned, he observes, which the latest reforms are aimed at bringing insurance companies back to the table.
2003 Canadian Insurance Congress: Finding Direction
June 1, 2003 Sean van Zyl, EditorThe ongoing bleeding in the auto markets across nearly all provinces of Canada, coupled with the devastating impact of the investment environment on insurers’ income statement and balance-sheets, served as core issues of discussion at this year’s Canadian Insurance Congress. With the auto loss damage having spread from companies income returns to cause capital deterioration – which recently saw a senior management shakeout at a leading personal lines carrier – speakers and attendees at the congress meeting speculated to whether this may just be the start of a long line of casualties and ultimate consolidation of the Canadian property and casualty insurance industry as insurers try to find direction.
Bedeviled Cycle…
June 1, 2003 Sean van Zyl, EditorWhile industry watchers eagerly await the release of insurers’ preliminary financial data for the first quarter of this year, the “bad taste” of last year’s dismal numbers continue to linger – with approximately 80% of insurance companies having now submitted…
Independent Regulator to Set ICBC Rates
June 1, 2003 by Canadian UnderwriterThe “Insurance Corporation Amendment Act”, which was recently introduced by British Columbia’s legislature will see the creation of a new body that will set price rate controls for crown insurer, the Insurance Corp. of B.C. (ICBC) on basic auto insurance.…
“Kick-Starting” Competition in B.C.
June 1, 2003 Sean van Zyl, EditorThis year’s annual general meeting and conference of the Insurance Brokers Association of British Columbia (IBABC), which was recently held in Victoria, focused on implementation of increased competition in the province’s optional auto insurance marketplace. Also included in the association’s top priorities in the year ahead is facilitating increased underwriting capacity in commercial lines, where the province’s brokers have most experienced the effect of the “hard market” cycle.
Auto theft stats on the rise: ICBC
May 20, 2003 by Canadian UnderwriterAuto 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…
Independent Nova Scotia report supports insurers’ auto pricing
May 15, 2003 by Canadian UnderwriterThe 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…
Independent regulator to set ICBC rates
May 13, 2003 by Canadian UnderwriterNew 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…
ING to stay in Nova Scotia
May 12, 2003 by Canadian UnderwriterING 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…
ICBC posts Q1 net income of $5 million
May 8, 2003 by Canadian UnderwriterThe 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…
Nova Scotia rate freeze draws industry ire
May 6, 2003 by Canadian UnderwriterA 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…