Topic
Mergers and Aqcuisitions
Drivers leaving anti-theft devices unused: MPI
March 17, 2003 by Canadian UnderwriterManitoba Public Insurance is warning drivers that unused anti-theft devices leave cars vulnerable to theft. The message comes with the release of MPI’s theft statistics, which showed that in the first two weeks of March, of 360 recovered stolen vehicles…
Price increases not enough to salvage 2002 insurer results
March 11, 2003 by Canadian UnderwriterInsurers reflected on 2001 as “the worst year ever” and had hopes of a turnaround in 2002, but it was not to be. With the Canadian p&c industry bringing in return on equity (ROE) of 1.6%, 2002 now takes the…
Canadian Bar Association calls IBC findings into question
March 4, 2003 by Canadian UnderwriterA new study by the Canadian Bar Association (CBA) suggests court awards for auto accident injuries have gone up only marginally in the last two decades in Nova Scotia, refuting the claims of the Insurance Bureau of Canada (IBC). The…
Co-operators ends 2002 in the red
February 28, 2003 by Canadian UnderwriterAuto claims continued to plague Co-operators General Insurance Company (TSX: CCS.PR.A) as it wound up 2002 with a fourth quarter loss of $2.5 million. This compares with a loss of $2.6 million for the last quarter of 2001.Year-on-year, gross written…
U.S. legislators top concerns in 2002 are auto and worker’s comp
February 26, 2003 by Canadian UnderwriterAuto insurance and workers’ compensation emerged as the top issues for states when it came to insurance legislation last year. This comes from a survey by the National Association of Mutual Insurance Companies (NAMIC).P&c insurers faced 239 new laws last…
Kingsway income jumps on U.S. growth
February 10, 2003 by Canadian UnderwriterKingsway Financial Services (TSX, NYSE: KFS) brought in record net income for the fourth quarter 2002 and strong full-year earnings, largely as a result of performance from its U.S. operations.Net income for the quarter ending December 31, 2002 was up…
Ontario auto rates rose throughout 2002
February 1, 2003 by Canadian UnderwriterPrivate passenger auto rates rose 9.2% in the fourth quarter of 2002, says the Financial Services Commission of Ontario (FSCO), the government body that has final say in determining insurers’ rate increases. In the third quarter to end Sept, 2002,…
Ontario auto rates continue to climb
January 27, 2003 by Canadian UnderwriterPrivate passenger auto rates rose 9.2% in the fourth quarter of 2002, says the Financial Services Commission of Ontario (FSCO), the government body that approves rate increases. In the third quarter ending September 30, 2002, rates climb 8.3%. The average…
U.S. auto results will continue to flag: Conning
January 10, 2003 by Canadian UnderwriterA new study suggests that the auto insurance market will be no kinder to insurers south of the border than it has been to Canadian companies. in “Caution Flag for Personal Automobile Insurance”, research firm Conning says that the poor…
Auto theft down in Manitoba, study suggests
January 8, 2003 by Canadian UnderwriterFor the first time in five years, auto thefts rates have dropped in Manitoba, says the province’s public insurer. According to Manitoba Public Insurance (MPI), 2002 says 7.827 theft claims filed, 6,190 of which were in Winnipeg.MPI speculates that the…
MPI tracks cars stolen multiple times
January 6, 2003 by Canadian UnderwriterA new study from Manitoba Public Insurance (MPI) shows that one car in that province was either stolen or had a theft attempt made on it six times in the past two years. The finding was part of a study…
Profile: Adjusters Preparing for Change
January 1, 2003 Vikki SpencerNo one would argue the insurance industry is one that stands still, particularly not in today’s market. For adjusters, the changes are keenly felt, impacting how they do their jobs on a daily basis. From mergers and acquisitions to changing…