Topic
Mergers and Aqcuisitions
Canadian insurers end 2001 on dismal financial note
March 13, 2002 by Canadian UnderwriterCanadian property and casualty insurers ended the 2001 financial year with a meager 3% return on equity, with the final quarter industry results showing little improvement over the earlier part of the year with a 0.5% ROE, according to just…
McNaughton v. Co-operators could spawn class action landslide
March 8, 2002 by Canadian UnderwriterThe victory of one policyholder in a case involving auto insurance deductibles could give rise to large numbers of Canadians seeking similar action against insurers. A Supreme Court of Canada ruling yesterday denies Co-operators General the right to appeal a…
IBC calls for change in Nova Scotia
February 28, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is taking the next step in its bid for auto insurance reform in Atlantic Canada. The industry’s representative body is trying to persuade the Nova Scotia government to institute changes that would reduce the…
IBC auto cost study targets "soft tissue" claims
February 5, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has released an auto claims cost study conducted in Nova Scotia which shows that the vast majority of claims relate to "soft tissue" injuries, namely sprains and strains. The study was undertaken in response…
IBC makes pitch for Ontario health care reform
January 17, 2002 by Canadian UnderwriterThe Insurance Bureau of Canada is calling for changes to the way insurers and rehabilitation service providers deal with each other, in light of the growing cost of auto-related injuries to the industry. In a submission to the Ontario Ministry…
ICN CEO attacks "false statements" suggesting that Newfoundland/Labrador insurance costs are lowest in Canada
December 11, 2001 by Canadian UnderwriterInsurance Corporation of Newfoundland (ICN) CEO Dave Anthony has "denounced" what he calls "false claims" recently made by personal injury lawyers that insurance rates in Newfoundland and Labrador are the lowest in Canada.Anthony spoke at a St. John Northwest Rotary…
Tax reform a key goal for IBC in 2002
December 5, 2001 by Canadian UnderwriterAt the Insurance Bureau of Canada’s (IBC) annual meeting in Toronto, the industry’s representative body says reducing the tax burden on insurers will be front and center in its mandate for the coming year. Educating government about how easing this…
IBC prompts Newfoundland auto insurance reform
November 30, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is increasing pressure on Newfoundland’s government to introduce reform to the province’s auto insurance market after years of escalating losses resulting mostly from personal injury claims.Earlier this year the IBC approached the Newfoundland government…
Ontario latest market for new auto glass insurer
November 28, 2001 by Canadian UnderwriterInnovative Insurance Corporation, a wholly-owned subsidiary of glass repair chain Autoglas Maintenance Inc, is officially set to sell its product in Ontario. The company already offers a stand alone auto glass insurance product with a $50 deductible in Alberta, Nova…
Former Canadian Airlines CEO to head up ICBC
November 22, 2001 by Canadian UnderwriterBritish Columbia’s public insurer has found a new president and CEO following the retirement of Thom Thompspon. Kevin Benson, former head of Canadian Airlines will assume the post at the beginning of the new year.The Insurance Corporation of British Columbia…
Chubb tops FSCO claims survey
November 15, 2001 by Canadian UnderwriterOnce again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat…
ISO puts insured property losses from September 11 at US$16.6 billion
November 6, 2001 by Canadian UnderwriterTotal insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of…