Topic
Mergers and Aqcuisitions
IBC responds to Ontario’s revised auto insurance proposal
October 31, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) with regard to the latest legislative discussion document released on auto insurance regulation. The IBC says the latest…
Personal injury fraud a $500 million problem, says study
October 17, 2001 by Canadian UnderwriterA newly-released study suggests personal injury fraud could be costing Canadian insurers more than $500 million each year. The study, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), estimates that last year insurers paid over $500 million for personal…
IBC and policy group at odds on B.C. insurance future
October 11, 2001 by Canadian UnderwriterA new study released by the Canadian Center for Policy Alternatives (CCPA) suggests privatizing British Columbia’s auto insurance system will be bad for consumers. “Allowing private firms to compete with ICBC in the provision of basic auto insurance will almost…
Hail storms hit MPI balance sheet
October 1, 2001 by Canadian UnderwriterManitoba’s public insurer has been hard hit in the first half of 2001, with its highest claims volume in five years cutting net income by nearly $44 million. Net income for Manitoba Public Insurance (MPI) stands at $8.5 million for…
Insurers update numbers from terrorist attacks while liability debate looms
September 20, 2001 by Canadian UnderwriterMore than a week after the terrorist attacks on the World Trade Center and Pentagon, insurers and reinsurers are still trying to tally exposures. Munich Re, amongst the hardest hit, estimates losses could reach US$1.95 billion pretax, the largest single…
Atlantic Canadians hold low perception of insurance costs
September 10, 2001 by Canadian UnderwriterA research study conducted by the Insurance Bureau of Canada (IBC) of the insuring buying public in Atlantic Canada suggests that over 85% of those surveyed believe that the property and casualty insurance industry continues to be profitable. Last year,…
Industry’s ROE slips again on rising claims (August 27, 2001)
August 27, 2001 by Canadian UnderwriterCanada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70%…
Allstate sells European auto business
June 20, 2001 by Canadian UnderwriterU.S. based insurer Allstate has announced plans to sell its European auto insurance business to London’s Direct Line, a subsidiary of The Royal Bank of Scotland. The decision to unload the German and Italian direct auto business follows Allstate’s departure…
Dominion president calls for B.C. auto insurance deregulation by 2003
June 18, 2001 by Canadian UnderwriterSpeaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the "unwavering commitment" of the province’s new premier Gordon Campbell to increase…
Insurers battle against rising claims tide
June 12, 2001 by Canadian UnderwriterThe Canadian property and casualty insurance industry achieved a dismal 3.8% return on equity for the last four consecutive quarters through to the end of March 2001, according to the latest preliminary financial figures released by the Insurance Bureau of…
Kingsway enters U.S. alliance and announces public offering
June 11, 2001 by Canadian UnderwriterSpecialty risk insurer Kingsway Financial Services Inc. (TSE: KFS) has entered into an "alliance" with Texas-based auto insurer Reliant American Group Inc. "We see a lot of potential for the distribution of Reliant American’s commercial auto, garage liability and general…
Quebec minister decries high-powered cars
June 7, 2001 by Canadian UnderwriterQuebec’s Transport Minister Guy Chevrette says auto manufacturers are creating a highway hazard by building more powerful engines in cars. At a news conference, Chevrette says that the federal government should step in to limit the power of car engines…