Private passenger auto insurance rates in Ontario decreased during the fourth quarter of 1998 according to the latest rate information published by the Financial Services Commission of Ontario (FSCO).
This is the 10th successive quarterly decrease since 1996. Of the 22 rate filings that were approved, 21 dealt with rate changes. The individual rate changes ranged from a decrease of 7.81% (Citadel General Assurance Company) to an increase of 5.12% (Belair Insurance Company). The total change was a decrease of 2.49% for companies changing rates, weighted by market share. The average cost of auto insurance in Ontario at the end of the fourth quarter of 1998 was 11.06% lower than at the end of the third quarter of 1996, that being the final quarter prior to the implementation of Bill 59.
CBUS, Chubb extend reach
Cross Border Underwriting Services Inc. (CBUS), a subsidiary of the listed KRG Insurance Group, has entered into an agreement with Chubb Insurance Company of Canada to offer Chubb’s high value home and auto products through the CBUS wholesale network. Chubb’s Masterpiece products — its high-valued homes, collections and automobile policies — are geared towards clients with significant assets to insure. Jan Tomlinson, president of Chubb, says the partnership will expand the insurer’s distribution network and increase its reach into the affluent markets. The deal extends CBUS’s portfolio of products, and continues the company’s push towards the top spectrum of the wholesale insurance market.