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IBC renews push for New Brunswick auto reform in face of election battle

May 1, 2003 by Canadian Underwriter

The insurance industry’s lobby group renewed its call for action on proposed legislation to change New Brunswick’s auto insurance system. The Insurance Bureau of Canada (IBC) is specifically fighting for the passage of tort reform to limit awards for non-economic

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Star calls on insurers to tackle fraud together

April 30, 2003 by Canadian Underwriter

Insurers need to stand up to paralegals, tow truck operators, rehabilitation clinics and claimants who attempt to defraud the auto insurance system, Kingsway Financial Services CEO Bill Star told attendees at an industry luncheon today. At the Insurance Institute of

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Results deteriorate, marketshare rises for Facility

April 23, 2003 by Canadian Underwriter

The industry’s pool for high-risk auto insurance is seeing its marketshare increase, and its combined ratios deteriorate, despite attempts to raise premiums.At its agm in Toronto today, the Facility Association (FA) told member insurers that across the country marketshare is

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Auto insurance reform among FSCO priorities

April 17, 2003 by Canadian Underwriter

With the release of the Financial Services Commission of Ontario’s (FSCO) “statement of priorities” for consultation, insurers can take heart that among the list is to “increase enforcement addressing abuse in the automobile insurance system”.With the passage of Bill-198 and

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Colorado blizzard insured damages top US$93 million

April 14, 2003 by Canadian Underwriter

Despite low preliminary estimates, the spring blizzard that hit Colorado is now expected to cost insurers US$93.3 million dollars, says the Rocky Mountain Insurance Information Association (RMIIA).Early estimates had the insured loss at just US$33.6 million, but this has tripled,

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Study taps what consumers want in online insurance

April 2, 2003 by Canadian Underwriter

Instant price quotes are the number one priority of consumers in online insurance buying, says a new study by Toronto-based UBER analyzer. In a survey of consumer attitudes about online insurance buying, 28% said they would be willing to purchase

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New Brunswick auto reforms a “mixed bag” for insurers

March 31, 2003 by Canadian Underwriter

A bill to change New Brunswick’s auto insurance system has been tabled by Justice Minister Brad Green, offering more than 18 reforms to the current system. One move bound to be poorly received by insurers is removal of the province’s

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Nova Scotia launches public discussion on auto insurance

March 21, 2003 by Canadian Underwriter

The Nova Scotia government is asking for public input on a discussion paper about possible reforms to the province’s auto insurance system.Environment and Labour Minister Ron Russell released the discussion paper this week, giving alternatives for possible tort reform, accident

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Drivers leaving anti-theft devices unused: MPI

March 17, 2003 by Canadian Underwriter

Manitoba 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

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Price increases not enough to salvage 2002 insurer results

March 11, 2003 by Canadian Underwriter

Insurers 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

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Canadian Bar Association calls IBC findings into question

March 4, 2003 by Canadian Underwriter

A 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

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Co-operators ends 2002 in the red

February 28, 2003 by Canadian Underwriter

Auto 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