Topic Mergers and Aqcuisitions
SGI withdraws rate increase request
October 22, 2004 by Canadian UnderwriterSaskatchewan Government Insurance has withdrawn its request to raise auto rates 10% next year for the province’s drivers.SGI says the decision comes after an external actuary’s audit predicting its “auto fund” will be in an improved position heading into next…
Ontario auto rates drop 8.75% in third quarter: FSCO
October 22, 2004 by Canadian UnderwriterThe average rate on auto insurance dropped 8.75%, according to filings approved by the Financial Services Commission of Ontario (FSCO) for the first nine months of 2004.While the average decline in the third quarter alone was just under 2%, this…
Industry “much healthier” than in 2003: IBAO panel
October 21, 2004 by Canadian UnderwriterReflecting on the situation facing Ontario insurers a year ago, company CEOs say the picture this year is a much healthier one.A panel of insurance company CEOs addressed the industry’s financial outlook as well as the lingering issue of public…
Teen driving not viewed as problem: poll
October 21, 2004 by Canadian UnderwriterAlthough road accidents are the leading cause of death amongst young adults, a new poll is finding a surprisingly lack of concern about young driver safety.The poll, released by the Traffic Injury Research Foundation (TIRF) in Ottawa, finds that less…
Subaru Impreza tops IBC “most stolen” list
October 20, 2004 by Canadian UnderwriterTopping both the list for the “most stolen” and “highest theft cost” this year is the Subaru Impreza (WRX 4DR AWD), according to the Insurance Bureau of Canada (IBC).In data compiled on 2002-2003 models, the Impreza had the highest theft…
Escalade and Maxima top IIHS theft lists
October 20, 2004 by Canadian UnderwriterIn the U.S., the most stolen among new passenger vehicles are the 2002/3 Cadillac Escalade and the 2002/3 Nissan Maxima, according to the Highway Loss Data Institute (HDLI), an affiliate of the Insurance Institute for Highway Safety (IIHS).The IIHS says…
Aon Re Rendezvous: Industry likely to maintain discipline
October 19, 2004 by Canadian UnderwriterThe insurance industry may defy predictions that it will sink rapidly back into price competition given the number of lingering issues still hampering the industry.Speaking at the 3rd annual Aon Re Rendezvous, A.M. Best vice president John Andre says the…
What’s new: In brief (October 18, 2004)
October 18, 2004 by Canadian UnderwriterThe 2004 Saab 9-3 has received the rare distinction of being named a “best pick” by the Insurance Institute for Highway Safety (IIHS) in both side impact and frontal offset crash tests. This is the first time a car has…
What’s new: In brief (October 14, 2004)
October 14, 2004 by Canadian UnderwriterAlong with other changes now in place in Alberta’s auto insurance system, the government this week said a new complaint-handling procedure is in place. The system works in conjunction with the General Insurance OmbudService (GIO) and encourages consumers with a…
Aviva to test “pay for what you use” rating system
October 14, 2004 by Canadian UnderwriterAviva Canada is planning to test a new auto rating system which would allow drivers to have premiums based on how much they use their vehicle.The new “Autograph” program will be tested early in 2005, and the insurer is currently…
Pembridge cuts back business in Alberta
October 14, 2004 by Canadian UnderwriterWhile insurer Pembridge is not withdrawing from the Alberta auto market, the company is scaling back and restructuring its business there.A statement released this week says the insurer undertook a review of its operations in Alberta which led to the…
Chubb tops claims survey again; industry numbers high
October 11, 2004 by Canadian UnderwriterDespite public backlash over auto insurance rates over the past few years, the industry continued to score relatively high marks for claims satisfaction in its largest market. The Ontario auto claims satisfaction survey, which includes 50 writers of personal lines…