Topic Mergers and Aqcuisitions
2003 a far cry from 2002 for Canadian insurers: A.M. Best
July 25, 2004 by Canadian UnderwriterThe massive turnaround effected by Canadian insurers, who turned the worst-ever performance of 2002 into the very profitable 2003, is examined in a new A.M. Best statistical study.With the industry posting a combined ratio of 98.4%, return on equity of…
ICBC and Speedy Glass settle legal action
July 21, 2004 by Canadian UnderwriterA legal action brought by the Insurance Corp. of British Columbia (ICBC) against Speedy Glass for having allegedly violated market practices under the crown insurer’s "Glass Express" repair program has been settled.ICBC charged that a number of Speedy Glass outlets…
Edmonton storm losses top $87 million
July 20, 2004 by Canadian UnderwriterInsured losses from the hail and rainstorm which caused widespread flooding in the Edmonton area have already caused insurers to post at least $87 million in reserves, and the total is sure to rise, says Louise Bremness, manager of regional…
MPI first quarter result down, but “average”
July 19, 2004 by Canadian UnderwriterFirst quarter income reported by Manitoba Public Insurance (MPI) the province’s government auto insurer dropped significantly but is in line with historic norms.Net income for the first quarter ending May 31, 2004 was just $8.7 million, down from $29.3 million…
Co-operators says confidentiality needed in rate filing process
July 18, 2004 by Canadian UnderwriterHoping to clarify its position with regard to the need for confidentiality in the rate filing process, The Co-operators has issued a press release on its Nova Scotia filing.Co-operators vice president of personal lines Robert Wesseling says he is surprised…
Ontario auto rates drop 7.3% in first-half 2004
July 18, 2004 by Canadian UnderwriterRate applications approved during the first and second quarters of 2004 amount to an average drop of 7.3% in Ontario auto rates, according to the Financial Services Commission of Ontario (FSCO). This comes on top of the rate freeze in…
SGI seeks 10% rate increase
July 15, 2004 by Canadian UnderwriterSaskatchewan’s public insurer, Saskatchewan Government Insurance (SGI), is asking for a 10% increase on its auto rates, effective January 1, 2005.In a submission to the province’s Rate Review Panel, SGI says the increase is need to keep pace with claims.”SGI…
ICBC seeks no rate increase for 2005; may drop optional rates
July 13, 2004 by Canadian UnderwriterB.C.’s public auto insurer has filed for no rate increase on its basic coverage package for 2005, citing improved investment results and lower claims.The Insurance Corp. of B.C. (ICBC) says it may also drop rates on its optional coverage, a…
Liberals launch public auto insurance petition in Alberta
July 8, 2004 by Canadian UnderwriterIn response to the Alberta government’s auto insurance reform package which was announced last month, the opposition Liberal Party has set in motion a public petition to gather support for the introduction of a public auto system. The province’s premier…
Regulatory harmonization and auto reform top FSCO priorities
July 4, 2004 by Canadian UnderwriterOntario’s insurance regulator will have its hands full again in 2004 with changes to the auto insurance system, as illustrated by its “statement of priorities”.Auto insurance changes and regulatory harmonization feature heavily in the document, which outlines the 2004-2005 mandate…
What’s new: In brief (July 01, 2004)
July 1, 2004 by Canadian UnderwriterSaskatchewan has switched to the same single license plate system in use in most provinces. As of June 30, drivers will be issued just one plate on new transactions, and other drivers will have the choice of whether they want…
Industry runs hot and cold on New Brunswick auto reform
June 29, 2004 by Canadian UnderwriterWhile welcoming confirmation the New Brunswick government has abandoned the concept of public auto insurance, insurers remain concerned that reforms announced Tuesday will not help reduce the cost of providing insurance in the province.“We believe the government decision to preserve…