Topic Mergers and Aqcuisitions
Independent Nova Scotia report supports insurers’ auto pricing
May 15, 2003 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has hailed the release of an investigative report conducted by Nova Scotia’s Utility and Review Board (UARB) into auto insurance pricing within the province, with the findings supporting the insurance industry’s rate increases based…
Independent regulator to set ICBC rates
May 13, 2003 by Canadian UnderwriterNew legislation could put strict controls on rate setting by B.C.’s public insurer. The “Insurance Corporation Amendment Act”, introduced in the legislature on Monday, would see an independent regulator set the Insurance Corporation of B.C.’s (ICBC) rates on basic auto…
ING to stay in Nova Scotia
May 12, 2003 by Canadian UnderwriterING is the first insurer to publicly state it will continue to write auto insurance in Nova Scotia despite introduction of a bill to freeze rates for the next six months in that province.Recently the provincial government introduced Bill-45 which…
ICBC posts Q1 net income of $5 million
May 8, 2003 by Canadian UnderwriterThe Insurance Corp. of B.C. (ICBC), the province’s public auto insurer, is posting net income of $5 million for the first three months of 2003, compared to a loss of $30 million in the first quarter of 2002.Premiums were up…
Nova Scotia rate freeze draws industry ire
May 6, 2003 by Canadian UnderwriterA bill to freeze auto insurance rates for six months, introduced into the Nova Scotia legislature, is drawing the wrath of the insurance industry’s lobby group.The Insurance Bureau of Canada (IBC) says the move will only “delay the implementation of…
IBC renews push for New Brunswick auto reform in face of election battle
May 1, 2003 by Canadian UnderwriterThe 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…
Star calls on insurers to tackle fraud together
April 30, 2003 by Canadian UnderwriterInsurers 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…
Results deteriorate, marketshare rises for Facility
April 23, 2003 by Canadian UnderwriterThe 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…
Auto insurance reform among FSCO priorities
April 17, 2003 by Canadian UnderwriterWith 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…
Colorado blizzard insured damages top US$93 million
April 14, 2003 by Canadian UnderwriterDespite 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,…
Study taps what consumers want in online insurance
April 2, 2003 by Canadian UnderwriterInstant 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…
New Brunswick auto reforms a “mixed bag” for insurers
March 31, 2003 by Canadian UnderwriterA 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…