Topic Mergers and Aqcuisitions
ICN CEO attacks "false statements" suggesting that Newfoundland/Labrador insurance costs are lowest in Canada
December 11, 2001 by Canadian UnderwriterInsurance Corporation of Newfoundland (ICN) CEO Dave Anthony has "denounced" what he calls "false claims" recently made by personal injury lawyers that insurance rates in Newfoundland and Labrador are the lowest in Canada.Anthony spoke at a St. John Northwest Rotary…
Tax reform a key goal for IBC in 2002
December 5, 2001 by Canadian UnderwriterAt the Insurance Bureau of Canada’s (IBC) annual meeting in Toronto, the industry’s representative body says reducing the tax burden on insurers will be front and center in its mandate for the coming year. Educating government about how easing this…
IBC prompts Newfoundland auto insurance reform
November 30, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is increasing pressure on Newfoundland’s government to introduce reform to the province’s auto insurance market after years of escalating losses resulting mostly from personal injury claims.Earlier this year the IBC approached the Newfoundland government…
Ontario latest market for new auto glass insurer
November 28, 2001 by Canadian UnderwriterInnovative Insurance Corporation, a wholly-owned subsidiary of glass repair chain Autoglas Maintenance Inc, is officially set to sell its product in Ontario. The company already offers a stand alone auto glass insurance product with a $50 deductible in Alberta, Nova…
Former Canadian Airlines CEO to head up ICBC
November 22, 2001 by Canadian UnderwriterBritish Columbia’s public insurer has found a new president and CEO following the retirement of Thom Thompspon. Kevin Benson, former head of Canadian Airlines will assume the post at the beginning of the new year.The Insurance Corporation of British Columbia…
Chubb tops FSCO claims survey
November 15, 2001 by Canadian UnderwriterOnce again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat…
ISO puts insured property losses from September 11 at US$16.6 billion
November 6, 2001 by Canadian UnderwriterTotal insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of…
IBC responds to Ontario’s revised auto insurance proposal
October 31, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) with regard to the latest legislative discussion document released on auto insurance regulation. The IBC says the latest…
Personal injury fraud a $500 million problem, says study
October 17, 2001 by Canadian UnderwriterA newly-released study suggests personal injury fraud could be costing Canadian insurers more than $500 million each year. The study, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), estimates that last year insurers paid over $500 million for personal…
IBC and policy group at odds on B.C. insurance future
October 11, 2001 by Canadian UnderwriterA new study released by the Canadian Center for Policy Alternatives (CCPA) suggests privatizing British Columbia’s auto insurance system will be bad for consumers. “Allowing private firms to compete with ICBC in the provision of basic auto insurance will almost…
Hail storms hit MPI balance sheet
October 1, 2001 by Canadian UnderwriterManitoba’s public insurer has been hard hit in the first half of 2001, with its highest claims volume in five years cutting net income by nearly $44 million. Net income for Manitoba Public Insurance (MPI) stands at $8.5 million for…
Insurers update numbers from terrorist attacks while liability debate looms
September 20, 2001 by Canadian UnderwriterMore than a week after the terrorist attacks on the World Trade Center and Pentagon, insurers and reinsurers are still trying to tally exposures. Munich Re, amongst the hardest hit, estimates losses could reach US$1.95 billion pretax, the largest single…