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News Mergers and Aqcuisitions

Independent Nova Scotia report supports insurers’ auto pricing

May 15, 2003 by Canadian Underwriter

The 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

News Mergers and Aqcuisitions

Independent regulator to set ICBC rates

May 13, 2003 by Canadian Underwriter

New 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

News Mergers and Aqcuisitions

ING to stay in Nova Scotia

May 12, 2003 by Canadian Underwriter

ING 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

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ICBC posts Q1 net income of $5 million

May 8, 2003 by Canadian Underwriter

The 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

News Mergers and Aqcuisitions

Nova Scotia rate freeze draws industry ire

May 6, 2003 by Canadian Underwriter

A 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

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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