Topic Mergers and Aqcuisitions
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…
Nova Scotia launches public discussion on auto insurance
March 21, 2003 by Canadian UnderwriterThe Nova Scotia government is asking for public input on a discussion paper about possible reforms to the province’s auto insurance system.Environment and Labour Minister Ron Russell released the discussion paper this week, giving alternatives for possible tort reform, accident…
Drivers leaving anti-theft devices unused: MPI
March 17, 2003 by Canadian UnderwriterManitoba Public Insurance is warning drivers that unused anti-theft devices leave cars vulnerable to theft. The message comes with the release of MPI’s theft statistics, which showed that in the first two weeks of March, of 360 recovered stolen vehicles…
Price increases not enough to salvage 2002 insurer results
March 11, 2003 by Canadian UnderwriterInsurers reflected on 2001 as “the worst year ever” and had hopes of a turnaround in 2002, but it was not to be. With the Canadian p&c industry bringing in return on equity (ROE) of 1.6%, 2002 now takes the…
Canadian Bar Association calls IBC findings into question
March 4, 2003 by Canadian UnderwriterA new study by the Canadian Bar Association (CBA) suggests court awards for auto accident injuries have gone up only marginally in the last two decades in Nova Scotia, refuting the claims of the Insurance Bureau of Canada (IBC). The…
Co-operators ends 2002 in the red
February 28, 2003 by Canadian UnderwriterAuto claims continued to plague Co-operators General Insurance Company (TSX: CCS.PR.A) as it wound up 2002 with a fourth quarter loss of $2.5 million. This compares with a loss of $2.6 million for the last quarter of 2001.Year-on-year, gross written…
U.S. legislators top concerns in 2002 are auto and worker’s comp
February 26, 2003 by Canadian UnderwriterAuto insurance and workers’ compensation emerged as the top issues for states when it came to insurance legislation last year. This comes from a survey by the National Association of Mutual Insurance Companies (NAMIC).P&c insurers faced 239 new laws last…
Kingsway income jumps on U.S. growth
February 10, 2003 by Canadian UnderwriterKingsway Financial Services (TSX, NYSE: KFS) brought in record net income for the fourth quarter 2002 and strong full-year earnings, largely as a result of performance from its U.S. operations.Net income for the quarter ending December 31, 2002 was up…
Ontario auto rates continue to climb
January 27, 2003 by Canadian UnderwriterPrivate passenger auto rates rose 9.2% in the fourth quarter of 2002, says the Financial Services Commission of Ontario (FSCO), the government body that approves rate increases. In the third quarter ending September 30, 2002, rates climb 8.3%. The average…