Topic Mergers and Aqcuisitions
IBC launches online fight against Quebec auto reform
February 2, 2004 by Canadian UnderwriterHoping to stem the tide of auto insurance reform in Quebec, the Insurance Bureau of Canada (IBC) has launched a new website to discuss why the system should not be changed.The site, www.impactnofault.com, is intended to educate Quebec residents about…
People misinformed about travel insurance: RBC study
January 29, 2004 by Canadian UnderwriterA new study is showing that many people think they do not need travel insurance. Almost one-quarter (23%) of those surveyed said that they believed they would be covered if they required emergency medical treatment in another country even without…
D&O remains tight in North America: Tillinghast Towers Perrin
January 27, 2004 by Canadian UnderwriterThe average cost of directors’ and officers’ (D&O) cover in North America rose by 33% during 2003, according to a study just released by Tillinghast Towers Perrin. Based on feedback from its “2003 Directors & Officers Liability Survey”, the consultants…
Meloche Monnex buys Liberty Mutual personal lines book
January 21, 2004 by Canadian UnderwriterTD Bank’s insurance arm has purchased the Canadian personal lines book of Liberty Mutual, a subsidiary of Boston-based Liberty Group. Meloche Monnex, which sells personal home and auto insurance as TD Insurance Home and Auto and under its own name,…
Study confirms auto injury losses skyrocketing in the U.S.
January 20, 2004 by Canadian UnderwriterWhile it may not come as news to Canadian insurers, a new U.S. study confirms that in that country, auto injury losses are skyrocketing despite a decline in serious injuries due to auto accidents.The study, by Pennsylvania-based Insurance Research Council…
Insurers prepared for Alberta auto rebates while reform talks continue
January 20, 2004 by Canadian UnderwriterAbout 90% of the auto insurance companies in Alberta had filed for rate rebates or credits as of January 14, although customers may wait months to actually receive their rebate.The rollbacks are part of a provincial government plan to reform…
New car owners lack insurance knowledge
January 15, 2004 by Canadian UnderwriterNew car owners know far more about the vehicle they are purchasing than they do about the insurance they buy to cover it, says a study by U.S. insurer Progressive.The survey of new car buyers should that while 98% could…
MPI net income up despite claims growth
January 15, 2004 by Canadian UnderwriterFor the first three quarters ending November 30, 2003, Manitoba Public Insurance (MPI) is reporting growth in net income to $38.7 million, up from $23.1 million for the same period a year earlier.Investment income was almost double, hitting $85.4 million…
Insurers voice pleasure with new Ontario auto reforms
January 12, 2004 by Canadian UnderwriterInsurers are coming out in favor of new reforms introduced in the Ontario legislature. The McGuinty Liberals had promised reforms after freezing rates shortly after taking office in October. The reforms mean that the rate freeze will end, but insurers…
Auto reforms regulated in Ontario
January 12, 2004 by Canadian UnderwriterThe reforms hinted at with the passage of “The Automobile Rate Stabilization Act of 2003” have now made their way into regulation. Friday, the Ontario Liberal government announced that it would repeal the auto rate freeze introduced late last year…
MPI releases first “top frauds” list
January 8, 2004 by Canadian UnderwriterTo bring fraud fighting into the spotlight, Manitoba Public Insurance (MPI), the province’s government auto insurer, has released its first ever “top five frauds” list.Topping the list is a Winnipeg man who dumped and set fire to his mother’s car…
Auto accidents account for half of major injuries in Canada
December 23, 2003 by Canadian UnderwriterA new report from the Canadian Institute for Health Information (CIHI) notes that almost half of all major injuries sustained in 2001-2002, 47%, were the result of motor vehicle accidents. And men bore the brunt, accounting for 67% of all…