Topic Mergers and Aqcuisitions
StatsCan auto rate data misleads: Fraser Institute
December 18, 2003 by Canadian UnderwriterStatistics Canada data on auto insurance premiums is not only misleading, it caused the Bank of Canada to incorrectly hike interest rates, suggests a new study by right-wing think tank The Fraser Institute.The study says that StatsCan has been incorrectly…
MPI rates to rise 3.7% in 2004
December 9, 2003 by Canadian UnderwriterManitoba Public Insurance (MPI) has broken its six-year rate freeze, and will up basic auto insurance rates by 3.7% for 2004. The province’s Public Utilities Board (PUB) ordered the increase, which will add about $30 to the average family passenger…
MPI applauds court’s tough stance on fraud
December 8, 2003 by Canadian UnderwriterManitoba Public Insurance (MPI) is welcoming a judgement by the province’s courts to hand a jail term to a man convicted of fraud against the public auto insurer.John Francis Lucas, 50, was given a two-year sentence for fraud under $5,000…
Jury awards ICBC $4.5 million in chop shop suit
December 5, 2003 by Canadian UnderwriterA British Columbia Supreme Court jury has awarded ICBC $4.5 million in a civil lawsuit against two brothers who operated a chop shop in Mission, B.C. It is believed to be the largest punitive award of its kind.<br> “This is…
SUV bumpers rated poor in low-speed collisions
December 1, 2003 by Canadian UnderwriterIn two separate crash test studies, midsize SUVs (sport utility vehicles) fared relatively worse at lower speeds, according to research by the U.S. Insurance Institute for Highway Safety (IIHS). In tests simulation 40 mph frontal offset crashes, eight of nine…
IBC commissioned study shows negative impact of public insurance
November 28, 2003 by Canadian UnderwriterA new study commissioned by the insurance industry suggests a publicly-run auto insurance system in New Brunswick could prove very costly.The study, released by the Centre for Spatial Economic and Shift Central Inc., says such a system would be a…
Dominion CEO takes issue with Flaherty comments
November 28, 2003 by Canadian UnderwriterThe Dominion of Canada General Insurance Co. CEO George Cooke is taking issue with comments made by former Ontario Minister of Enterprise Jim Flaherty. Cooke notes that his company’s Ontario auto insurance rate filing in September reflected the fact that…
ICBC receives more than $100,000 on suspicious claims
November 27, 2003 by Canadian UnderwriterB.C.’s public insurer has received more than $100,000 in payments as a result of investigation into suspicious claims.In one case, Langley resident Marcus John Lowe was ordered to pay back $40,000 on a claim and assessed a $3,000 for giving…
Alberta auto reforms promise $250 million premium savings
November 21, 2003 by Canadian UnderwriterIntroducing a new “premium grid” for auto insurance policyholders, the Alberta government says its reforms will lead to $250 million in savings for the province’s drivers.According to the grid, a “benchmark premium” for drivers with clean records would be set,…
Co-operators reports income jump, claims improvement
November 18, 2003 by Canadian UnderwriterGuelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting solid net income of $10.93 million, or $0.48 per share, for the third quarter ending September 30, 2003, a turnaround from the net loss of $3.4 million, or $0.23 per…
High claims satisfaction rates come despite auto rate concerns
November 18, 2003 by Canadian UnderwriterResponding to the high overall score by the Ontario auto insurance industry on the recent “claims satisfaction survey”, the Insurance Bureau of Canada (IBC) says the results highlight the need the make the private insurance system work.“Despite a lot of…
Industry still meeting consumers’ expectations on claims
November 13, 2003 by Canadian UnderwriterWith the release of the annual Ontario auto insurance claims satisfaction survey, it seems consumer ire over rates is being offset by high satisfaction with claims handling. A full 85% of people experiencing a claim over the past year were…