Canadian Underwriter

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News Mergers and Aqcuisitions

Alberta auto reforms promise $250 million premium savings

November 21, 2003 by Canadian Underwriter

Introducing 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,

News Mergers and Aqcuisitions

Co-operators reports income jump, claims improvement

November 18, 2003 by Canadian Underwriter

Guelph, 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

News Mergers and Aqcuisitions

High claims satisfaction rates come despite auto rate concerns

November 18, 2003 by Canadian Underwriter

Responding 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

News Mergers and Aqcuisitions

Industry still meeting consumers’ expectations on claims

November 13, 2003 by Canadian Underwriter

With 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

News Mergers and Aqcuisitions

Income benefits limit reinstated in Ontario

November 12, 2003 by Canadian Underwriter

A move by the former Ontario Conservative government to reduce income replacement benefits (IRBs) for auto accident victims has been revoked by the new Liberal leadership.This week, the Financial Services Commission of Ontario (FSCO) announced that the move to reduce

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Public auto rates higher, says Fraser Institute report

November 11, 2003 by Canadian Underwriter

A conservative think tank’s new study suggest rates in public auto insurance provinces will soon be higher than those in private market provinces. The Fraser Institute report notes that with current rate freezes and rollbacks in place, rates will actually

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Tiburon tops IBC “most stolen vehicles” list for fourth year

November 10, 2003 by Canadian Underwriter

For the fourth year in a row, the two-door Hyundai Tiburon has been listed as the “most stolen car in Canada” by the Insurance Bureau of Canada (IBC). But this could be the last year, as the vehicle maker have

News Mergers and Aqcuisitions

Ontario auto rates jump 8.2% in third quarter

November 6, 2003 by Canadian Underwriter

Auto insurance rate increases averaging 8.22% were granted in the third quarter of 2003, says the Financial Services Commission of Ontario (FSCO), the government body which regulates pricing.The increases happened prior to the provincial Liberals’ election win, and to the

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ICBC’s nine month earnings soar on asset gains

November 5, 2003 by Canadian Underwriter

Crown insurer the Insurance Corp. of British Columbia’s (ICBC) net earnings rose by 4.5 times to $111.7 million for the first nine months of this year compared with the $24.4 million disclosed for the same period in 2002. The dramatic

News Mergers and Aqcuisitions

Alberta freezes auto rates for up to 18 months

November 5, 2003 by Canadian Underwriter

Following up on its threats, the Alberta government has announced it will freeze auto insurance rates as of October 30, 2003, and that the freeze could be in place for as long as 18 months. Bowing to public pressure, Premier

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Dominion begins paying 20% premium cut to Nova Scotia drivers

November 3, 2003 by Canadian Underwriter

The Dominion of Canada General Insurance Co. will issue premium refund cheques to Nova Scotia auto policyholders over the coming two weeks, a statement says. The refunds relate to the recent passing of the province’s Bill-1 auto insurance legislation which

News Mergers and Aqcuisitions

Royal & SunAlliance withdraws from Nova Scotia auto market

November 3, 2003 by Canadian Underwriter

Royal & SunAlliance Insurance Co. of Canada will cease to write new personal and individual corporate auto covers in Nova Scotia effective immediately, says the company’s president Rowan Saunders. Royal & SunAlliance is the first among a number of auto