Topic Mergers and Aqcuisitions
IBC points to flaws in consumer group study of auto insurance
July 18, 2003 by Canadian UnderwriterResponding to a study on auto insurance released by the Consumers’ Association of Canada (CAC), the Insurance Bureau of Canada (IBC) says consumers will be misled by the findings.The study compares auto insurance rates in Nova Scotia to those in…
Ontario auto rates jump 8.5% in second quarter 2003
July 15, 2003 by Canadian UnderwriterOntario auto insurance rates went up an average 8.48% in the second quarter of 2003, based on rate applications approved by the Financial Services Commission of Ontario (FSCO).These changes came into effect prior to the implementation of regulations tied to…
Ontario auto “white paper” brings positive industry reaction
July 11, 2003 by Canadian UnderwriterInsurers are generally pleased with proposals set out in a new Ontario government “white paper” to further reform the auto insurance system.Many of the provisions are aimed at reducing health care costs and court awards on auto accident claims, something…
Eves wants coordinated effort on auto insurance
July 10, 2003 by Canadian UnderwriterAs premiers meet in Charlottetown this week, Ontario’s Ernie Eves wants to see the provinces working together on the auto insurance issue.Eves listed auto insurance as his top priority, alongside federal disaster relief for the SARS outbreak.Eves says that his…
Nova Scotia latest to cap “pain and suffering” awards
July 9, 2003 by Canadian UnderwriterFollowing the lead of New Brunswick, Nova Scotia has implemented a plan to cap “pain and suffering” awards on minor injuries that result from auto accidents.The cap means the in minor injury cases, such as whiplash, accident victims who go…
Health care providers support Ontario auto regs
July 8, 2003 by Canadian UnderwriterA group representing many health care providers is going public with its support for auto insurance reforms implemented by the Ontario government.The Coalition of Regulated Health Professional Associations and Allied Organizations says it supports regulations for Bill-198 which put in…
Insurance Co. of PEI latest to lower New Brunswick rates
July 4, 2003 by Canadian UnderwriterSGI-owned The Insurance Co. of PEI says it will defer a previously announced rate increase on New Brunswick auto insurance, which should result in premiums dropping 10%-18% for policies renewed after July 1.The company calls the move “an interim step”…
Ontario auto regulations meet insurer approval
July 3, 2003 by Canadian UnderwriterAfter more than six months, Ontario has finally put auto insurance regulations on the books in response to Bill-198. The changes were as anticipated and met with insurer approval as a means to address rising accident benefits (AB) costs.Among the…
Nova Scotia moves to “no frills” auto product
June 27, 2003 by Canadian UnderwriterThe Nova Scotia government plans to move to a “no frills” auto product in an attempt to lower auto insurance premiums in the province. The government expects to see a 20% reduction in premiums as a result of the plan,…
Co-operators drops liability rates on auto in New Brunswick
June 25, 2003 by Canadian UnderwriterCo-operators General Insurance Co. has filed for a 25% reduction in rate on the liability portion of its auto business in New Brunswick. The insurer says the rate reduction, which was filed for with the province’s Public Utility Board yesterday,…
MPI asks for first rate increase in five years
June 19, 2003 by Canadian UnderwriterManitoba Public Insurance (MPI) is asking the Public Utilities Board (PUB) to approve a 2.5% increase to its premium base, the first such increase in five years.In filing its annual report with the government, MPI notes that rising claims costs…
Atlantic premiers to look at public auto option
June 18, 2003 by Canadian UnderwriterAtlantic provinces may see a harmonized approach to auto insurance finally come to pass as a result of intense public attention being paid to increasing rates. But a public auto insurance system is also on the table.The Atlantic premiers met…