Topic Mergers and Aqcuisitions
Insurers pleased with NB cap on minor injury claims
June 17, 2003 by Canadian UnderwriterInsurers are applauding the news that New Brunswick will cap “pain and suffering” awards for minor injuries as a result of auto accidents. The announcement follows an intense election in that province, where rising auto insurance rates become a key…
Consumer group wants public auto insurance in New Brunswick
June 16, 2003 by Canadian UnderwriterThe Consumers’ Association of Canada (CAC) has asked all three political parties in New Brunswick to implement public auto insurance in New Brunswick.The plan calls for a system based on that of the Insurance Corporation of B.C. (ICBC) as a…
Economical subs downgraded on Ontario auto losses
June 12, 2003 by Canadian UnderwriterRating agency A.M. Best has downgraded the public data ratings of several Economical Insurance Group subsidiaries. The ratings of Economical Mutual Insurance Company, Langdon Insurance Company and Perth Insurance Company have been lowered to B+ from B++. The rating of…
IBC poll shows support for limits on “pain and suffering” in Nova Scotia
June 11, 2003 by Canadian UnderwriterA new poll commissioned by the Insurance Bureau of Canada (IBC) suggests Nova Scotians would support limits on “pain and suffering” compensation for auto accident victims if it leads to lower premiums.The poll, which saw 1008 residents aged 16 or…
Insurance industry shows strengthened profitability for 1-Q
June 9, 2003 by Canadian UnderwriterInsurers bounced strongly back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to…
Auto theft stats on the rise: ICBC
May 20, 2003 by Canadian UnderwriterAuto theft statistics from 2002 show the crime is on the rise in B.C., says that province’s public insurer.The Insurance Corp. of B.C. (ICBC) says auto theft was up 7% last year, with 23,670 vehicles reported stolen. On top of…
Independent Nova Scotia report supports insurers’ auto pricing
May 15, 2003 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has hailed the release of an investigative report conducted by Nova Scotia’s Utility and Review Board (UARB) into auto insurance pricing within the province, with the findings supporting the insurance industry’s rate increases based…
Independent regulator to set ICBC rates
May 13, 2003 by Canadian UnderwriterNew legislation could put strict controls on rate setting by B.C.’s public insurer. The “Insurance Corporation Amendment Act”, introduced in the legislature on Monday, would see an independent regulator set the Insurance Corporation of B.C.’s (ICBC) rates on basic auto…
ING to stay in Nova Scotia
May 12, 2003 by Canadian UnderwriterING is the first insurer to publicly state it will continue to write auto insurance in Nova Scotia despite introduction of a bill to freeze rates for the next six months in that province.Recently the provincial government introduced Bill-45 which…
ICBC posts Q1 net income of $5 million
May 8, 2003 by Canadian UnderwriterThe Insurance Corp. of B.C. (ICBC), the province’s public auto insurer, is posting net income of $5 million for the first three months of 2003, compared to a loss of $30 million in the first quarter of 2002.Premiums were up…
Nova Scotia rate freeze draws industry ire
May 6, 2003 by Canadian UnderwriterA bill to freeze auto insurance rates for six months, introduced into the Nova Scotia legislature, is drawing the wrath of the insurance industry’s lobby group.The Insurance Bureau of Canada (IBC) says the move will only “delay the implementation of…
IBC renews push for New Brunswick auto reform in face of election battle
May 1, 2003 by Canadian UnderwriterThe insurance industry’s lobby group renewed its call for action on proposed legislation to change New Brunswick’s auto insurance system. The Insurance Bureau of Canada (IBC) is specifically fighting for the passage of tort reform to limit awards for non-economic…