Topic Mergers and Aqcuisitions
B.C. government stalls insurance deregulation drive
November 25, 2002 by Canadian UnderwriterThe Liberal B.C. government announced that it has temporarily opted against open competition in the province’s basic, mandatory auto insurance market.The provincial government delivered its long-awaited “Core Review” findings in investigating the operation of crown insurer, the Insurance Corp. of…
Co-operators cuts new business in Alberta
November 6, 2002 by Canadian UnderwriterThe Co-operators General Insurance says it will not accept new business at “preferred” auto rates in Alberta after November 1, 2002. In essence this means the Co-operators operation will no longer write the business, but will offer those clients rates…
Insurers defend new Ontario auto insurance legislation
November 4, 2002 by Canadian UnderwriterDespite criticism this past week by opponents to the recent auto insurance legislation reform measures brought into place in Ontario, the Insurance Bureau of Canada (IBC) holds firm that the actions taken will provide long-term cost benefits for policyholders. “the…
Ontario auto rates jump in third quarter
November 1, 2002 by Canadian UnderwriterApplications by Ontario private passenger auto insurers for rate increases in the third quarter 2002 were up 8.33% on average, compared with average increases of 5.9% in the second quarter.At September 30, 2002, the average cost of auto insurance was…
IBC applauds Ontario auto reform
October 30, 2002 by Canadian UnderwriterThe much anticipated Ontario auto insurance reforms have now been put before the legislature and the industry’s lobby body is pleased.Reacting to the news that Ontario Finance Minister Janet Ecker has tabled legislation that will allow future changes to the…
Collision repair standards pass second reading
October 21, 2002 by Canadian UnderwriterThe controversial act to certify Ontario’s bodyshops has passed second reading at Queen’s Park. The Collision Repair Standards Act 2002 will now go to the committee stage for hearings and then to third and final reading.Some insurers have been against…
Ontario auto remains under cost pressure, A.M. Best says
October 21, 2002 by Canadian UnderwriterA study released by rating agency A.M. Best on Ontario auto insurance suggests that the market’s loss ratio had risen by 10 percentage points to a high of 91.4% by the end of 2001. Auto insurers operating in Ontario brought…
Loyalist withdrawal leads to downgrade
October 18, 2002 by Canadian UnderwriterThe withdrawal of Loyalist Insurance Company from the Ontario auto market has prompted A.M. Best to lower the company’s public data rating to B- from B.The rating agency notes that last year Ontario auto accounted for 60% of Loyalist’s direct…
MPI income up in Q-2
October 10, 2002 by Canadian UnderwriterManitoba’s public auto insurer is reporting rising net income for the second quarter ending August 31, 2002. Net income was up to $26.1 million from $8.5 million during the same period last year for Manitoba Public Insurance (MPI).Revenues are up…
Older cars a target for thieves: IBC study
October 8, 2002 by Canadian UnderwriterCar thieves are increasingly targeting older vehicles, says a new study from the Insurance Bureau of Canada (IBC).The IBC commissioned the study after collecting annual statistics from insurers in 2002 which reported more older cars being stolen than new ones.…
Kingsway takes fraud-fighting ideas before AIRC
October 3, 2002 by Canadian UnderwriterSpecialty insurer Kingsway General was the latest to present before the Ontario government’s Auto Insurance Review Committee (AIRC). President Bill Star says the company’s initiatives were well-received by the committee.“I was very pleased with the reception that I received from…
Insurers respond to Ontario’s auto product reform investigation
September 23, 2002 by Canadian UnderwriterOntario auto insurers say that, in general, they support the provincial government’s proposal for insurance product reform. The industry, represented by the Insurance Bureau of Canada (IBC), today appeared before the government’s Auto Insurance Review Committee (AIRC).The AIRC, which was…