Topic
Mergers and Aqcuisitions
RBC Insurance division produces higher net income on home & auto
August 28, 2003 by Canadian UnderwriterHome and auto insurance performance is the key factor in increased net income, says Royal Bank of its RBC Insurance division, along with Canadian life and reinsurance progress. The division reports that for the third quarter ending July 31, 2003,…
Insurers not impressed with Newfoundland auto reforms
August 27, 2003 by Canadian UnderwriterThe package of auto insurance reforms announced by the Newfoundland government yesterday is drawing the ire of insurers. The Insurance Bureau of Canada (IBC) says the government needs to “rethink” the reforms as they will add confusion and additional cost…
Newfoundland auto insurance plan includes optional coverage and rate freeze
August 26, 2003 by Canadian UnderwriterNew changes to Newfoundland’s auto insurance system announced today include optional coverage for minor pain and suffering, and a rate freeze.Following on the heels of other Atlantic provinces introducing changes to tackle rising auto insurance rates, Newfoundland has released a…
IBC responds to Consumer Association’s blackout concerns
August 20, 2003 by Canadian UnderwriterIn response to a statement recently released by the Consumers’ Association of Canada (CAC) calling for the Ontario government to establish a watchdog body to ensure that claims relating to the power outage are dealt with fairly by insurers, the…
Louisiana insurers to pay US$22 million for Tropical Storm Bill
August 20, 2003 by Canadian UnderwriterThe price tag for insurers in Louisiana as a result of Tropical Storm Bill is estimated at US$22 million, says the state’s Department of Insurance (LDOI).Insurance commissioner Robert Wooley says the latest figure includes claims under the federal flood insurance…
ICBC net income up on expense reduction and real estate sale
August 18, 2003 by Canadian UnderwriterThe Insurance Corp.of B.C. (ICBC) is reporting net income of $77 million for the six months ending June 30, 2003, largely on the back of reduced expenses, rate hikes and the sale of certain real estate. This represents a significant…
PEI adds “pain and suffering” cap, but proposes stricter regulation
August 13, 2003 by Canadian UnderwriterReacting to news that the government of Prince Edward Island intends to join other province’s in implementing a $2,500 cap on “pain and suffering” awards for auto accident victims, insurers are holding back on the celebration. While the cap is…
Kingsway ROE jumps to 18.2% in second quarter
August 11, 2003 by Canadian UnderwriterReporting record results for the second-quarter and first half of 2003, Kingsway Financial Service Inc. (TSE, NYSE: KFS) says its annualized return on equity of 18.2% for the quarter, versus 11.8% for Q2 2002.Net income for the quarter grew 68%…
NB strikes committee to look at public auto
August 6, 2003 by Canadian UnderwriterHot on the heels of a throne speech demanding insurers reduce auto insurance rates in New Brunswick, the provincial Conservative government is striking a committee to review the potential for a public auto insurance system.MLA Elizabeth Weir has been asked…
Insurers respond to New Brunswick bill
August 1, 2003 by Canadian UnderwriterResponding to the amendment bill announced this week by the New Brunswick government to the province’s Insurance Act – which primarily presents insurers with an August 15 ultimatum to file for lower auto insurance rates or face immediate across-the board…
Seizing Opportunity
August 1, 2003 Vikki SpencerA familiar face in unfamiliar times. Brokers face perhaps their most challenging market ever, trying to sell rate increases and find coverage for exposures insurers are leery to touch. Auto insurance has become a political hot potato in almost every province, on the back of consumer outrage at rising rates and lack of availability. The struggle to get the CSIO portal off the ground continues, and the ever-present threat of the big banks loom again. This landscape, however, offers opportunity for brokers, says incoming IBAC president Ken Orr.
NAMIC Conference 2003: Seeking Solutions
August 1, 2003 Vikki SpencerThe problems facing the North American property and casualty insurance industry are clear – and many of the solutions are just as obvious. As mutual insurers met in Niagara-on-the-Lake recently for the NAMIC P&C Management Conference, familiar messages were heard: the need for underwriting discipline in the face of investment losses and claims growth, the desire for more available and affordable reinsurance, and the need to lessen the government regulatory burden on companies. Interestingly, Ontario’s mutual insurers may provide some of the answers to these problems.