Topic
Mergers and Aqcuisitions
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…
Keep Capacity Coming
October 1, 2002 Danny Craig, president of IBAOThe free-flow of insurer red ink caused by Ontario auto insurance eventually had to be stopped. And, there now are positive signs of a market improvement through pending legislative product reform. However, the market has incurred its cost, with at least two company casualties while others have indicated a withdrawal of business. Many insurers have also set their capital allocation budgets for next year, which could add to the shortage of capacity within the marketplace. For brokers, there are tough challenges ahead.
Lloyd’s reforms passed despite “names” opposition
October 1, 2002 by Canadian UnderwriterA package to reform the 300-year-old Lloyd’s of London insurance market was passed by members, despite opposition by individual names. At a seminar sponsored by Lloyd’s in Toronto just prior to the vote, deputy chair John Coldman called for unity…
Technology Efficiency: Start Your Engines
October 1, 2002 Terry Neilson, president of Insurance Systems Inc.With the birth of the Centre for Study of Insurance Operations’ (CSIO) Internet portal, brokers and insurers can now “vamp up” their rating/ underwriting processes through “rules engine” technology which could produce significant savings in money, time and customer retention.
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…
Co-operators downgraded by A.M. Best
September 16, 2002 by Canadian UnderwriterGuelph-based The Co-operators General Insurance Company has lost its “excellent” rating from A.M. Best. The rating agency has downgraded the insurer from A- (excellent) to B++ (very good) in terms of financial strength, and downgraded its subsidiaries to B+ (very…