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Omni Insurance Brokers Assumes Control of SIAA Canada, Establishes Strategic Master Brokerage

December 7, 2003 by Canadian Underwriter

SIAA (Strategic Independent Agents Alliance), the largest network of partnering independent insurance agencies in the U.S., recently announced that Omni Insurance Brokers of London, Ontario has assumed control of SIAA Canada and has established Southwest Brokers Network as a Strategic…

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Alberta passes auto reforms

December 5, 2003 by Canadian Underwriter

The provincial Progressive Conservative government of Alberta pushed through auto insurance product reform legislation just prior to closure of the parliament’s fall sitting. A significant component of the reform measures is a $4,000 cap on minor bodily injuries.The legislation, which…

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Jury awards ICBC $4.5 million in chop shop suit

December 5, 2003 by Canadian Underwriter

A British Columbia Supreme Court jury has awarded ICBC $4.5 million in a civil lawsuit against two brothers who operated a chop shop in Mission, B.C. It is believed to be the largest punitive award of its kind.<br> “This is…

Real growth in premium volume, 1980-2002 News Insurance

World insurance in 2002: high premium growth in non-life insurance

December 3, 2003 by Canadian Underwriter

While financial market turbulence continued to plague the insurance markets in 2002, some signs of recovery were evident in the most important markets: the non-life insurance sector grew at a record-breaking rate, the life sector posted minor improvement according to…

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Loyalist in the black in third quarter

December 2, 2003 by Canadian Underwriter

Loyalist Insurance Group Ltd. (TSX: LOY) has turned its ship around for the third quarter ending September 30, 2003, posting profit of $593,000 versus a loss of $473,000 for the same period a year earlier.These figures do not include results…

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Aviva to create Canadian sales support center in India

December 2, 2003 by Canadian Underwriter

Along with the announcement by Aviva that it would move 2,350 jobs out of the U.K. to India, the company also announced it would set up a sales center in India to deal with Canadian business. The company stresses there…

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IBC and police work together to lay auto theft charges

December 1, 2003 by Canadian Underwriter

As part of a joint effort between the Insurance Bureau of Canada (IBC) and the Toronto Police, 59 people now face charges in connection with auto theft.Project Heat “help eliminate auto theft” – as it has been dubbed, involves the…

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SUV bumpers rated poor in low-speed collisions

December 1, 2003 by Canadian Underwriter

In two separate crash test studies, midsize SUVs (sport utility vehicles) fared relatively worse at lower speeds, according to research by the U.S. Insurance Institute for Highway Safety (IIHS). In tests simulation 40 mph frontal offset crashes, eight of nine…

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IBC commissioned study shows negative impact of public insurance

November 28, 2003 by Canadian Underwriter

A new study commissioned by the insurance industry suggests a publicly-run auto insurance system in New Brunswick could prove very costly.The study, released by the Centre for Spatial Economic and Shift Central Inc., says such a system would be a…

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Dominion CEO takes issue with Flaherty comments

November 28, 2003 by Canadian Underwriter

The Dominion of Canada General Insurance Co. CEO George Cooke is taking issue with comments made by former Ontario Minister of Enterprise Jim Flaherty. Cooke notes that his company’s Ontario auto insurance rate filing in September reflected the fact that…

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IBAC pre-budget submission targets GST

November 27, 2003 by Canadian Underwriter

In its pre-budget submission to the federal government released this week, the Insurance Brokers Association of Canada (IBAC) is asking the federal government to conduct a study of the impact of the goods and services tax (GST) on brokers. Currently,…

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ICBC receives more than $100,000 on suspicious claims

November 27, 2003 by Canadian Underwriter

B.C.’s public insurer has received more than $100,000 in payments as a result of investigation into suspicious claims.In one case, Langley resident Marcus John Lowe was ordered to pay back $40,000 on a claim and assessed a $3,000 for giving…