News
What’s new: In brief (January 19, 2005)
January 19, 2005 by Canadian UnderwriterThe Insurance Institute for Highway Safety (IIHS) says if police in all U.S. states were allowed to stop drivers not wearing a seatbelt, 700 lives per year would probably be saved. Currently only 21 states and the District of Columbia…
Ontario auto rates drop in 2004, but further savings to come in 2005
January 18, 2005 by Canadian UnderwriterAccording to rate approvals from the Financial Services Commission of Ontario, the average auto insurance rate dropped 10.6% over the course of 2004. But insurers say consumers in Ontario will see even more savings in 2005.FSCO calculates the average rate…
Government to invest $850,000 in B.C. tsunami warning system
January 18, 2005 by Canadian UnderwriterThe Canadian government Tuesday said it would earmark $850,000 to help the B.C. provincial government beef up its tsunami warning system.Public Safety and Emergency Preparedness Canada (PSEPC) will set aside $350,000, while Indian and Northern Affairs Canada will kick in…
Liability market softening slower than property: Willis
January 18, 2005 by Canadian UnderwriterIn its “International Liability Market Review”, broker Willis says predictions that the liability market would see flat to declining pricing in the second half of 2004 were borne out. But the 10-15% declines in liability pricing paled in comparison to…
What’s new: In brief (January 18, 2005)
January 18, 2005 by Canadian UnderwriterAlberta’s Agricultural Financial Services Corp. is giving out $2 million in premium rebates to about 7,400 farmers who purchased straight hail insurance in 2004. While 2004 was actually a high loss year for crops due to hail, past experience has…
ICLR to “take the stage” at Kobe conference
January 17, 2005 by Canadian UnderwriterTwo researchers who work with the Institute for Catastrophic Loss Reduction (ICLR) will be heading this week to the World Conference on Disaster Reduction in Kobe, Japan.Dr. Gordon Bean and Dr. Slobodan Simonovic are set to present research to the…
MPI reports net income of $81.5 million for first three quarters of 2004
January 17, 2005 by Canadian UnderwriterManitoba Public Insurance (MPI) says for the first nine months ending November 30, 2004, it pulled in net income of $81.5 million, more than double the $38.7 million reported in the first nine months a year prior.Premiums written were up…
Loyalist working to meet TSX requirements
January 17, 2005 by Canadian UnderwriterOntario-based Loyalist Insurance Group says it is working to meet requirements of the Toronto Stock Exchange as the company is to be reinstated on the TXS Venture Exchange later this week.The company had been delisted in November for failing to…
What’s new: In brief (January 17, 2005)
January 17, 2005 by Canadian UnderwriterToronto-based conglomerate Onex says it has sold its U.S. insurance brokerage operation, InsLogic. While the buyer was not disclosed, Onex says it received $22 million for the Tennessee-based provider of private-label brokerage services. InsLogic provides insurance services for auto manufacturers…
What’s new: In brief (January 16, 2005)
January 16, 2005 by Canadian UnderwriterThe Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA) says 43 new captives were formed in the domicile in 2004. The forms were varied, with 29 pure captives, 8 risk retention groups (RRGs), and also industrial insureds, sponsored, association…
Newfoundland puts out call for participation in insurance hearings
January 16, 2005 by Canadian UnderwriterOn the heels of publishing its claims study, Newfoundland’s Public Utilities Board (PUB) is asking for public input to a series of insurance hearings.The first hearings will deal with auto insurance, with the completion of the PUB’s study of closed…
Industry leaders say “more to come” from insurance investigations
January 16, 2005 by Canadian UnderwriterInsurance industry leaders expect the investigation into market practices will only expand in 2005, according to results of a survey conducted by the U.S. Insurance Information Institute (III).The III asked attendees at last week’s P/C Industry Joint Industry Forum in…