After-Market Auto Parts Take Heat
November 1, 2003 by Canadian UnderwriterAuto repair shop attendees at the recently held Canadian Collision Industry Congress (CCIC) took aim at a panel of representatives from insurance companies in questioning the use of after-market parts in insured vehicle repairs. The attendees questioned the quality of…
Atlantic Canada: A Political Roller-Coaster
October 1, 2003 Mike Brien, president of Macdonald Chisholm InsuranceWhile the sharp rate increases introduced by insurers across nearly all lines of business in Atlantic Canada – with personal auto insurance having attracted the brunt of price hikes – are beginning to show positive signs of returned underwriting profitability for the region, the “public relations” cost incurred in the process may well prove that too much was done by the industry over too short a time. The political attention ignited by auto insurance pricing has presented a very real threat of government-run insurance systems being introduced in the region – the impact of which could be dire for insurers and brokers alike.
Shining Light on the “Auto Claims Economy”
September 1, 2003 Vikki SpencerWith auto insurance losses over the past two years having left many insurers in the “dark” in terms of how to deal with the costing of the product, there was a certain irony behind a recently held conference which focused on relationships between the various vendors and manufacturers involved in the auto claims chain – for in the midst of the event, the “blackout of 2003” struck. However, despite the adversity of the power outage, the conference’s participants were upbeat regarding a “new light” of cooperation between the various players toward achieving cost efficiency.
On The Move (September 01, 2003)
September 1, 2003 by Canadian UnderwriterRoyal & SunAlliance Canada confirms the retirement of president and CEO Larry Simmons. Simmons took over the top spot in 2001, having previously served as COO. He will continue to head up the company until a replacement is named. The…
Collision repair group advocates tow truck rules
August 22, 2003 by Canadian UnderwriterIn a presentation to Ontario’s Auto Insurance Review Committee on possible ways to reduce claims costs, the Collision Industry Action Group (CIAG) is pushing for new rules to prevent “tow truck chasing”.The CIAG says chasing when a tow truck rushes…
Views (August 01, 2003)
August 1, 2003 by Canadian UnderwriterDRI International now offers certification as a business continuity planner (CBCP) through its website, www.drii.org. The not-for-profit training enterprise offers the online courses globally. *************** Collision repair chain CARSTAR Automotive Canada has been named one of Canada’s top 100 fastest…
Insurers and Auto Makers – Put To The Test
July 1, 2003 Vikki SpencerNever before has the public spotlight been aimed so directly on the insurance industry. As rising auto insurance premiums fuel media and government attention, the insurance industry has shifted up in drive to educate the public on the impact of rising claims costs. At the recent AIM Forum in Toronto, auto insurers, manufacturers and suppliers met to discuss how the current auto crisis can be overcome.
Dominion of Canada adds to business in northern New Brunswick
June 27, 2003 by Canadian UnderwriterHot on the heels of the New Brunswick government’s decision to limit “pain and suffering” awards to auto collision victims, the Dominion of Canada General Insurance Co. says it has authorized brokers in The Huestis Group to do business with…
Consumer group wants public auto insurance in New Brunswick
June 16, 2003 by Canadian UnderwriterThe Consumers’ Association of Canada (CAC) has asked all three political parties in New Brunswick to implement public auto insurance in New Brunswick.The plan calls for a system based on that of the Insurance Corporation of B.C. (ICBC) as a…
Auto Insurance, The Industry’s Orphan Annie
May 1, 2003 Sean van Zyl, EditorWith auto insurance accounting for nearly half of all premiums written in Canada, this once “darling” of the industry has now become the “wayward child” disowned by insurers as underwriting losses stemming primarily from soft-tissue bodily injury claims and tort costs continue to spiral out of control countrywide. Notably, insurers were forced to adjust their reserves by nearly two-thirds of a billion dollars last year as a result of an adverse development on auto business. Although several of the provinces are currently addressing legislative product reform initiatives in a bid to curtail auto losses and the barrage of premium hikes implemented by the insurance industry last year, insurers remain cautious in their market dealings, with many companies having “capped” writing of new business. The result has been a dearth of underwriting capacity, with Ontario and the Atlantic Canada region being particularly hard hit. As insurers continue to “shun auto” in wait of political reform, many in the industry wonder whether the product will ever regain attraction.
OIAA Claims 2003: Legislative Trade-Off
April 1, 2003 Vikki SpencerTwo new pieces of legislation are changing the landscape for Ontario’s insurers. Changes to the auto insurance system have been much discussed, but falling under the radar is the introduction of contingency fees for lawyers, potentially signaling a swing to…
CICMA/CIAA Joint Conference:
April 1, 2003 Vikki SpencerAs independent and company adjusters joined together in Toronto for a recent CICMA/CIAA conference, auto claims issues were front and center. From the passage of Bill-198 in Ontario to auto theft, a common message came out of the discussions: the…