Coastal Disturbance
May 1, 2002 Frank Mumford, Regional Manager of Personal Insurance at Royal &Drivers in Atlantic Canada are complaining of sharp rate hikes, and regulators want answers. Insurers say the real solution involves reform.
Caught in a Crunch – Auto Insurers Face Litigation Nightmare
May 1, 2002 Vicki SpencerAuto insurers may have been caught asleep at the wheel, in light of the recent decision in McNaughton versus The Co-operators. The Supreme Court of Canada refused the insurer leave to appeal a decision which could see deductibles returned to thousands of drivers who have written off their vehicles. In the wake of the decision, and as insurers await potential certification of the case as a class action, industry-wide reaction is still being measured. But no clear answers are in sight — insurers and the legal public note that the case is raising as many questions as answers, with a potential pile-up of claims waiting to be addressed.
SGI to offer driver discount and new fines
April 25, 2002 by Canadian UnderwriterSaskatchewan’s public insurer says it will offer a discount to drivers with good track records, and punish those with driving offenses, starting in July of this year. Saskatchewan Government Insurance (SGI) says the discount program will total about $16 million…
U.S. insurers incur first-ever annual net loss on the back of cat costs and plummeting investment returns
April 15, 2002 by Canadian UnderwriterU.S. property and casualty insurers produced a negative return on equity of 2.7% for the 2001 financial year compared with a 6.5% ROE reported for the previous year. This poor financial performance resulted from skyrocketing catastrophic claims, including losses arising…
Peripatetic Rep: Center of the Web
April 1, 2002 AxiomWhen I walked into the golf club’s dining room, the first people I saw were my two broker friends, Bob and Stan. Bob Davies was co-partner in a successful midtown brokerage which placed a lot of business with our insurance…
“McNaughton” suits start to hit insurance industry
March 19, 2002 by Canadian UnderwriterIn the wake of the Supreme Court of Canada’s decision not to allow an appeal in the case of McNaughton v. The Co-operators General Insurance Company of Canada, similar suits are now being launched in Ontario and Alberta. The case,…
Newfoundland auto changes not likely to include tort reform
March 11, 2002 by Canadian UnderwriterThere is little chance that Newfoundland will follow through on its proposal to limit tort claims as a means to reducing the cost of auto insurance in that province, after a recent study revealed opposition to the plan. Tort reform…
MPI income drops as claims escalate
February 1, 2002 by Canadian UnderwriterManitoba’s public insurer is feeling the financial crunch, with poor investment returns and higher than expected claims costs leading to an almost 85% drop in income for the first three quarters of 2001. For the nine months ending November 30,…
“I Promise” gets discount approval
February 1, 2002 by Canadian UnderwriterDominion of Canada General Insurance Co. has been successful in its bid to have a discount approved by Ontario’s insurance regulator for teen drivers in the “I Promise” program. Domion CEO George Cooke, a staunch supporter of the program, had…
Dominion gets discount approved for “I Promise” program
January 18, 2002 by Canadian UnderwriterDominion of Canada General Insurance has been successful in its bid to have a discount approved by Ontario’s insurance regulator for teen drivers in the “I Promise” Program.Domion CEO George Cooke, a staunch supporter of the program, had applied to…
MPI income drops due to claims cost and investment slump
January 15, 2002 by Canadian UnderwriterManitoba’s public insurer is feeling the crunch, with poor investment returns and higher than expected claims costs leading to an almost 85% drop in income for the first three quarters of 2001.For the nine months ending November 30, 2001, Manitoba…
Insurers lose on “preferred shop” appeal
January 2, 2002 by Canadian UnderwriterA decision by the Ontario Court of Appeal could limit insurers’ ability to recommend preferred collision shops to their claimants. The Court is overturning a lower court judgement from November 1999, and saying that Toronto’s new Collision Reporting Centres bylaw…