Auto insurance up for reform in Newfoundland
October 5, 2001 by Canadian UnderwriterThe Newfoundland government is putting auto insurance reform on the table, releasing a discussion paper that proposes restrictions on the ability to make claims for pain and suffering as a result of minor accidents. Medical and financial claims would remain…
MPI changes tune on rate reduction
October 4, 2001 by Canadian UnderwriterFollowing announcement of higher than normal claims payouts this summer, Manitoba Public Insurance (MPI) is taking back its request to the province for a rate reduction for motorists.Hail storms in August are partly to blame for the decision, which will…
IBC questions financial affairs of ICBC (October 01, 2001)
October 1, 2001 by Canadian UnderwriterFollowing disclosure by Insurance Corporation of British Columbia (ICBC) chair Nick Geer of an expected $150 million loss for the current financial year, the Insurance Bureau of Canada (IBC) has called on the B.C. provincial government to conduct an independent…
The Consolidation Challenge
October 1, 2001 Kevin Rosen, insurance practice director at Silverline TechnologThe winds of change are sweeping across the property and casualty insurance industry. Some of the changes have been “blowing in the wind” for some time, while others are relatively new. For example, increasing consolidation in the industry, as well as moves by brokers to diversify and expand their product offerings. New changes include the liberalization of Canadian financial regulations, demutualization of many firms, and technical advances that could lead to a single-entry, multiple company interface for brokers.
Portal Power, People Power
October 1, 2001 Vikki SpencerAs one of the “founding fathers” of the developing broker/company portal, incoming Insurance Brokers Association of Ontario (IBAO) president Danny Craig is confident the year ahead will be a time of massive, positive change for the industry. The association, he…
IBC questions financial affairs of ICBC (September 13, 2001)
September 13, 2001 by Canadian UnderwriterFollowing disclosure earlier this week by the Insurance Corp. of British Columbia (ICBC) of an expected $150 million loss for the current financial year, the Insurance Bureau of Canada (IBC) has called on the B.C. provincial government to conduct an…
The Great Cell Debate
September 1, 2001 Vikki SpencerAs New York takes the first step in restricting driving and hand-held cell phones this year, a building debate is growing within Canada over safety and “dialing and driving”. Although several studies seem to support increased safety risk, provincial legislators remain hamstrung over the conflicting interests of the public and the telecommunications industry.
Alberta warns against unlicensed insurers
August 1, 2001 by Canadian UnderwriterAlberta’s insurance regulator has issued a public warning against operators said be selling insurance products within the province without a license. This move follows on legal action taken by Ontario’s financial services regulator last month against a company believed to…
B.C. Brokers Conference: On a Collision Course
August 1, 2001 Vikki SpencerWith the potential deregulation of the British Columbia auto insurance market, insurers, brokers and the government insurer are set on a collision course. At the recent Insurance Brokers Association of B.C. (IBABC) conference in Kelowna it was clear that insurers see winning over the association and its members as key to their successful introduction into the market. But private insurance will be a tough sell, with brokers wondering just what, if any, benefits will come with open competition.
Blame the Car…
August 1, 2001 Sean van Zyl, EditorOnly a numskull politician could possibly suggest that cars are to blame for what their idiot drivers do. Yet, that seems to be the message Quebec’s (questionably) revered Minister of Transport, Guy Chevrette, has charged. At a recently held media…
MPI proposes lower premiums
July 1, 2001 by Canadian UnderwriterManitoba’s crown corporation insurer, Manitoba Public Insurance (MPI), has applied to the province’s Public Utilities Board for an overall premium reduction of 1.2%. This will be the fourth consecutive year of rate reductions for the province’s drivers, the crown insurer…
Deregulation call for B.C.’s auto insurance by 2003
July 1, 2001 by Canadian UnderwriterSpeaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the “unwavering commitment” of the province’s new premier Gordon Campbell to increase…