Auto
The government of Quebec will not approve any major hikes in public auto insurance premiums, like those recently proposed by the Socit de l’assurance automobile du Qubec (SAAQ), according to the province’s junior Transport Minister Julie Boulet. The SAAQ recommended a rate increase of up to 300% for auto insurance in order to compensate for […]
By Canadian Underwriter | June 22, 2005
1 min read
Toronto Police – 54 Division – recently arrested a former insurance broker for fraud investigations.Panayiotis (Peter) Bariamis, 57, of Toronto, is charged withfraud over $5,000, forgery and 16 counts of uttering forged documents.The police alleged that approximately 400 people were sold auto and/or home insurance policies underwritten by a non-existent insurance company called York Commonwealth […]
By Canadian Underwriter | June 16, 2005
The Traders General Insurance Co. has recently been charged with a penalty of $20,000 for failing to apply October’s 5% auto insurance premium rebate and reduction to two consumer programs. As of May 2005, the Company had still not issued rebates due Jan. 31 nor applied the 5% premium reductions required after Oct. 1, 2004.The […]
By Canadian Underwriter | June 3, 2005
Experts in the petroleum and oil sector predict the world’s oil production will peak and begin to decline as early as this year, according to the Associated Press (AP). Princeton University geologist Kenneth S. Deffeyes told AP that he anticipates “a permanent state of oil shortage.”Repercussions will include a dramatic price increase of oil products […]
By Canadian Underwriter | May 30, 2005
An Abbotsford, BC family found to have filed a claim on a staged accident has agreed to pay B.C.’s public auto insurer $126,000.The Insurance Corp. of B.C. was assessed $126,000 in punitive damages after a 2003 trial concluded that Deepak Kumar Sharma had conspired with family members to stage a two-vehicle accident. After the verdict, […]
By Canadian Underwriter | April 12, 2005
B.C.’s public auto insurer says its program to uncover fraudulent claims resulted in $70 million in savings in 2004.The Insurance Corp. of B.C. (ICBC) says these savings include denied claims, money recovered and its estimate of savings generated through fraud prevention. In total, 84 criminal charges were laid against 56 people based on ICBC investigations […]
By Canadian Underwriter | April 5, 2005
People treat you differently when you are an elephant. Everyone wants to high-five you, dance with you or hug you – not reactions to which we in the insurance industry are accustomed. When you are a pudgy pachyderm, most people see you and smile. For three weekends in February, I was “Elmer the safety elephant” […]
March 31, 2005
4 min read
The Newfoundland government says it will stop the “benchmark” system for auto insurance rate-setting in the province and move to individual approval of company rates. Newfoundland has used a system which set maximum and minimum rates – companies whose rates fell within these benchmarks were automatically approved. With the government-mandated rate freeze set to expire […]
The board of directors of the Insurance Brokers Association of Canada (IBAC) met earlier this year with a number of insurance company CEOs, and on a suggestion from IBAC vice president Danny Craig, the group raised over $5,000 in individual pledges towards the Canadian Red Cross Tsunami Relief Fund. *** The 2nd Annual “Night at […]
2 min read
Toronto-based Lindsey Morden Group says it is selling its Dutch subsidiary Cunningham Lindsey TES b.v. The Dutch operation provides surveying and claims management services for the automotive sector in its home country of the Netherlands, as well as Belgium and France.Lindsey Morden says it expects a net realized gain of $3.7 million on the sale, […]
By Canadian Underwriter | March 28, 2005
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