Industry
Saskatchewan Government Insurance has withdrawn its request to raise auto rates 10% next year for the province’s drivers.SGI says the decision comes after an external actuary’s audit predicting its “auto fund” will be in an improved position heading into next year. The government auto insurer says it will also continue with its planned “safe driver […]
By Canadian Underwriter | October 22, 2004
1 min read
The average rate on auto insurance dropped 8.75%, according to filings approved by the Financial Services Commission of Ontario (FSCO) for the first nine months of 2004.While the average decline in the third quarter alone was just under 2%, this follows a drop of 3.59% in the second quarter and the 10.15% decrease seen in […]
A.M. Best has added issuer credit ratings to complement its financial strength ratings on insurers. The ICRs have already been assigned to non-operating holding companies, but will now be added for operating companies in the reinsurance and some non-U.S. markets. U.S. p&c or life insurers will not see the ratings generally. Converium has seen its […]
By Canadian Underwriter | October 21, 2004
Reflecting on the situation facing Ontario insurers a year ago, company CEOs say the picture this year is a much healthier one.A panel of insurance company CEOs addressed the industry’s financial outlook as well as the lingering issue of public image, at the Insurance Brokers Association of Ontario Convention in Toronto. While the industry has […]
3 min read
Topping both the list for the “most stolen” and “highest theft cost” this year is the Subaru Impreza (WRX 4DR AWD), according to the Insurance Bureau of Canada (IBC).In data compiled on 2002-2003 models, the Impreza had the highest theft frequency per 1,000 vehicles, as well as the highest theft claim cost per vehicle, for […]
By Canadian Underwriter | October 20, 2004
It should be a case of “status quo” for reinsurance renewals, despite reports of market softening and the impact of hurricanes hitting the U.S. this fall.Speaking at the 3rd annual Aon Re Rendezvous in Mississauga Tuesday, Aon Re Americas vice chairman Ross McKenzie says while the spate of four major hurricanes which hit the U.S. […]
By Canadian Underwriter | October 19, 2004
2 min read
Rating agencies are reacting to news that New York Attorney General Eliot Spitzer has filed civil charges against broker Marsh, and exacted guilty pleas from two AIG executives relative to industry placement practices.The news came last Thursday, with Spitzer accusing Marsh of “bid rigging” and other deceptive practices relative to the placement of insurance contracts. […]
By Canadian Underwriter | October 17, 2004
Along with other changes now in place in Alberta’s auto insurance system, the government this week said a new complaint-handling procedure is in place. The system works in conjunction with the General Insurance OmbudService (GIO) and encourages consumers with a complaint to first speak with their broker and insurer before proceeding with the GIO. If […]
By Canadian Underwriter | October 14, 2004
New York Attorney General Elito Spitzer Thursday announced the launch of a civil suit against brokerage Marsh over commission practices. The suit alleges the brokerage “steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the firm solicited rigged bids for insurance contracts”. Spitzer also announced that two unnamed executives from […]
Aviva Canada is planning to test a new auto rating system which would allow drivers to have premiums based on how much they use their vehicle.The new “Autograph” program will be tested early in 2005, and the insurer is currently looking for 5,000 Ontario drivers willing to test the system.The program allows drivers to track […]
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