Industry
The Financial Services Commission of Ontario (FSCO) today confirmed insurers have filed the required 10% lower auto insurance rates mandated by the provincial Liberal government.During the first quarter of 2004, the average rate drop was 10.15%, weighted by insurer marektshare. This compares with average increases of 7.32%, 8.48% and 8.22% in the first three quarters […]
By Canadian Underwriter | April 15, 2004
1 min read
Travel insurance is not on the minds of Canadians when they travel within their own company, says a new study by RBC Insurance and Ipsos-Reid.In fact, 65% of those surveyed which includes Canadians who have traveled out of their home province some time in the last three years do not purchase travel insurance for these […]
By Canadian Underwriter | April 14, 2004
Financial services giant Fairfax Financial Holdings (TSX, NYSE: FFH) says it will file a preliminary short form based shelf prospectus in Canada, and a shelf registration statement in the U.S.The filings will allow the company to offer debt, equity and securities in the two countries over a 25-month period for total value of US$750 million. […]
By Canadian Underwriter | April 13, 2004
The Bermuda insurance market grew by 17 new members in the first quarter of 2004, according to data from the Bermuda Monetary Authority’s Insurance Division. This is on par with first quarter 2003, although well off the “boom year” pace set in 2002.Of the 17 new licensees, 10 were captives, and in total the island […]
Reacting to the release of New Brunswick’s Select Committee Report on Public Automobile Insurance, the province’s brokers say they want to keep competition for their consumers.The Insurance Brokers Association of New Brunswick (IBANB) is critical of the committee’s report, saying it is “short on detail with too much guesswork and not enough actuarial data to […]
2 min read
U.S. insurers will post net income of US$30.8 billion for 2003, says A.M. Best, and customers can expect to feel rate relief in the coming year.Last year, net income rose more than 235% to top US$30 billion, following the US$9.2 billion in income reported in 2002. Overall, the industry posted return on equity of 9.5%. […]
By Canadian Underwriter | April 12, 2004
A variety of tort reform measures are receiving public support in the U.S., says a new study by the Insurance Research Council (IRC).Specifically, Americans favor limited attorney compensation, sanctions for frivolous suits, and consolidation of multi-state class actions in federal courts.Overwhelmingly the public recognizes that lawsuit awards are growing in both number and size. While […]
Ontario’s prosecutors are unhappy with news of a provincial plan to shift resources away from fighting property crime in an attempt to focus on gun and gang-related crime.The Ontario Crown Attorneys’ Association (OCAA) was responding to an interview on TVO in which Attorney General Michael Bryant spoke of the government’s proposal. “If the Liberal government […]
By Canadian Underwriter | April 11, 2004
The Canadian Council of Insurance Regulators (CCIR), coming off their spring meetings, has released feedback on the January discussion paper on referral agreements. Among the respondents is the Registered Insurance Brokers of Ontario (RIBO), which outlined its policy on referral agreements and some of the instances in which that policy has been used to deal […]
By Canadian Underwriter | April 8, 2004
In a discussion paper, the Financial Services Commission of Ontario (FSCO) is looking at loosening the “sole occupation” restriction on general and life agents.The restrictions mean that agents in bigger communities must be full-time agents and not hold other jobs. Originally this was intended to reduce conflicts of interest or possible coercion, and to ensure […]
By Canadian Underwriter | April 7, 2004
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