Industry
Manitoba Public Insurance (MPI) has broken its six-year rate freeze, and will up basic auto insurance rates by 3.7% for 2004. The province’s Public Utilities Board (PUB) ordered the increase, which will add about $30 to the average family passenger vehicle premium. New rates kick in as policies renew after March 1, 2004.Rising claims costs […]
By Canadian Underwriter | December 9, 2003
1 min read
SIAA (Strategic Independent Agents Alliance), the largest network of partnering independent insurance agencies in the U.S., recently announced that Omni Insurance Brokers of London, Ontario has assumed control of SIAA Canada and has established Southwest Brokers Network as a Strategic Master Brokerage covering southwest Ontario.According to Randall McDonald, Chairman of SIAA Canada, “This will be […]
By Canadian Underwriter | December 7, 2003
While financial market turbulence continued to plague the insurance markets in 2002, some signs of recovery were evident in the most important markets: the non-life insurance sector grew at a record-breaking rate, the life sector posted minor improvement according to a Swiss Re sigma analysis of 2002 insurance data for 91 countries. Global premium volume […]
By Canadian Underwriter | December 3, 2003
2 min read
Along with the announcement by Aviva that it would move 2,350 jobs out of the U.K. to India, the company also announced it would set up a sales center in India to deal with Canadian business. The company stresses there will be no Canadian job losses as a result of the new operation.About 150 people […]
By Canadian Underwriter | December 2, 2003
As part of a joint effort between the Insurance Bureau of Canada (IBC) and the Toronto Police, 59 people now face charges in connection with auto theft.Project Heat “help eliminate auto theft” – as it has been dubbed, involves the IBC sharing data with the police to aid in auto theft investigations, as well as […]
By Canadian Underwriter | December 1, 2003
Alberta-based Western Financial Group (TSX: WES) increased net income for the third quarter of this year by 45% to $516,810 compared with the $356,677 reported for the same period a year ago. This equates to diluted earnings of 2 a share for the latest quarterly reporting period against the 1 a share shown for the […]
November 30, 2003
The skies may have been clear over St. Pete's Beach for the annual North American Insurance Conference this fall, but the prospects for the insurance industry are far from bright, speakers told the conference. Insurers are facing a crisis of confidence, with everyone from regulators to raters, and especially consumers, taking a jaundiced view of the industry. And, alarmingly, there are fears the industry may already be sinking back into the soft pricing/writing for marketshare environment that led to its current stormy situation.
6 min read
Passages: from the French "passager", literally meaning to execute a passage - the insurance industry today is navigating its way through a host of changes, not the least of which is being provided by a constantly shifting legal and regulatory environment. For Canada's mutual insurers, which met recently in Montreal for the annual Canadian Association of Mutual Insurance Companies (CAMIC) convention, some of these challenges take on a unique flavor.
5 min read
Kingsway Financial Services (TSX: KFS) has sold its approximate 25% equity stake in USA Insurance Group to BISYS Group Inc. (NYSE: BSG) for a net proceed (consisting of both cash and stock in BSG) of about US$19.6 million. USA Insurance Group is a Florida-based managing general agent (MGA) specializing in commercial automobile lines. Kingsway says […]
New legislation introduced by the Ontario Liberal government to freeze auto insurance rates offers both “good news” and “bad news” for insurers, says the Insurance Bureau of Canada (IBC). While the IBC opposed the idea of formalizing the rate freeze, which became effective from October 23, the legislation takes into consideration that the solvency of […]
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