Industry
As expected, the Ontario government has formally proposed additional changes to the auto insurance system on the heels of implementation of Bill-198.Premier Ernie Eves today announced the program which includes a reduction in the premium tax from 3% to 2%, which the government says should save policyholders up to $90 million. Other features include basing […]
By Canadian Underwriter | September 2, 2003
1 min read
Additional auto insurance reforms, coming on the heels of those contained in Bill-198, are being welcomed with open arms by Ontario insurers.The reforms include several measures insurers have long been pushing for in the province, including a reduction in the insurance premium tax and measures to reduce auto insurance fraud.The changes come on top of […]
2 min read
With the possibility of government run auto insurance systems being touted about by the governments of the Atlantic Canada provinces, for insurers operating in the region as well as the insured public, this current uncertain time is a period of trepidation. A decision driven by politics rather than practicality and the age old wisdom of competition could well result in the region's drivers and taxpayers paying a hefty price over the long-run.
August 31, 2003
4 min read
Some property & casualty underwriters have questioned client relationship management's (CRM) validity. Others have suggested that the client relationship process has evolved to "commodity status" and therefore CRM offers little competitive advantage. However, new 2003 market research suggests otherwise - understanding customers remains as relevant as ever.
5 min read
Toronto-based Northbridge Finan- cial Corp. (TSX: NB), part of the Fairfax group, increased net earnings by 250% to $57.5 million for the second quarter of this year compared with the $16.4 million shown for the same period in 2002. The latest earnings equal $1.16 a share versus the 36 a share for the comparable period […]
Kingsway Financial Service Inc. (TSE: KFS) reported a return on equity of 18.2% for the 12 month period leading to the end of the second quarter of this year. This compares with the 11.8% ROE generated by the insurer for the comparable period for 2002. Kingsway’s net income for the latest quarter grew by 68% […]
Fairfax Financial Holdings Ltd.’s (TSX: FFH) net earnings rose more than five-fold to $246.2 million for the second quarter of this year compared with the $47 million reported for the same period last year. This equates to earnings of $17.15 a share for the latest quarter against the $2.95 a share shown for the same […]
Insurers managed to bring their combined ratio to below the key 100% mark for the second quarter of this year as coverage price hikes implemented by companies over the last two years finally began to outstrip the growth in claims costs, according to preliminary industry data collected by the Insurance Bureau of Canada (IBC). The […]
3 min read
A recent Minnesota Supreme Court ruling could see insurers paying out as much as US$250 million in claims related to breast implants. 3M, also known as the Minnesota Mining and Manufacturing Company, went to court with 29 insurers who balked at paying claims for legal and other expenses for lawsuits related to the implants. Following […]
By Canadian Underwriter | August 29, 2003
Broker network and banking company Western Financial Group (TSX: WES) says it has increased its investment in Jennings Capital Inc. Jennings is a western Canadian investment dealer which Western Financial says will add to its ability to offer investment products to its customers. “Beyond providing a more complete line of services, Western Financial Group’s investment […]
By Canadian Underwriter | August 28, 2003
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