Industry
Following a request from Manitoba Public Insurance (MPI) to keep rates the same in that province, the Public Utilities Board (PUB) has ordered a 1% reduction in basic public auto insurance rates. This represents the fifth year MPI has held rates steady.With the decision, about 51% of drivers in Manitoba will pay the same or […]
By Canadian Underwriter | December 6, 2002
2 min read
At the recently held Insurance Bureau of Canada (IBC) annual general meeting, outgoing chair George Cooke commended the bureau for the gains made over the past year in securing government dialogue on auto product reform countrywide. The greatest success has been proposed auto reform legislation in Ontario, although a great deal of work lies ahead […]
By Canadian Underwriter | December 5, 2002
1 min read
With the recent disclosure that Royal & SunAlliance Canada would be reducing its long-haul trucking business, specialty insurer Markel says it will step in to offer coverage to clients.Through an agreement between the two insurers, Markel will become a market for trucking clients not being offered renewals by Royal.”We see this as a win-win for […]
By Canadian Underwriter | December 4, 2002
The new financial institutions ombudservice is now up and running with the establishment of the Centre for the Financial Services OmbudsNetwork (CFSON). The center is the first step in the complaints process, with a free customer assistance and referral service. This service puts consumers in touch with the company representative or industry assistance center to […]
By Canadian Underwriter | December 3, 2002
Broker consolidator Western Financial Group (formerly Hi-Alta) has been incorporated as a bank by the federal Finance Ministry. Known as “Bank West”, the operation is expected to be up and running early in 2003, says Western Financial CEO Scott Tannas. Bank West is the first start-up operation under the country’s new bank legislation, which came […]
By Canadian Underwriter | December 2, 2002
Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it will sell 8.25% unsecured senior debentures amounting to $78 million. The company filed a prospectus with Canadian regulators today based on an agreement with a syndicate of underwriters who will buy the debentures and sell them in Canada only. That sale should close December 6, 2002.Kingsway […]
Small brokers face mounting pressure in the market, with minimum volume requirements, consolidation of carriers and increased local competition. Are their days numbered?
November 30, 2002
5 min read
Royal & SunAlliance is making sweeping global changes in light of continued financial troubles. The company has announced results of a financial review that will see it exiting under-performing lines of business. The group says it will continue to focus on general insurance, having already sold off much of its life operations. As for Canada, […]
You believe you have automated your office. But, where are your profits? Where is the increased productivity and reduced costs? What happened to the "promises" of automation? An investment in automation is expected to make an improvement, but does it?
3 min read
In the latest edition of “Perspective” – the Insurance Bureau of Canada’s (IBC) quarterly industry financial newsletter – chief economist Paul Kovacs notes (with perhaps a hint of irony): “Not long ago, many [within the property and casualty insurance industry] were concerned that overcapitalization was disrupting insurance practices in Canada and elsewhere. Now some concern […]
4 min read
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