Auto
A task force established by the premiers of Atlantic Canada has rejected implementing public auto insurance in the region. The “Atlantic Insurance Harmonization Task Force” found “no significant reason to transform the private enterprise delivery system to a government monopoly supplier”. The task force report concluded that a public auto insurance system would not produce […]
September 30, 2003
1 min read
Broker consolidator Hub International Ltd. (TSX: HBG] has added two U.S. brokerages to its stable: Boston-based Commonwealth Insurance Agency Inc., and New Jersey-based Sondheim & Laughlin. Commonwealth will become part of Hub’s New England “C.J. McCarthy hub”. The new brokerage produces about US$300,000 in annual revenue from mostly homeowners coverage in Massachusetts. The office of […]
While pushing for limits on auto insurance rates in Nova Scotia, a new report also suggest the public needs to become more educated about how to shop for insurance.The provincial government’s “consumer advocate”, George Jordan, released his final report following about six months of research on rising auto insurance premiums in Nova Scotia.Jordan wants to […]
By Canadian Underwriter | September 24, 2003
2 min read
Manitoba Public Insurance (MPI), the provincial government auto insurance program, says it will offer loans to drivers to purchase anti-theft devices.The loans will apply to aftermarket vehicle immobilizers meeting the Canadian standard for theft deterrence, which generally cost $240-$400. Drivers will be able to repay the loan over a one, two or three-year period, with […]
By Canadian Underwriter | September 23, 2003
Filing its rates for the first time to the B.C. Utilities Commission, the Insurance Corp. of B.C. (ICBC) is requesting a 1.3% increase to its basic auto insurance policies.The increase is made up of a 0.4% hike to cover premium tax increases and 0.9% to cover increases in the tariff of legal costs to the […]
By Canadian Underwriter | September 4, 2003
Each Thursday this summer, members of the insurance industry participated in the Great Ontario Salmon Derby, hosted by Blakeney Henneberry Murphy. Launching from Port Credit, the motley crews vied for the biggest catch, with AIG leading as of mid-August. Leading in the salmon and trout categories at that time was Varma Singh. *************** CARSTAR Automotive […]
August 31, 2003
The Ontario government has formally proposed additional changes to the auto insurance system on the heels of implementation of Bill-198. The program 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 benefits claims only on income reported to […]
Royal & SunAlliance Canada confirms the retirement of president and CEO Larry Simmons. Simmons took over the top spot in 2001, having previously served as COO. He will continue to head up the company until a replacement is named. The Innovation Group (TiG) welcomes Joseph Perno as an advisor. He recently retired from his role […]
Featured among reform changes to Newfoundland’s auto insurance system is optional coverage for minor pain and suffering, as well as a rate freeze imposed on insurers. This follows on the heels of the other Atlantic provinces in introducing changes to tackle rising auto insurance rates. The rate freeze presented in the Newfoundland package is for […]
Home and auto insurance performance is the key factor in increased net income, says Royal Bank of its RBC Insurance division, along with Canadian life and reinsurance progress. The division reports that for the third quarter ending July 31, 2003, net income was $57 million, a 16% jump over third quarter 2002, which produced net […]
By Canadian Underwriter | August 28, 2003
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