Industry
The Dominion of Canada General Insurance Co. will issue premium refund cheques to Nova Scotia auto policyholders over the coming two weeks, a statement says. The refunds relate to the recent passing of the province’s Bill-1 auto insurance legislation which requires insurers to drop rates by 20% subject to a price freeze until November 2004. […]
By Canadian Underwriter | November 2, 2003
1 min read
Royal & SunAlliance Insurance Co. of Canada will cease to write new personal and individual corporate auto covers in Nova Scotia effective immediately, says the company’s president Rowan Saunders. Royal & SunAlliance is the first among a number of auto insurers expected to withdraw from the province in reaction to legislation passed last week under […]
2 min read
Rate freezes, rollbacks, premium refunds and government-run insurance. It seems that the language of auto insurance has changed so rapidly that insurers have been left dazed and disorientated in an unknown land. But, based on latest events, it would appear that the time for learning new languages is over. In the Editorial of the October […]
By Sean van Zyl, Editor | October 31, 2003
4 min read
In the wake of passage of Nova Scotia’s Bill-1 – which reforms the province’s auto insurance legislation – insurers are announcing they will cease writing new business in the province. Royal & SunAlliance Insurance Co. of Canada and the Dominion of Canada General Insurance Co. have led the way by saying that they will not […]
October 31, 2003
Auto repair shop attendees at the recently held Canadian Collision Industry Congress (CCIC) took aim at a panel of representatives from insurance companies in questioning the use of after-market parts in insured vehicle repairs. The attendees questioned the quality of after-market parts as well as delays to their production schedules caused by poor fitting/sizing and […]
Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) says its revenue and earnings are up for the third quarter ending September 30, 2003, with Canadian operations posting strong organic growth.Revenue grew 31% to US$64.7 million for the quarter (Q3 2002: $49.6 million), with the strong Canadian dollar contributing to 11% organic growth. In total, Canadian […]
By Canadian Underwriter | October 31, 2003
On the heels of the passage of Nova Scotia’s Bill 1, which would reform the province’s auto insurance system, insurers and brokers are scrambling to have the legislation delayed. The bill, in its present form, contains amendments that would roll back rates, but give no relief for rising claims costs, both groups say.”It is in […]
By Canadian Underwriter | October 28, 2003
3 min read
With the “Class Action Fairness Act” back on the shelf, US insurers are lamenting the narrow vote that saw the federal legislation defeated. In a vote of 59-39 (one vote shy of the 60 required), Republican senators were unable to end the Democratic filibuster on the bill, thus shelving class action reform until the new […]
By Canadian Underwriter | October 27, 2003
Early highlights of Odyssey Re Holdings Corp. (NYSE, TSX: ORH) point to a strong third-quarter and first nine months of 2003 for the reinsurance operation of Fairfax Financial.Gross written premiums (GWP) for the third quarter ending September 30 were US$703 million, an increase of US$203.3 million, or 40.7%, over the same period last year. For […]
An auto insurance rate freeze announced by the brand new Ontario Liberal government today is not unexpected, says the Insurance Bureau of Canada (IBC). Insurers are prepared to cooperate with the rate freeze, but hope to work with the new government on long-term solutions to the challenges facing the auto insurance industry.The government had campaigned […]
By Canadian Underwriter | October 23, 2003
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