Industry
Canadian insurers and insurance brokers have responded favourably to the auto insurance reform package introduced by the Ontario government on Nov. 2, 2009.Insurance Bureau of Canada (IBC) said the government’s reforms to the Ontario auto insurance system “address affordability of premiums while at the same time maintaining robust benefits — two of the industry’s primary […]
By Canadian Underwriter | November 3, 2009
2 min read
Nineteen insurance companies representing the majority (55%) of market share currently use credit-based insurance scores, according to a 2009 survey completed for the Canadian Council of Insurance Regulators (CCIR). The survey also found that six companies, representing a further 6% of market share, plan to use credit-based insurance scores within the next three years.The results […]
Genetics might be to blame for poor driving, according to a new study from the University of California Irvine. People with a gene variant performed 20% worse on a driving test than those without the variant, neuroscientists at the University found. A follow-up test a few days later yielded the same results. The gene variant […]
1 min read
No processing issues have arisen after five weeks of active participation in the Health Claims for Auto Insurance (HCAI) pilot phase.Two insurers, Gore Mutual and State Farm Mutual Auto, and nine health care facilities began their participation in this voluntary phase on Sept. 28, 2009.By the end of November 2009, a total of 11 insurers […]
Ontario’s long-awaited reforms to the auto insurance product follow closely along the lines of what the Financial Services Commission of Ontario (FSCO) recommended in March 2009, except on one major point important to insurers — FSCO’s proposed cap on medical/rehab benefits for non-catastrophic injuries was reduced to Cdn$50,000, and not Cdn$25,000 as initially proposed.In total, […]
By Canadian Underwriter | November 2, 2009
Aon reported a net income attributable to stockholders of US$120 million for 2009 Q3 as compared to US$117 million for 2008 Q3. Total operating expenses for the third quarter were similar to the same quarter in 2008 at US$1.6 billion, which included a US$82 million favourable impact from foreign currency translation, partially offset by a […]
Co-Operators General Insurance Company announced a net loss of Cdn$16.1 million for 2009 Q3, compared to a net profit of Cdn$22.2 million for the same quarter in 2008.The combined ratio for the quarter was 113.2%, compared to 103.5% in 2008 Q3. The company’s loss ratio for 2009 Q3 also increased to 82.3% from 71.3% in […]
The most frustrating thing about Ontario’s recently announced auto insurance reform package is why it took the Ontario government so long to produce it. After all, with one particularly notable exception (to be discussed below), the province’s package of 41 reforms to Ontario’s auto insurance system essentially mirrors the 39 recommendations made by the province’s […]
By David Gambrill, Editor | October 31, 2009
3 min read
ONTARIO REGULATOR APPROVES 6.2% AVERAGE AUTO INSURANCE RATE INCREASE FOR 2009 Q3 FSCO has approved auto insurance rate increases in 2009 Q3 averaging 6.2% when weighted by market share. State Farm Mutual Automobile Insurance Company, the company with the largest market share to obtain a rate change during the third quarter, was approved for a […]
October 31, 2009
As Michael Boire prepares for his future role as president of the Toronto Insurance Conference, he reflects on the issues at hand -- increasing the accessibility of the association, the impending HST and the ongoing battle with banks.
By Vanessa Mariga, Associate Editor | October 31, 2009
5 min read
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