Fuelled by reduced claims costs, Manitoba Public Insurance reported net income of $102.9 million for the first quarter of 2010. For the three months ended May 31, 2010, earned revenues increased by $5.2 million over the same period last year, as the number and value of vehicles insured increased. Net income from operations increased from [...]
The cost to host the world in British Columbia for the 2010 Winter Olympics was $925 million. The costs, which were spread out over seven years, include updates to infrastructure, which should last B.C. residents for many years. The B.C. Department of Finance released the report that detailed the $765 million to staging the Games [...]
According to a study commissioned by AXA, more than half of Quebecers think only occasionally or rarely of shopping around for their automobile and home insurance. However, when they decide to do so, they are willing to switch insurers for a 10 to 20% discount on their premiums. Consumer behaviour, purchase triggers, shopping habits, client [...]
Kingsway Financial Services named Larry Swets Jr. as chief executive and president on June 30. Swets, the company’s executive vice-president of corporate development, replaces Colin Simpson, who resigned to pursue other career interests. Simpson will remain on the company’s board of directors. Kingsway provides non-standard automobile insurance in the United States to drivers who don’t [...]
A Winnipeg man must write a letter of apology to the president of Manitoba Public Insurance after pleading guilty to fraud under $5,000. Brent Disbrowe-Bear was given a conditional discharge on his guilty plea, but was ordered by a judge to write a letter of apology for his criminal actions. Disbrowe-Bear, now 21, was [...]
The Financial Services Commission of Ontario (FSCO) is mandated by law to release its Statement of Priorities by June 30 of each year. As such, FSCO has just released this year’s document – its thirteenth Statement of Priorities. In this year’s Statement, FSCO outlined several key focus areas. Work in these areas will be carried [...]
Ontario’s Health Claims for Auto Insurance (HCAI) system is preparing for the upcoming auto insurance reforms. In a bulletin, HCAI said its system will accommodate the new OCFs, the new SABS regulation, and the new Minor Injury Guideline (MIG) intervention codes by the September 1, 2010 implementation date. HCAIinfo (www.hcaiinfo.ca) will be continuously updated throughout [...]
The Financial Services Commission of Ontario (FSCO) has made changes to Ontario Regulation 7/00: Unfair or Deceptive Acts or Practices (UDAP Regulation.) The amended UDAP Regulation takes effect September 1, 2010. The updated regulation addresses issues of affiliated insurers and their distribution methods. FSCO says: "an insurer is considered to be affiliated with another insurer [...]
Kingsway Financial Services said on June 14 that it plans to sell its wholly owned subsidiary, Mendota Insurance Co., a non-standard insurance writer based in Eagan, Minn. Kingsway is focused on providing non-standard automobile insurance in the United States to drivers who don’t qualify for conventional insurance. Last month, the Toronto-area company, which reports in [...]
Allstate Insurance Company of Canada has launched its Action Against Distraction campaign and is working with schools and communities across the Greater Toronto Area to explain to teens that even the simplest distraction – texting, applying makeup, changing a CD, adjusting a GPS unit or even chatting with friends instead of watching the road – [...]
Dale Orlando was elected President of the Ontario Trial Lawyers Association (OTLA) at the association’s Annual General Meeting in Toronto. Mr. Orlando has served on the association’s Board of Directors for seven years and two years on its Executive Committee. Mr. Orlando is a partner with McLeish Orlando in Toronto. His practice is dedicated exclusively [...]
Fully electric vehicles should be widely available to Canadian consumers within two years, with offerings in the pipeline from Nissan, Ford, Toyota, Mitsubishi and others, automakers say. “I think what you’re hearing across the board is that 2012 is the time when you’re going to have critical mass and a huge number of (electric) products [...]
Manitoba motorists could soon see flashing purple lights on vehicles of funeral operators during a procession, Manitoba Public Insurance announced. “For maximum visibility these distinctive flashing purple lights will be placed on vehicles of funeral operators ,” said Ward Keith, Registrar of Motor Vehicles. “After a thorough review it was concluded that these lights [...]
Kingsway Financial Services and JJR Capital Corp. announced they have entered into a letter of intent, whereby JJR Capital’s subsidiary JJR VI Acquisition Corp. will acquire Kingsway’s US specialty commercial auto insurance divisions in a deal valued at more than US$80 million. In association with the proposed deal, Kingsway’s US specialty commercial auto insurance divisions: [...]
ICBC applied to the British Columbia Utilities Commission (BCUC) to reduce basic insurance rates by an average of 1.9%, effective November 1, 2010. The application for the rate reduction was included in a revenue requirements application that has been filed with the BCUC, which is responsible for regulating basic insurance rates and service in British [...]
Seat belts, airbags, hands-free driving laws and devices – they’re all designed for the benefit of a responsible driver. But human behavior indicates we are anything but responsible on the roads. New survey results, sponsored by Jabra, a headset and in-car speakerphone solution company, show that despite technology to help keep both hands on the [...]
There are some things B.C.’s public auto insurer may wish it hadn’t been caught doing – and one of them could be producing a $1.7-million ad campaign that barely made it to air. The Insurance Corporation of B.C. says the TV, radio and online ad campaign was scrapped almost immediately after its June 2009 launch. [...]
While price is a key motivator in the insurance shopping process and final purchase decision, its impact on new-buyer satisfaction has declined, compared with one year ago, according to the J.D. Power and Associates 2010 U.S. Insurance Shopping Study. The study finds price is the leading reason—cited by 41 percent of shoppers—that insurance shoppers consider [...]
The Financial Services Commission of Ontario is requiring auto insurers contact policyholders in advance of the September 1, 2010 auto insurance reforms. FSCO, in consultation with the Consumer Information Working Group, drafted three publications to provide consumers with information about the auto insurance changes. The “Changes to Ontario Auto Insurance Give you More Choice” publication [...]
