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161 insurance companies have left Canada or shut down in the last 20 years. Why would they do that if they had a licence to print money and screw customers?

www.canadianunderwriter.ca

161 companies have exited Canadian P&C market in past 20 years, 96% voluntarily: PACICC

Over the past 20 years, 161 different insurance companies have exited the Canadian P&C market, 96% of which were voluntary exits, according to a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The report, the 11th in…
www.canadianunderwriter.ca www.canadianunderwriter.ca
 
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Between 1996 and 2015 :
"Forty of the firms merged with another company, another 115 left voluntary in other ways and six – GISCO, Alta Surety Company, Canadian Millers’ Mutual, Markham General, Reliance Insurance Company and Home Insurance – were closed by regulators. Kelly added that “the companies that merged appeared to be better reserved, so there was a reason they were attractive merger candidates,” By contrast, for the companies that voluntarily left or regulators closed, “our research shows that they are probably right to make those decisions – the reserves were inadequate,” he said."

So it wasn't 161, it was 115 (voluntarily) over a 20 year period. It might help to know the time line for who left and when.
2008/2009 was a huge stock market recession which would have put a big dent in reserves, so leaving was not necessarily about payouts.
Enlighten me further, I'm listening.
 
TK4 said:
Between 1996 and 2015 :
"Forty of the firms merged with another company, another 115 left voluntary in other ways and six – GISCO, Alta Surety Company, Canadian Millers’ Mutual, Markham General, Reliance Insurance Company and Home Insurance – were closed by regulators. Kelly added that “the companies that merged appeared to be better reserved, so there was a reason they were attractive merger candidates,” By contrast, for the companies that voluntarily left or regulators closed, “our research shows that they are probably right to make those decisions – the reserves were inadequate,” he said."

So it wasn't 161, it was 115 (voluntarily) over a 20 year period. It might help to know the time line for who left and when.
2008/2009 was a huge stock market recession which would have put a big dent in reserves, so leaving was not necessarily about payouts.
Enlighten me further, I'm listening.
Click to expand...

you have all the enlightening you need If it isn't getting through by now it never will.
Again, why would they leave if it was such a massive money maker , a licence to print money and they are running a cartel???
It's not as highly profitable as you all think , period.
 
F3800RC said:
you have all the enlightening you need If it isn't getting through by now it never will.
Again, why would they leave if it was such a massive money maker , a licence to print money and they are running a cartel???
It's not as highly profitable as you all think , period.
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That's the kind of answer I was expecting. Have a nice day.
 
F3800RC said:
161 insurance companies have left Canada or shut down in the last 20 years. Why would they do that if they had a licence to print money and screw customers?

www.canadianunderwriter.ca

161 companies have exited Canadian P&C market in past 20 years, 96% voluntarily: PACICC

Over the past 20 years, 161 different insurance companies have exited the Canadian P&C market, 96% of which were voluntary exits, according to a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The report, the 11th in…
www.canadianunderwriter.ca www.canadianunderwriter.ca
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any other softball questions?

that one's a slow moving beach-ball right over the plate

consolidation
lack of competition
the Canadian way


 
J_F said:
any other softball questions?

that one's a slow moving beach-ball right over the plate

consolidation
lack of competition
the Canadian way


Click to expand...

consolidation was only a small part of it ( read the article) why would a company leave a country that has " lack of competition" ?( your words ) wouldnt they want less competition????
What is the Canadian way?
This has got to be the most stupid Ill informed answer ever on here and that's saying a lot
 
if being informed = shilling
then yeah....I'm ill-informed

and who was that earlier lecturing on name calling?
and how that indicated losing the debate?

800 ft. rainbow shot to the cheap seats
 
J_F said:
if being informed = shilling
then yeah....I'm ill-informed

and who was that earlier lecturing on name calling?
and how that indicated losing the debate?

800 ft. rainbow shot to the cheap seats
Click to expand...

you are ill informed and said something stupid , ad hominem attacks are personal insults , I didn’t call you stupid just your words, learn the difference.
another non answer is fine but don’t act like you know what you are talking about.That is all .
now would you like to reply to my original reply to you or should we keep using baseball references.
 
J_F said:
nope

my work is done in this thread

you wiffed
Click to expand...

I gave up too J_F, this discussion just kept going around in circles.
It seems that in F3800RC's opinion...
1) None of us know what we're talking about.
2) When we ask questions that require tough answers we must be stupid or paranoid.
3) The 40 odd insurance companies doing business in the province are doing a bang up job - nothing to see here.
4) There are some brokers and agents that are stupid too, so shop around.
5) The raging disparity in premiums has to do with obscure statistical analysis and investment market forces beyond their control.
6) Raging fraud among tow truck companies, storage facilities, repair shops and people claiming dubious personal injury through their litigation lawyers is the way it is - suck it up.
7) An open and frank discussion via a provincial inquiry would be a complete waste of time and money.
That's enough for now, my head hurts...
 
J_F said:
nope

my work is done in this thread

you wiffed
Click to expand...
TK4 said:
I gave up too J_F, this discussion just kept going around in circles.
It seems that in F3800RC's opinion...
1) None of us know what we're talking about. TRUE
2) When we ask questions that require tough answers we must be stupid or paranoid.WRONG I GAVE YOU MANY ANSWERS YOU JUST DONT LIKE THEM
3) The 40 odd insurance companies doing business in the province are doing a bang up job - nothing to see here. NEVER SAID THAT BUT NICE TO SEE YOU NOW RECOGNIZE THERE ARE OPTIONS
4) There are some brokers and agents that are stupid too, so shop around. MOST ARE IDIOTS
5) The raging disparity in premiums has to do with obscure statistical analysis and investment market forces beyond their control. NEVER SAID THAT I SAID IT IS DOLLARS IN AND DOLLARS OUT IS ALL IT IS . AGAIN YOU LIKE TO HEAR WHAT TOU WANT TO HEAR NOT THE FACTS
6) Raging fraud among tow truck companies, storage facilities, repair shops and people claiming dubious personal injury through their litigation lawyers is the way it is - suck it up.DIDNT SAY THAT EITHER I SAID ITS LESS EXPENSIVE FOR THEM TO NOT FIGHT ALL OF THESE CASES IN MOST CASES ITS LESS MONEY TO SETTLE THAN FIGHT , SAD BUT TRUE . I GUESS YOU WOULD PREFER THEY RAISE YOUR PREMIUMS EVEN HIGHER TO PAY LAWYERS TO FIGHT ALL THE TIME.
7) An open and frank discussion via a provincial inquiry would be a complete waste of time and money.
NEVER SAID THAT EITHER I SAID IT HAS BEEN DONE ALREADY AND YOU DONT LIKE THE RESULTS.
That's enough for now, my head hurts...YOUR HEAD HURTS BECAUSE YOU DONT LIKE WHAT YOU ARE HEARING .
I DONT SEE ANY OF THE INSURANCE PEOPLE ON HERE INCLUDING FORUM SPONSORS STANDING UP FOR YOUR POSITION , WHAT DOES THAT TELL YOU? THEY ARE SICK OF EXPLAINING OVER AND OVER TO PEOPLE WHO HAVE NO CLUE .....BUT YOU THINK THERE IS A CARTEL OR SOME SECRET CABAL KEEPING INSURANCE PREMIUMS UP....FORTUNATELY I LIKE TO DEBATE AND DONT HAVE THIN SKIN LIKE MOST. BUT IF I WAS WRONG AND YOU WERE RIGHT IM SURE AT LEAST ONE OF THE INSURANCE SPONSORS ON HERE WOULD SPEAK UP , EVEN IF JUST TO GET PEOPLE LIKE YOU ON THEIR SIDE
Click to expand...
 
TK4 said:
No need to shout dude - don't you have something out in the garage that needs polishing...? :)
Click to expand...
Just wanted my answers to stand out....and I have people who take care of all that ???????????
 
F3800RC said:
Sorry you know nothing.You have no credibility , you have no arguments that make any sense and you have no long term industry knowledge. go golfing , does anyone even waste their time doing that anymore ? Maybe old boys who don’t know anything either, the worst insurance people with the least amount of knowledge are the “ old boys” so enjoy it ..end of rant.
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Thing is young man, the old boys make the rules.

Your posts indicate you are a follower... just a follower. We expect you to drink the Koolaid until you’re experienced enough to know better, then you can drink from the crystal -- for now, keep that sippy cup in good shape, you'll be needing it for a few more years.
F3800RC said:
If you think it’s a cartel file a complaint with the competition bureau . nothing stopping you or anyone else

Competition Bureau Canada - Home

Competition Bureau Canada - Homepage
www.competitionbureau.gc.ca www.competitionbureau.gc.ca
Click to expand...
Cartels are not always illegal. When a regulator is part of a cartel or monopoly the Competition Bureau steps back unless there is criminal collusion.
F3800RC said:
My house cars , 5 motorcycles, sled, ATV , , etc cost me $27,000 a year to insure, feel better?
Click to expand...
Actually it does make me feel better -- I pay considerably less than 27k to insure my stuff.
 
"I DONT SEE ANY OF THE INSURANCE PEOPLE ON HERE INCLUDING FORUM SPONSORS STANDING UP FOR YOUR POSITION , WHAT DOES THAT TELL YOU?"

Uh, I don't see them standing up for yours either - what does that tell YOU ?
I'll see my own way out...
 
TK4 said:
"I DONT SEE ANY OF THE INSURANCE PEOPLE ON HERE INCLUDING FORUM SPONSORS STANDING UP FOR YOUR POSITION , WHAT DOES THAT TELL YOU?"

Uh, I don't see them standing up for yours either - what does that tell YOU ?
I'll see my own way out...
Click to expand...

that they agree with me or they would push back and side with customers they potentially want to sell to on here?
 
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Mad Mike said:
Thing is young man, the old boys make the rules.

Your posts indicate you are a follower... just a follower. We expect you to drink the Koolaid until you’re experienced enough to know better, then you can drink from the crystal -- for now, keep that sippy cup in good shape, you'll be needing it for a few more years. AD HOMINEM ATTACKS AGAIN , GREAT TO SEE...THANKS FOR CALLING ME YOUNG YOU KNOW NOTHING AND ARE WRONG AGAIN , BEEN AROUND THE BUSINESS FOR 32 YEARS , YOU KNOW ZERO AND HAVE NO CREDIBILITY

Cartels are not always illegal. When a regulator is part of a cartel or monopoly the Competition Bureau steps back unless there is criminal collusion. WRONG AGAIN.THEY INVESTIGATED ICBC. IT DOES NOT HAVE TO BE CRIMINAL . ARE YOU NOW JUST MAKING UP STUFF?

Competition Bureau Canada

The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace.
www.competitionbureau.gc.ca www.competitionbureau.gc.ca

Actually it does make me feel better -- I pay considerably less than 27k to insure my stuff.
I AGREE OLD GARBAGE COSTS LESS TO INSURE .
Click to expand...
 
Mad Mike said:
Thing is young man, the old boys make the rules.

Your posts indicate you are a follower... just a follower. We expect you to drink the Koolaid until you’re experienced enough to know better, then you can drink from the crystal -- for now, keep that sippy cup in good shape, you'll be needing it for a few more years.

Cartels are not always illegal. When a regulator is part of a cartel or monopoly the Competition Bureau steps back unless there is criminal collusion.

Actually it does make me feel better -- I pay considerably less than 27k to insure my stuff.
Click to expand...
My guess is he cut his Internet forum teeth on Reddit. This is how things are discussed.
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