Home Subscribe Advertising Contact info Industry Links Company &    Ratings Search Daily service Email Us

Mutual insurers teaming up on new task force     © Thompson’s World Insurance News 2010. No reproduction without written consent.     Mutual insurance companies are teaming up on a task force to look at ways to better promote their advantages.     At its annual meeting, the Ontario Mutual Insurance Association said it will take part in the Canadian Mutuality Task Force along with the Canadian Association of Mutual Insurance Companies and the Farm Mutual Reinsurance Plan.     It will also look at ways to strengthen the ties between members.     Ontario’s mutuals rebounded from the worst collective year in their 125-year history in 2008 with improved underwriting leading to an overall profit of $33m last year.     “I’m happy to report a much better 2009,” OMIA president John Taylor told members at the meeting in Toronto.     “In 2009 we had a $2m underwriting loss compared to 2008’s $44m, so we are trending in the right direction.”     OMIA has posted an overall loss of $24m loss in 2008.     Mr. Taylor said a combination of factors helped to improve last year’s results.     The rate and complexity of change will continue to grow in 2010 — one of the main changes being the new Ontario auto product.     “While some cost reductions are anticipated so are premium reductions, but like any auto regime the long-term effects are uncertain.”     More in our April 5, 2010 edition        Thompson’s World Insurance News P.O. Box 1027,  Waterloo, Ontario,  Canada  N2J 4S1 Tel: 519-579-2500 Fax: 519-745-7321 mpub@sympatico.ca THOMPSON’S WORLD INSURANCE NEWS , Canada’s only independent weekly for p&c insurance professionals, has been the industry’s most trusted news source since 1988.