SirRiff Posted March 17, 2004 Report Share Posted March 17, 2004 link Canadian insurance companies make record profitTORONTO - Canada's insurance companies are coming off a record year, with $2.63 billion in profit in 2003, a 673 per cent increase over the previous year..... ....Insurance companies have raised their rates because they said they were losing money. George Jordan, who was appointed last year by the Nova Scotia government as consumer advocate to represent consumer issues on auto insurance, says consumers are going to be angry..... ....Some advocates are calling on governments to rein in the insurance company profits. But that's unlikely to happen. The Insurance Bureau points out the entire insurance industry in Canada still made less profit than the Royal Bank. It also points out that profits were spread across more than 200 companies and result from fire, home, life, auto and other policies sold. in the history of the world there are no times when a 673% increase in profit is from fair competition and superior product. more likely monopoly pricing, consumer ignorance, goverment stupidity and overall bad laws. everyone needs insurance, so teh companies know the marketis not suddenly going to dissappear. isnt it time to start seriously puting responsibility on bad drivers? drunk driving- a criminal offence, 1 yr no driving, 100 comunity hours, probation for life. speeding tickets- $500. youth- gradual rights on teh road, PARENTS responsible for their children and their car. what else can we do to stop getting ripped off? Quote Link to comment Share on other sites More sharing options...
Goldie Posted March 17, 2004 Report Share Posted March 17, 2004 The government has no incentive to pull bad drivers off the road. Sure Pay a fine, sit out for awhile, but get back on the road and buy gas and pay higher premiums as soon as possible. Bad drivers, like smokers are a big source of revenue and the government has no desire to eliminate it. Quote Link to comment Share on other sites More sharing options...
KrustyKidd Posted March 17, 2004 Report Share Posted March 17, 2004 what else can we do to stop getting ripped off? Wait for it. Now that terrorists know they can influence elections there will be some big insurance payuts comming the western world's way. Quote Link to comment Share on other sites More sharing options...
August1991 Posted March 17, 2004 Report Share Posted March 17, 2004 in the history of the world there are no times when a 673% increase in profit is from fair competition and superior product. more likely monopoly pricing, consumer ignorance, goverment stupidity and overall bad laws. More likely the stock market's performance recently. How do you think insurance companies make money? Quote Link to comment Share on other sites More sharing options...
maplesyrup Posted March 17, 2004 Report Share Posted March 17, 2004 We have a great system in BC - ICBC Quote Link to comment Share on other sites More sharing options...
Black Dog Posted March 17, 2004 Report Share Posted March 17, 2004 Ah, yes. Collusion, price fixing, consumer gouging: the "free market" in action. Wait for it. Now that terrorists know they can influence elections there will be some big insurance payuts comming the western world's way. Quote Link to comment Share on other sites More sharing options...
maplesyrup Posted March 17, 2004 Report Share Posted March 17, 2004 The rest of the provinces in Canada should adopt the BC car insurance model, advantages of having a NDP overnment. Quote Link to comment Share on other sites More sharing options...
Goldie Posted March 17, 2004 Report Share Posted March 17, 2004 Right, I remember Manitobas last incarnation of an NDP government. Howard Pawley and his gang raised auto insurance premiums 800% in one year to cover the failed venture of another monopoly known as MTX in Saudi Arabia. The very next election, the Gary Filmon Conservatives began 12 years of clean up. Manitoba now has balanced budget legislation and a promising future. That is unless the current NDP screw things up again. Quote Link to comment Share on other sites More sharing options...
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