In Brief: RIBO Renews Scam Warning; Strong Q1 for ICBC

More details emerge of Ont. Fraud; Investments, premiums boost results.

The Registered Insurance Brokers of Ontario (RIBO) has renewed its warnings of an ongoing auto insurance scam in the province. The self-regulating body has revealed more details about the scam, which has fake insurance dealers take out ads in local newspapers across the province and take payment for non-existent policies.

Although the scam uses different company names in each city, it has used the names Rawlings & Powell Insurance, Ashley Brokers, Arthur and Son, Interprovince, Smith and Son and Addison. The fake businesses use 1-800 numbers ask new customers to pay for their coverage through Western Union.

RIBO is asking any consumers who may have been fooled by the scam to contact them at 416-365-1900 or 1-800-265-3097.


Strong Q1 for ICBC

Strong investment returns and a smooth Olympic experience helped the Insurance Corporation of British Columbia (ICBC) boost net income by $117 million for the first quarter of 2010.

An investment rebound and gains in premiums written had ICBC post $155 million in net income for the period. Investment returns rose to $164 million, while premiums written went up to $860 million. Claims for the quarter did not change drastically at $733 million, although claims frequency fell, due to better weather and reduced traffice during the 2010 Olympics in Vancouver, according to an ICBC statement.

Although the public insurer had a healthy quarter, “we also need to be cautious when looking at results that are just for the first three months of the year,”  Jon Schubert, ICBC’s President and CEO, said in presenting the results. “As the year progresses we will have a fuller picture of what will happen with our rates but early indications are that we would not expect them to increase in 2010.”

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