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I . WATERlDO WWW-Wednesday. September 11,2013 ' is Uncertain times for local and Canadian insurance industry he cunent year is becoming ly, the Ontario government should comparrygolngpubiic. demutuaiized in the late 19905, and Canada. Whatever challenges . l extremely challenging for exercise more caution on auto At the 2011 Annual General they were relatively united in the face this sector. keeping jobs in the Canadian insurance insurance premium reductions Meetingoffioonomical in lfitdren- procasssoOttawaMdfewer chai- Waterloo Region is critical for our ‘ industry. without first introducing reforms er. a vote supported the conversion lenses in drafting the rules. economic prosperity. As we are all aware, insurance that will reduce product 00518. This (0 a publicly traded entity. The 000- The bottom line for government m and related financial services have reference is specifically to the uoversy in Ottawa is nowrelated to is that decisions have to recognize [an McLean ispresidentand been a dominant economic sector announcement that the province who will benefit from the demutu- that the industry is a major CEOoftheGreaaerKâ€"W in the City of Waterloo for over a plans to cut rates by 15 per cent. alization proceeds. Economical employer across Waterloo Region ChamberofCommerce century. We have frequently been The planned out in rates gener- believes only its 943 mutual policy- ~ ' referred to as "Hartford of the ated more controversy over the holders voting at annual meetings North" since the Connecticut city summer months when Ontario should be the beneficiaries. while assumes a similar position south of Finance Minister Charles Sousa others in the industry believe the ' : ; 7 the border. There are 12 major indicated it will be phased in over money should bedistributed more ' companies with a presence across two years He noted concerns from widely to cash policyholders Waterloo Region. employing 7,000 insurance companies arguing that John Howey, chair of Economi- people and making a significant immediate rate cuts would present cai's special committeeon demutu- contribution to all levels of financial challenges and initiateda alimtion.hasindicatedthardemu- ‘ :: l vmls government through taxation. revised implementation schedule. finalization is essential so they can a 9 - m 14 A combination or natural dim. The public policy debate is not compete with the lam players in ters and controversial government confined to the provincial level As an industry that is increasingly an m Pre Mad policy decisions are combining for noted by numerous national and ownedbyforeign companies. “will mm 8 a high level of uncertainty, The local media reports, Waterloo Economical is currently the sec- mm SAUSAGE $6.59 kg. 2.99 it: insurance Bureau of Canada (18C), based Economical is embroiled in a cud-largest mutual insurance â€". ,_ “Slat! “hâ€" a national organization represent- controversy with the federal gov- organization in Canada after . m w New ‘ ing 90 per cent of private property emment mdemumalimtion. Wawanesa and the ninth~largest of all“ “a cm 89 68 to. 4.39 lb and casualty companies, recently TWO years ago. Ottawa com- all national insurers The demutu- “mm 'm m (in, 1116)”qu ‘399 It: - noted that the severe storm of July menoed the development of rules alizadon could move the company $3.59 ”in! m“ 8 established a record in Ontario related to mutual property and intothetop five. m $13.21 N" MB“! for insured damages resulting from casualty companies 9095118 demu- Many local residents Will recall 2.99 b. 5.” a m ROAST 310012 MI- ‘4. 59 lo a single event. The preliminary esti~ tualization. This process would the fomier Mutual Ufa of Canada m mateis$850million. allowan organization!) transition went publicin 1999. subsequently manna-aura: Whamhw-speddcdebrflaor Ralph Palumbo. Ontario Vice fromownershlpbypolicyhoidersto transformingtomflaand laterto Wuhudy-ema-d- wumflflm President of the 18C, indicated in a a publicly traded stock company. Sun Life Financial. Officials from “h“ - uncut! news release that given rising Thepolicyholderswouldbebought Economical have noted that when - . t 1 ». claims across the industry generai- out in a manner similar to a private the life insurance industry v , l ' C - ‘. .‘ Syn m nitsnker a , 1/7me mmmmwum, -‘ -. -.. M Docking "HAW!“ MM F q. Waterloo ’ "a who“ a la Service hat-b E -- hull- v} I v ‘ i l v v . l . ' h v ‘ > ' ‘ ‘ ' ~ \ FORE‘JEP mum ‘ ‘.. » . L shiv. \ in mm H . w; hutflgMfi-uumm lâ€"MMMMhudâ€"“mm A v , - fiummâ€"mufi-un k" _~, 1, ' r; if...“ nun-sham ' t . a > \ m , 33 SPONSORS _ 6 _ . 3 - . tr h Cl | . RTW emu. Waterloo Region -’ if t . (360 “it- UPTQWN ~ “fl mmgl‘JNT MUSEUM __ g i ' Mir-"MM ‘ ~T “ a . _ to Huron Rd. - - - zmvl-fldmed'a "I cm am (at mar-eon Blvd) - . t , ‘ W“ __ 0 September 22nd - 10am - 5pm ‘