• Report: #582235

Complaint Review: Co-operators Insurance

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  • Submitted: Wed, March 17, 2010
  • Updated: Sat, March 27, 2010

  • Reported By: B — Fredericton New Brunswick Canada
Co-operators Insurance
130 MacDonnell Street Guelph, Ontario Canada

Co-operators Insurance - The Co-operators General Insurance - The Sovereign General - Co-operators Life Insurance Cancelled Insurance Without Cause, Hiked Rates Without Cause, Took Payments for over 20 Years Guelph, Ontario

*Consumer Comment: Co-operators Makes Money

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The Co-operators Insurance company is cancelling home insurance and asking a long time client to re-apply for insurance?  This is being done after having been a client for over 20 years?  Renewal is possible but at a much higher premium and this seems completely unfair!

This company is discriminating against long time, loyal clients in our whole area but it does not seem fair.

Glace Bay MLA Dave Wilson said he wants the provincial government to see whether anything can be done to help those affected.

He said he is hearing from long-time clients of Co-operators who feel they are being unfairly penalized.

The office of the superintendent of insurance which oversees customer complaints told CBC News that it has received two complaints about the situation


Read more: http://www.cbc.ca/consumer/story/2010/01/19/ns-insurance-cancelled.html#ixzz0iTwI4R44


This report was posted on Ripoff Report on 03/17/2010 05:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/Co-operators-Insurance/Guelph-Ontario-N1H-6P8/Co-operators-Insurance-The-Co-operators-General-Insurance-The-Sovereign-General-Co-o-582235. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Co-operators Makes Money

AUTHOR: Sandra Mc. - (Canada)

The Co-operators has been cancelling clients, using credit scores and raising rates while claiming the do not make enough profits?


They bought a company recently for $232 million dollars.


Co-operators Life Insurance Co. has teamed up with a B.C. credit union to buy insurer Cumis Group Ltd. for $232 million.


The deal between Regina-based Co-operators and Vancouver-based Central 1 "will result in a strong, Canadian-owned supplier of insurance products and services to Canadian credit unions and their members," the companies said in a news release.


They also make money so I do not know how they can claim to need to cancel clients, raise rates or use credit scores to deny clients?

 

General Insurance Company announced financial results for fourth quarter and year ended December 31, 2009. For the quarter, the company reported net income of $82.6 million or $3.86 per share against net loss of $14.3 million or $0.87 per share a year ago. Gross written premium for the quarter was increased by 4.7% to $564.2 million from $539.1 million for the same quarter of 2008. For the year, the company reported net income of $74 million or $3.02 per share against compared to $52.8 million or $2.21 per share a year ago. For the year, gross written premium was $2.26 billion, an increase of 3.4%, as compared to $2.18 billion a year ago.
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