Canadian Underwriter

Keyword
claims costs

Expensive car wrecked on a street
News ClaimsInsurance

Why complex cars create costly problems

February 28, 2024 Philip Porado

An acute shortage of semiconductors is a big contributor to rising auto claims costs for auto insurers. “That’s had a significant impact in certain types of cars,” says Paul Gilbody, president of ClaimsPro Canada. “A huge amount of electronics now

Autonomous car sensor system concept for safety of driverless mode car control
News ClaimsInsurance

Safety tech in cars isn’t reducing insurers’ claims costs

February 27, 2024 by David Gambrill

Much has been made of the new electronic safety tech in cars, but it doesn’t seem to be making a dent in auto insurers’ claims costs, according to a new report by Rates.ca. “You might expect that with more safety

Inflation remains a concern for Canadian insurance brokers
News BrokersClaimsCommercial LinesConstructionInsuranceRisk

Why brokers still need to protect clients from inflation

April 18, 2023 Alyssa Di Sabatino

Canada’s inflation rate eased to 4.3% in March, Statistics Canada reported on April 18. That’s down nearly a percentage point from February’s 5.2% and solidly below inflation’s 8.1% peak in summer 2022. And, with inflation beginning to cool, P&C insurance

Toy cars crashing next to a pile of coins
News ClaimsEarnings / RatingsInsuranceMarkets / Coverages

How inflation will affect Intact’s auto rates going forward

November 10, 2022 by David Gambrill

Intact is predicting a firming of its auto insurance rates in Canada, where brokers and consumers can expect the company to increase auto rates by percentages in the upper single digits by the end of 2022. In its personal lines

Car loaded on a tow truck for delivery
News Insurance

Insurers, municipality clash over 87.5% increase in collision towing fees

July 14, 2022 by Jason Contant

Insurance Bureau of Canada (IBC) is expressing “serious concern” after Mississauga, Ont.’s city council approved an 87.5% increase to towing fees for consumers who need a tow to a Collision Reporting Centre (CRC). The City of Mississauga defended the increase

Bar graph displaying economic recovery
News Insurance

Stability, finally? What insurers and brokers can look forward to in 2022

November 12, 2021 Brooke Smith

Brokers and insurers may see some stabilization in the market in 2022. “We saw tremendous rate pressure, high operating ratios, and low ROIs in 2019 and 2020,” said Kevin Neiles, president, Western Canada and chief markets officer at Gallagher, during

News Insurance

Public auto insurer applies for rate decrease, customer rebate

October 21, 2021 by Jason Contant

Manitoba Public Insurance (MPI) has adjusted its general rate application and is requesting a 1.2% rate decrease along with a $335 million rebate to customers. MPI recently applied to the Manitoba Public Utilities Board (PUB) for a provisional 2.8% rate

News Insurance

How much claims costs decreased for one insurer

September 30, 2021 by Jason Contant

Manitoba Public Insurance (MPI) is reporting a 27% decrease in claims costs in the first quarter of 2021 compared to a year ago, primarily as a result of less vehicles on the road due to the COVID-19 pandemic. Claims costs

News Insurance

Will changes to Alberta auto reduce insurers’ claims costs?

November 20, 2020 by Jason Contant

Proposed changes to auto insurance regulations in Alberta and new Orders in Council should help reduce claims costs for insurers, Insurance Bureau of Canada (IBC) told Canadian Underwriter Thursday. Bill 41, the Insurance (Enhancing Driver Affordability and Care) Amendment Act,

News ClaimsInsuranceMarkets / Coverages

How ICBC can cut auto injury claims costs by more than $20 million

February 20, 2018 by Greg Meckbach

British Columbia’s government monopoly auto insurer could save up to $27 million a year on claims costs and reduce the risk of legal disputes by taking on a “larger role” in designing plans to treat auto collision injuries, PriceWaterhouse Coopers

News CatastrophesInsuranceReinsurance

Combined ratio down 5.9 points, P&C reinsurance premiums down 8% for Munich Re

August 11, 2017 by Canadian Underwriter

Munich Re reported Wednesday a combined ratio of 93.9% in reinsurance in the three months ending June 30, down 5.9 points from 99.8% in the same period in 2016, when the German reinsurer had natural catastrophe claims costs of €335

News AssociationsInsuranceReinsurance

“Nearly all” U.K. drivers paying record amounts for car insurance: Association of British Insurers

July 10, 2017 by Canadian Underwriter

Drivers in nearly all age groups in the United Kingdom are paying record amounts for their car insurance and could face further increases unless the government takes action to reduce claims costs, the Association of British Insurers (ABI) warned recently.