Some Canadian auto insurers may be experiencing fewer losses than their U.S. counterparts, a new report from ratings agency Fitch suggested. A mid-year review of U.S. personal auto segment results, based on filings for nine public company insurers that report…
The Canadian cyber market in general has suffered some “pretty bad loss ratios in the last couple of years,” said Jack Bottomley, senior consultant for cybersecurity with KPMG in Canada. Not long ago, the industry saw its cyber loss ratio…
Insurers have been sounding the alarm about their auto claims ratios returning to normal post-pandemic, but expect the oil shock to temper that expectation somewhat, P&C industry execs predict. The war in Ukraine and consequent embargo on Russian oil have…
Elected officials in Canada have an opportunity to fix underlying issues in the auto insurance product now that the pandemic has temporarily suppressed insurance companies’ auto loss ratios, says the head of Canada’s association for home, car and business insurers.…
Commercial insurance prices in the United States were again nearly flat during the second quarter of 2017, global advisory, broking and solutions company Willis Towers Watson (WTW) reported on Monday. For the eight quarter in a row, price changes were…
Augmented and virtual reality each boast considerable potential for impact within the insurance industry, with implications spanning risk mitigation, improved efficiency and loss ratios and enhanced customer service, Novarica said in a new executive brief. While their effect will be…
The magnitude 6.0 earthquake that struck central Italy exactly one year ago is estimated to have cost 108 million euros, PERILS AG has reported. PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, disclosed its final loss estimate for…
Five catastrophe events in Canada led to $438 million in insured losses in the first half of this year, according to the PCS H1 2017 Catastrophe Review, released on Wednesday. “Unsurprisingly, insured losses from PCS-designated events in Canada fell dramatically…
Nine days after Insurance Corporation of British Columbia released a report it commissioned to Ernst & Young LLP on reforming auto insurance, the chief executive officer of Intact Financial Corp. suggested it is “better to have a competitive marketplace” in…
The premiums charged by British Columbia’s government-run monopoly provider of basic auto insurance are “not high enough” to cover claims, the system is not sustainable and the cost of the average minor bodily injury claim has risen well beyond the…
The insurance industry will be profoundly disrupted by technological change, Vincent J. Dowling, Jr., managing partner of Dowling & Partners Securities LLC, told attendees at Marsh & McLennan Companies, Inc. (MMC)’s Young Professionals’ Global Forum 2017 in London, U.K. on…
The insurance industry in Canada saw a 6.6% hike in the combined operating ratio for the first quarter of 2017, from 94.7% in Q1 2016 to 101.3% in the first three months of this year, MSA Research Inc. president and…