Canadian Underwriter

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premiums

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News AnnouncementsBrokersClaimsInsuranceMarkets / Coverages

Home, auto rate increases in 2023 “highest…seen in years.”

January 26, 2024 by David Gambrill

Canadian auto insurance rates increased 10% in 2023 compared to 2022, and similarly home insurance rates saw an increase as well — up 6.6% last year, according to the latest release of the Applied Rating Index. “The close of 2023

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News InsuranceMarkets / Coverages

Higher rates for Canadian trucks travelling in parts of U.S.

July 27, 2023 John G. Smith, vice president-editorial at Newcom Media

Facility Association, an insurer of last resort, is introducing higher surcharges for trucking companies and truck owner-operators who travel through specific U.S. states. A current surcharge is set at 1% per percentage of exposure in the U.S. For example, if

Adjuster filling out a car accident assessment form
News BrokersCatastrophesClaimsCommercial LinesConstructionInsurance

Growth? Maybe. Why carriers aren’t promising a soft market yet

May 11, 2023 Alyssa DiSabatino

Beyond the obvious threats of inflation and a possible economic downturn later in 2023, a confluence of other issues is triggering duress for brokers and insurers, which has carriers cautioning the hard market isn’t over yet. Taken together, these factors

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

News Insurance

Small businesses continue to be hard-hit by rising premiums this year, CFIB reports

September 24, 2021 by Jason Contant

Insurance has become the top operating cost concern for small businesses, with seven in 10 reporting their premiums have increased since the beginning of the year, the Canadian Federation of Independent Business (CFIB) reported. The ongoing hard commercial insurance market,

News Insurance

For how long will condo insurance rates continue to climb?

September 20, 2021 by Jason Contant

Rising condo insurance premiums will continue at least through the first two quarters of 2022, according to LowestRates.ca’s latest Home Insurance Price Index. Condo insurance premiums are continuing to rise in Canada, sustaining a years-long increase, the rate comparison site

Feature Brokers

The same, but different

December 3, 2019 Adam Malik, Managing Editor

Hard market conditions will likely stay the same in 2020, but brokers will not. Here’s how you can expect brokers to change over the next year…

Feature Brokers

Between a rock & a hard market

October 1, 2019 David Gambrill, Editor-in-Chief

We asked hundreds of brokers this year about their attitudes, business strategies, and best practices. Their valuable insights show how brokers can succeed during this challenging turn in the market cycle

News Markets / Coverages

This is how hard the Lloyd’s market has become

September 19, 2019 by Greg Meckbach

Insurance rates on renewal are up nearly 4% in the Lloyd’s market, which has returned to profitability. “While market conditions generally remain at historically competitive levels, price increases have been witnessed across all major lines, most notably in property and

News BrokersInsurance

How the convergence of everything will change the industry

September 9, 2019 by Jason Contant

The Internet of Things (IoT), the “connected economy,” and other phenomena driven by convergence will cause insurance premiums to go down, one industry analyst predicted last week at the Insurance-Canada.ca Executive Forum. “The rate at which this is going to

News Earnings / RatingsInsuranceMarkets / Coverages

Where Q2 personal auto premiums increased the most in Canada

July 17, 2019 by Jason Contant

The hard market continues in personal lines in Canada, with personal auto in Quebec seeing a significant increase in average premiums in Q2 2019, according to Applied Systems’ latest rating index. Last week, the insurance software vendor released its most

News Earnings / RatingsInsuranceMarkets / Coverages

Where Canadian drivers pay the most (and least) for auto insurance

July 19, 2018 by Jason Contant

When it comes to auto insurance premiums in Canada, drivers in British Columbia pay the most, followed by Ontario, data supplied by Insurance Bureau of Canada (IBC) revealed Wednesday. In B.C. last year, average annual auto premiums were $1,680. The