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Why A.M. Best gave the global reinsurance segment a ‘stable’ outlook

December 6, 2018 by David Gambrill

CORRECTION: An earlier version of this story incorrectly stated that A.M. Best had changed its outlook for the global reinsurance sector from ‘Stable’ to ‘Negative.’ In fact, the outlook changed to ‘Stable’ from ‘Negative.’ Canadian Underwriter apologizes for the error.

News Earnings / Ratings

Why interest rates might not rise further

December 4, 2018 Craig Wong - THE CANADIAN PRESS

OTTAWA – The pace of economic growth in Canada slowed in the third quarter as business investment spending fell and the growth in household spending slowed, raising questions about the future pace of interest rate hikes by the Bank of

News Earnings / RatingsInsurance

Public insurer’s six-month loss over $500 million

November 26, 2018 by Jason Contant

The Insurance Corporation of British Columbia (ICBC) has posted a net loss of $582 million for the first six months of the current fiscal year. It’s also projecting a year-end financial loss of $890 million for 2018/19. This significant loss

News Earnings / RatingsInsurance

Why Intact will not chase growth by lowering rates

November 8, 2018 by Jason Contant

As both personal and commercial markets continue to show signs of hardening, Intact Financial Corporation will not pursue growth by lowering rates as 2019 approaches. “We’re not chasing growth by lowering rates as we move into 2019,” Darren Godfrey, Intact’s

News ClaimsEarnings / RatingsInsurance

Root cause of commercial auto woes hard to pinpoint: Insurer CEO

October 25, 2018 by Greg Meckbach

Commercial auto losses have been worse than expected for The Travelers Companies Inc., and company officials are not exactly sure why. “It’s a line that has been challenged from a profitability perspective for a while,” Travelers chairman and CEO Alan

News Earnings / RatingsInsuranceMarkets / Coverages

Signs of a hardening commercial market

August 20, 2018 by Greg Meckbach

Shopping around for the best deal for a business client may be getting more difficult as commercial lines prices start to uptick. Among commercial insurers, “it seems there is a little bit of tightening up on the risk appetite,” Raymond

News Earnings / RatingsInsuranceLegislation / RegulationMarkets / Coverages

Aviva Canada’s plan to decrease its exposure in Ontario auto

August 2, 2018 by David Gambrill

Aviva Canada is diversifying its portfolio of business to avoid exposure to deteriorating conditions in Ontario’s auto insurance market. “When you look at Aviva’s business in Canada, there’s a heavy concentration in Ontario auto,” Aviva Canada president and CEO Colm

News Earnings / RatingsInsuranceMarkets / Coverages

Where private auto insurance rates are rising the fastest in Canada

July 31, 2018 by Jason Contant

Ontario’s premium rates are rising the fastest among Canada’s private passenger auto insurance regimes, according to the Q2 2018 Auto Insurance Price Index from LowestRates.ca. A measure of only private passenger auto insurance regimes in Canada, the index from the

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

News Earnings / RatingsInsurance

The Canadian insurer that will seek a rate decrease later this year

July 18, 2018 by Jason Contant

One Canadian public insurer is bucking the trend – seen across the country – of carriers asking to raise auto rates. Saskatchewan Government Insurance (SGI) told Canadian Underwriter Tuesday that it plans to apply for a rate decrease later this

News Earnings / RatingsInsurance

Where premiums actually went down in Canada

July 17, 2018 by Jason Contant

Average premiums for personal auto in Atlantic Canada decreased for the second consecutive quarter, according to Applied Systems’ latest quarterly rating index. On the other side of the country, in British Columbia, average personal property premiums also decreased for the

News Earnings / RatingsInsurance

Public insurer requests modest rate increase

June 22, 2018 by Jason Contant

Manitoba Public Insurance (MPI) has requested a 2.2% overall rate increase for the 2019-20 insurance year in its general rate application (GRA), filed with the provincial Public Utilities Board. If approved, the average passenger vehicle owner will pay about $27