Canadian Underwriter

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Earnings / Ratings

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You think the auto market is bad? Check out personal property…

October 10, 2019 by Jason Contant

The hard market is showing no signs of abating, with all provinces posting premium rate increases in personal lines in the latest quarter, according to Applied Systems’ most recent rating index. Personal property premiums increased on average by 13.6% compared

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 ClaimsEarnings / RatingsInsuranceMarkets / Coverages

What is costing Alberta auto insurers the most

June 13, 2019 by Jason Contant

Third-party liability coverage continues to be the bane of Alberta auto insurers’ existence, the province’s Automobile Insurance Rate Board (AIRB) revealed in its 2018 annual report. Provincial auto insurers collect 53% of every dollar for third-party liability coverage, but are

News Earnings / RatingsInsurance

How Fairfax’s Allied World acquisition is working out

May 10, 2019 by Greg Meckbach

Old medical malpractice claims with Allied World Assurance Company are still affecting the bottom line of Canada’s Fairfax Financial Holdings Ltd., which bought the majority of Allied World nearly two years ago. With a combined ratio of 102.3%, Zug, Switzerland-based

News CatastrophesClaimsEarnings / RatingsInsurance

Is the reserve release tank running on empty?

April 15, 2019 by David Gambrill

The Canadian property and casualty industry saw its reserve releases contract in 2018 to their lowest level in seven years, according to MSA’s Q4 2018 Quarterly Outlook. Expressed as a percentage of loss development margin, reserve releases last year amounted

News Earnings / Ratings

All bets are off on timing of interest rate increase

March 8, 2019 Andy Blatchford - THE CANADIAN PRESS

OTTAWA  – A weak data report “surprised” the Bank of Canada ahead of its decision to cast doubts about future interest-rate hikes and to warn Canadians the ongoing slump could prove to be unexpectedly stubborn, says one of the bank’s

News Earnings / Ratings

What it will take for another interest rate hike

February 21, 2019 Andy Blatchford THE CANADIAN PRESS

OTTAWA – The head of the Bank of Canada says his trend-setting interest rate is low enough, at its below-inflation level of 1.75 per cent, that it’s delivering stimulative effects to the economy. But even in the stronger economy, governor

News Earnings / RatingsInsurance

By how much did your clients’ auto rates increase last quarter?

January 24, 2019 by David Gambrill

Ontario auto insurance rates increased by an average of 3.35% in the fourth quarter of 2018, with several companies receiving approval for double-digit rate increases, the province’s regulator reported. Overall, 23 insurers representing approximately 51% of the market based on

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All provinces saw rate increases in Q4 2018: Applied

January 10, 2019 by Jason Contant

Evidence of a hard market in personal lines in Canada was apparent in Applied Systems’ latest quarterly Applied Rating Index, released Tuesday. The Q4 2018 index found that average premiums for personal auto and personal property lines increased by more

News Earnings / RatingsInsuranceReinsurance

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