Topic
Earnings / Ratings
By how much did your clients’ auto rates increase last quarter?
January 24, 2019 by David GambrillOntario 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…
All provinces saw rate increases in Q4 2018: Applied
January 10, 2019 by Jason ContantEvidence 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…
Why A.M. Best gave the global reinsurance segment a ‘stable’ outlook
December 6, 2018 by David GambrillCORRECTION: 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.…
Why interest rates might not rise further
December 4, 2018 Craig Wong - THE CANADIAN PRESSOTTAWA – 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…
Public insurer’s six-month loss over $500 million
November 26, 2018 by Jason ContantThe 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…
Why Intact will not chase growth by lowering rates
November 8, 2018 by Jason ContantAs 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…
Root cause of commercial auto woes hard to pinpoint: Insurer CEO
October 25, 2018 by Greg MeckbachCommercial 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…
Signs of a hardening commercial market
August 20, 2018 by Greg MeckbachShopping 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…
Aviva Canada’s plan to decrease its exposure in Ontario auto
August 2, 2018 by David GambrillAviva 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…
Where private auto insurance rates are rising the fastest in Canada
July 31, 2018 by Jason ContantOntario’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…
Where Canadian drivers pay the most (and least) for auto insurance
July 19, 2018 by Jason ContantWhen 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…
The Canadian insurer that will seek a rate decrease later this year
July 18, 2018 by Jason ContantOne 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…