Topic
Earnings / Ratings
Where premiums actually went down in Canada
July 17, 2018 by Jason ContantAverage 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…
Public insurer requests modest rate increase
June 22, 2018 by Jason ContantManitoba 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…
Ugly trend in auto claims so far this year: OSFI data
May 30, 2018 by David GambrillFederally regulated Canadian property and casualty insurers have paid out $535 million more in auto claims during the first quarter of 2018 than they did during the same period last year, according to financial results posted by Canada’s solvency regulator.…
Two factors that may be contributing to ICBC’s poor fiscal performance
April 16, 2018 by Jason ContantThe combination of an unfriendly environment and “misguided provincial government policies” have contributed to the Insurance Corporation of British Columbia’s (ICBC) dismal financial performance, the Fraser Institute said in a new report. The report, titled The Decline and Fall of…
Ontario auto insurance rates up in first quarter of 2018
April 16, 2018 The Canadian PressTORONTO – Auto insurance rates in Ontario increased in the first quarter of 2018, putting the Liberal government further away from its promise to cut rates by 15 per cent. The numbers released Friday by the Financial Services Commission of…
Chubb takes stand on sacrificing market share to maintain underwriting profit
April 7, 2018 by Greg MeckbachChubb Ltd. is willing to lose customers if they are not willing to pay higher prices for insurance. “We sacrifice market share (though not happily) in order to maintain an underwriting profit,” Evan Greenberg, chairman and CEO of Chubb Ltd.,…
Insurer losses not yet translating into property price hikes: broker
March 24, 2018 by Greg MeckbachBrokers expecting to see price hikes in property lines after last year’s devastating hurricanes may have good news for clients, at least in the short term. “Long term, all of the carriers will need to increase pricing and they would…
Aviva Canada seeks average 5% rate increase in personal home and auto lines
March 8, 2018 by David GambrillAviva Canada is putting through an average rate increase of 5% in personal home and auto lines after reporting a combined operating ratio of 102% in its 2017 year-end results. Aviva Canada’s net written premium increased by 15% in 2017…
Intact, Fairfax discuss impact of interest rate hike on income
February 27, 2018 by Greg MeckbachWith interest rates at historic lows, Canadian property and casualty insurers rely more on underwriting profits to keep profitable than they have in the past. What difference would a rate hike make to insurers? A one percentage point rise in…
Feds tighten tax rules for small businesses and passive income in budget
February 27, 2018 Craig Wong - THE CANADIAN PRESSOTTAWA – The Liberal government moved to tighten the tax rules for small businesses in the federal budget Tuesday as it fine-tuned the changes that prompted an uproar last year. However, Finance Minister Bill Morneau still faces the challenge of…
“No question” that Aviva Canada plans to hike auto rates: CEO
February 20, 2018 Greg Meckbach, Associate EditorThere is “no question” that Canada’s second-largest insurer, Aviva Canada, is contemplating country-wide rate increases in personal auto, Greg Somerville, the company’s president and CEO, told Canadian Underwriter Thursday. The cost of repairing vehicles with advanced technologies is one factor…
Bank of Canada hikes interest rate to 1.25%, cites strong economic data
January 17, 2018 Andy Blatchford - THE CANADIAN PRESSOTTAWA – The economy’s impressive run prompted the Bank of Canada to raise its trend-setting interest rate Wednesday for the third time since last summer – but looking ahead it warned of growing uncertainties about NAFTA. The central bank pointed…