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‘Persistent low interest rate environment’ among factors affecting Canadian P&C financial performance in 2016: A.M. Best

September 6, 2017 Greg Meckbach, Associate Editor

As the Bank of Canada announced Wednesday its second rate hike in less than two months, an analyst with A.M. Best Company Inc. suggested to industry professionals that  a 2.1-point increase in the industry-wide operating ratio in the Canadian property

News Earnings / RatingsInsuranceMarkets / CoveragesMergers and Aqcuisitions

Auto personal accident loss ratio up for fourth year in a row in Canada: A.M. Best

September 5, 2017 by Canadian Underwriter

The auto personal accident loss ratio in Canada “remains a concern,” with Canadian auto insurers being affected by distracted driving and rising repair costs, A.M. Best Company Inc. suggested in a recent report. In 2016, ratings firm A.M. Best said

News Earnings / RatingsInsuranceMarkets / Coverages

Surprising growth surge forces forecasters to revisit Canadian economic predictions

September 5, 2017 The Canadian Press (CPSTF)

OTTAWA – The economy’s surprisingly powerful second-quarter performance is pushing forecasters to change their outlooks – starting with predictions for Wednesday’s central bank rate announcement. Fresh data released last week showed the economy expanded at an annual pace of 4.5

News CatastrophesEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

A.M. Best has ‘significant concerns’ about global reinsurance industry after 2016 accident year combined ratio tops 100%

September 5, 2017 by Canadian Underwriter

The global reinsurance market is “far from thriving” and while the Lloyd’s market “maintains an excellent business profile,” its accident year combined ratio in reinsurance exceeded 100, A.M. Best Company Inc. said in a report released Tuesday. Each September, Oldwick,

News Earnings / RatingsMarkets / CoveragesMergers and Aqcuisitions

A.M. Best reports spike in Canadian investment in U.S. insurance market

September 1, 2017 by Canadian Underwriter

There is a “growing interest” among Canadian property and casualty insurers in the United States market, while on this side of the border, Aviva plc has became the Number 2 P&C insurer in Canada and the loss ratio in Canadian

News Earnings / RatingsInsuranceLegalLegislation / Regulation

B.C. attorney general extends ICBC’s rate filing deadline by two weeks

August 31, 2017 by Canadian Underwriter

British Columbia’s attorney general announced on Thursday that he has extended by two weeks the rate filing deadline for the Insurance Corporation of British Columbia (ICBC). Attorney General and the minister responsible for ICBC, David Eby, said in a statement

News Earnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

U.S. P&C industry records US$5.1 billion underwriting loss in first half of 2017: A.M. Best

August 29, 2017 by Canadian Underwriter

The property and casualty industry in the United States recorded a net underwriting loss of US$5.1 billion for the first six months of the year, according to preliminary results from A.M. Best Company. This underwriting loss compares with a US$2 billion loss in the same period a year ago, the Oldwick, N.J. ratings firm said in a press release on Tuesday. Data from the financial review is derived from companies’ six-month 2017 interim statutory statements received as of Aug. 21 and represents an estimated 96%…

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Cyber market ‘softer than ever,’ commercial property, general liability rates down in U.S. in Q2: CIAB

August 23, 2017 by Canadian Underwriter

Responses from brokers surveyed indicate commercial property insurance rates in the United States dropped an average of 3.6% during the three months ending June 30, with average premium pricing down 1.44% in cyber, in a market that is “softer than

News CatastrophesEarnings / RatingsInsuranceReinsurance

Global reinsurers’ first-half 2017 results reflect pricing pressure, consolidation expected: Fitch

August 21, 2017 by Canadian Underwriter

Global reinsurers’ first half 2017 results provide further evidence of continuing pressure on pricing and earnings, Fitch Ratings said in a report released on Monday. “Intense competition among global reinsurers and the abundance of capital invested in the sector mean

News Earnings / RatingsInsuranceLegislation / RegulationMarkets / Coverages

Canadian inflation perks up for first time since January, hits 1.2% in July

August 18, 2017 Andy Blatchford - THE CANADIAN PRESS

OTTAWA – Inflation picked up its pace last month for the first time since January as the annualized rate accelerated to 1.2 per cent, Statistics Canada said Friday. The latest inflation number increased from its June reading of one per

News Earnings / RatingsInsuranceMergers and Aqcuisitions

U.S. P&C industry sustains favourable rating activity in H1 2017: A.M. Best

August 17, 2017 by Canadian Underwriter

Credit rating activity for the United States’ property and casualty industry in the first half of 2017 was favourable, with upgrades outpacing downgrades, A.M. Best Company reported on Thursday. Nearly one-third of the 2017 upgrades were driven by “increased parental

News Earnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

P&C reinsurance gross written premiums for half-year up 17.3% to 5.4 billion euros for Hannover Re

August 10, 2017 by Canadian Underwriter

Hannover Re has reported a 17.3% increase in property and casualty reinsurance gross written premiums (GWP) for the first half of the year to 5.4 billion euros from 4.6 billion euros in H1 2016. “The main driver was once again