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SGI proposes rate increase for auto customers

February 3, 2012 by Canadian Underwriter

SGI has proposed a net increase of 3.7% for Saskatchewan Auto Fund rates. If approved, the rate changes would take effect Aug. 4, 2012.The public insurer submitted its proposal to the Saskatchewan Rate Review Panel for “rate rebalancing.” Rebalancing takes

Feature Markets / CoveragesMergers and Aqcuisitions

Putting Humpty Back Together

February 1, 2012 David Gambrill, Editor

The rapidly emerging use of advanced vehicle technology (AVT) is causing insurers to look down the road and ask about rates, write-offs and repairs.

News InsuranceMarkets / Coverages

Canadian commercial rates likely to remain stable: Marsh

January 25, 2012 by Canadian Underwriter

Canadian commercial insurance rates are expected to remain stable across most lines of business in 2012, continuing a trend that began in the second half of 2011, according to a report by Marsh. In its report Navigating the Risk and

News AssociationsInsuranceMarkets / CoveragesMergers and Aqcuisitions

IBC meets with City of Ottawa to discuss rates after city’s infrastructure improvements in flood-prone area

January 25, 2012 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) met with city staff and an Ottawa councilor to discuss the potential impact of the City of Ottawa’s efforts to reduce the risk of flooding in its west end of Kanata, yourottawaregion.com reports.Ottawa dedicated

News InsuranceMarkets / Coverages

U.S. commercial P&C rates up by 2.8% in 2011 Q4

January 24, 2012 by Canadian Underwriter

Commercial property and casualty pricing in the United States increased by an average 2.8% in 2011 Q4, according to The Council of Insurance Agents & Brokers’ quarterly Commercial P/C Market Index Survey. On average, small, medium and large account pricing

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Women pay less than men for auto and home insurance: study

January 23, 2012 by Canadian Underwriter

Women in Canada pay less for auto and home insurance than men, according to a study by InsureEye Inc.“We have analyzed insurance premiums of Canadians across the four most populated provinces,” an InsureEye Inc. release states. “The outcome was quite

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Raising rate and lowering profit targets not the answer to Ontario auto issues

January 20, 2012 by Canadian Underwriter

Raising Ontario’s auto insurance rates or getting insurers to lower profit targets will not solve the fundamental issues in Ontario’s auto insurance system – a fraud-riddled system that has consumers paying the highest rates in Canada, wrote Barb Addie, president

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Ontario auto insurers receive approval for average rate increase of 1.84%

January 18, 2012 by Canadian Underwriter

Ontario auto insurers received approval for an average rate change of 1.84% in 2011 Q4 when weighted by the market share, reported the Financial Services Commission of Ontario (FSCO). Roughly 45% of the market had rate changes approved. Rate filings

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Hard market in Canadian P&C industry is not likely in 2012: CEO

January 12, 2012 by Canadian Underwriter

A hard market cycle will not likely happen in Canada’s property and casualty insurance industry in 2012, according to Philip Cook, president and CEO of Omega Insurance Holdings.Hard insurance markets are characterized by reduced capacity for insurers, resulting in higher

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Social media could be used to focus protests against the insurance industry

January 12, 2012 by Canadian Underwriter

Social media could be used to harm the Canada’s property and casualty industry as much as help it, according to Philip Cook, president and CEO of Omega Insurance Holdings.Specifically, Cook referred to the power of social media to mobilize public

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

U.S. property/casualty industry in early stages of hard market: III

January 12, 2012 by Canadian Underwriter

Experts in the U.S. property and casualty industry believe the worst of the financial crisis is over and that the industry is now in the early stages of a hard market, reported the Insurance Information Institute (III).The III surveyed 40

News InsuranceMarkets / Coverages

Insurers must beware of “cold spots” as well as peak exposures: Guy Carpenter report

January 11, 2012 by Canadian Underwriter

The global re/insurance industry is realizing the emerging volatility of “cold spots” – exposures that surprised insurers in 2011 because they were not considered to be risky areas in the past.Reinsurance industry Guy Carpenter flagged the emerging theme of “cold