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Total cost of risk up 5% in 2012, RIMS benchmark says

July 12, 2013 by Canadian Underwriter

The average total cost of risk increased by 5% in 2012 over a 1.7% climb in 2011, driven mainly by firming market conditions, according to this year’s RIMS Benchmark Survey. The annual survey includes benchmark statistics with industry data for

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Saskatchewan Government Insurance asks for public feedback on motorcycle rates

July 10, 2013 by Canadian Underwriter

Saskatchewan Government Insurance is asking for public input on possible changes to motorcycle safety programs, rating structure and injury benefit levels. The public appeal comes shortly after the auto insurer formed the Motorcycle Review Committee to look at issues affected

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Reinsurers take defensive action in wake of lower P&C rates: Willis Re

July 2, 2013 by Canadian Underwriter

U.S. property catastrophe has been identified as a key battleground as reinsurers begin taking robust defensive measures to maintain market positions recently eroded by new capital markets entrants, suggests a new report from Willis Re, a division of Willis Group

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Budget reforms a good first step, but more changes needed to hit Ontario auto premium cut

June 18, 2013 Angela Stelmakowich, Editor

It may be necessary to contemplate additional reforms if the Ontario government expects to be able to soon fulfill its promise to cut insurance premiums by an average of 15%, one industry leader suggests. Ralph Palumbo, vice president for Ontario

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New Solvency II proposals won’t settle disputes on capital levels: Fitch

June 17, 2013 by Canadian Underwriter

The European Insurance and Occupational Pensions Authority (EIOPA) has released its recommendations on “long-term guarantee products” in the Solvency II regime, but one firm says the proposals aren’t enough to cool disputes between insurers and regulators. Last Friday, the EIOPA

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European insurers well-positioned to take on flood losses

June 17, 2013 by Canadian Underwriter

While the total impact of major flooding in central Europe is unclear as the situation develops, ratings firm A.M. Best says it expects economic losses to “far exceed” insured losses. In its early analysis of the floods, the firm said

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Survey indicates “modest” increase in U.S. commercial property insurance prices

June 10, 2013 by Canadian Underwriter

Commercial insurance prices in the U.S. increased during the fourth quarter of 2013, with the largest increases in employment practices liability and workers compensation, a survey released Monday by Towers Watson & Co. suggests. The increase in U.S. property coverage

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P&C industry well-positioned to take on 2013 hurricane season: Fitch

May 31, 2013 by Canadian Underwriter

The insurance and reinsurance market has enough capacity available to withstand potential hurricane-related losses in the United States this year, according to Fitch Ratings. In the eighth edition of the firm’s annual hurricane season desk reference, Fitch said that pricing

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Demand for cyber risk insurance likely to increase, but pricing it’s a challenge: report

May 28, 2013 by Canadian Underwriter

While there is potential for growth in the cyber insurance market, pricing strategies and the evolving nature of cyber risk make effective underwriting a challenge, notes a new report from rating agency A.M. Best. In the past three or four

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Consumers find insurer websites easy for policy services, challenging when shopping for coverage: report

May 22, 2013 by Canadian Underwriter

Auto insurance customers find it easier to use insurance company websites to service their existing policies rather than for shopping around for coverage, according to results from a recent U.S. study by J.D. Power and Associates. The study asked customers

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U.S. commercial lines composite rate index up 5% in April: MarketScout

May 21, 2013 by Canadian Underwriter

The composite rate index for U.S. property, casualty and professional liability business is plus 5%, matching the increase from March 2013, according to MarketScout, a Dallas-based insurance exchange with 35,000 users throughout the United States, mainly independent retail agents. Commercial

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Telematics could help reduce Ontario auto premiums, insurer president says

May 17, 2013 Greg Meckbach, Associate Editor

Political pressure to force insurance carriers to reduce auto premiums in Ontario is caused in part by public cynicism, but telematics may be part of the solution, suggests Bob Dempsey, president and chief operating officer of The Guarantee Company of