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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

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Use of telematics to surge in personal lines: Celent

January 5, 2012 by Canadian Underwriter

The use of telematics, particularly in auto lines, will become commonplace, leaving insurers unwilling to make the investment in a position of adverse selection, reported Celent.In its report, Telematics-Based Insurance: Has its Time Finally Arrived? Celent notes that several big

News Climate ChangeInsuranceMarkets / Coverages

2010-11 cat losses have not yet driven up demand for reinsurance capacity: Aon Benfield

January 5, 2012 by Canadian Underwriter

The unusual combination of catastrophic losses occurring in 2010-11 has not yet driven affected insurers to seek more capital, purchase higher reinsurance limits or raise prices/decrease exposures materially for the insurance products they sell, a report from Aon Benfield says.“However,

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

U.S. P&C industry sees underwriting losses swell to $30.5 billion: A.M. Best

December 22, 2011 by Canadian Underwriter

The U.S. property and casualty industry’s net income plunged to $12.8 billion for the nine months ended Sept. 30, 2011, down from the net income of $33.0 billion for the same period of 2010, according to A.M. Best’s ‘Best’s Special