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Partner Re warns of “no-growth environment” in 2010

April 20, 2010 by Canadian Underwriter

Partner Re is warning of a “no-growth environment” for the reinsurance market in the coming year.In its 2009 annual report, securing the future, Partner Re observed that during Jan. 1, 2010 renewals, “the company observed a competitive business environment with

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Ontario auto insurers approved for rate increases averaging 5.61% in 2010 Q1

April 19, 2010 by Canadian Underwriter

Ontario auto insurance rates continued their upward climb in 2010 Q1, with the province’s auto insurers getting approved rate increases averaging 5.61% when weighted by market share.“The rate changes approved in 2004, 2005, 2006, 2007, 2008 and 2009 were -10.60%,

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Soft market in commercial lines continues unabated for seventh year: RIMS Benchmark Survey

April 15, 2010 by Canadian Underwriter

Now in its seventh year, the soft market shows few signs of loosening its grip on commercial insurance pricing, according to the RIMS Benchmark Survey administered by Advisen Ltd. Average premiums in every line tracked by the survey fell in

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Ontario quoted auto rates soar in 2010 Q1: Kanetix

April 13, 2010 by Canadian Underwriter

Auto rates quoted in Ontario in 2010 Q1 increased by 11.6% over 2009 Q1 quoted rates, according to Kanetix’s quarterly review of auto insurance.The increase on the quoted rates “suggest that Ontario drivers are feeling the effects of rate increases

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Facility Association (FA) pleased that New Brunswick allows cost of capital provisions in FA rates

April 8, 2010 by Canadian Underwriter

The New Brunswick Insurance Board has allowed the inclusion of a cost of capital provision in Facility Association (FA) rates, the second province in Canada to do so, following the lead of Prince Edward Island.Buoyed by the decision of the

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Rate reductions in U.S. commercial lines showing signs of moderating

April 7, 2010 by Canadian Underwriter

Average rate decreases for the composite U.S. commercial property and casualty markets slowed to 4% in March 2010 from 5% in February 2010, reports MarketScout.Directors and officers’ liability and surety rates were flat.Rates moderated for energy, manufacturing and public entities,

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Credit scoring, higher home insurance premiums on the radar in New Brunswick

March 31, 2010 by Canadian Underwriter

Although 2009 has been “a year of stability” in the auto insurance market for consumers in New Brunswick, “lurking in the background” are such issues as credit scoring, the rise in home insurance premiums and the province’s minor injury cap,

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Wildfire risk under-priced in Canadian market: ICLR

March 26, 2010 by Canadian Underwriter

The insurance industry “dodged a bullet” in 2009 with wildfire losses, but it currently has its “head in the sand” when it comes to pricing this risk, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR).McGillivray

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Commercial lines pricing flattened in 2009 Q4

March 19, 2010 by Canadian Underwriter

Commercial insurance prices remained flat during 2009 Q4, reports Towers Watson’s Commercial Lines Insurance Pricing Survey.The survey compared prices charged on policies underwritten by 36 participating insurance companies during 2009 Q4 to the prices charged for the same coverage during

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Alberta incorporated insurers showed signs of recovery in 2009

March 17, 2010 by Canadian Underwriter

Alberta incorporated property and casualty companies reported a collective net income of $40.7 million in 2009, marking an improvement from 2008’s consolidated net income of $29 million, according to postings by Alberta’s Superintendent of Insurance.The figures include:• Alberta Motor Insurance

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What’s New: In Brief (March 09, 2010)

March 9, 2010 by Canadian Underwriter

PartnerRe expects the total insured industry losses from the Feb. 27, 2010 earthquake in Chile to be between $6 billion and $10 billion. The company expects its claims relating to the earthquake to be between $220 million and $320 million.The

News InsuranceMarkets / Coverages

Insurers turning to price optimization: Celent

March 1, 2010 by Canadian Underwriter

The insurance industry is changing its approach to product pricing, increasingly using price optimization to differentiate themselves from competitors, according to Celent, a Boston-based financial research and consulting firm.Celent’s recent report, Price Optimization in Insurance: A Revolution in Progress, defines