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ICBC’s rate reduction on basic and optional insurance take effect

November 1, 2010 by Canadian Underwriter

ICBC’s 2.4% reduction in its basic rates are officially in effect.The public insurer also implemented a 3% reduction in optional insurance premiums.This marks the third consecutive year ICBC has offered rate reductions to its insureds.“Our customers’s smart driving decisions, combined

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Kanetix allows Ontario auto insurance rate tracking service

November 1, 2010 by Canadian Underwriter

Kanetix has launched a service that allows auto insurance consumers to track rate changes in Ontario.‘Rate Tracker’ is an online free service that displays the changes in rates that were approved by the Financial Services Commission of Ontario over the

News InsuranceMarkets / Coverages

U.S. soft market persists, but premium decreases are slowing down: RIMS survey

October 20, 2010 by Canadian Underwriter

Soft market conditions persisted in the United States during 2010 Q3, although the rate of the price decreases slowed, according to the RIMS Benchmark Survey. Every line of insurance tracked by the Advisen-administered survey posted a decrease in average premium.

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

CAA Insurance implements iClarify in Ontario

October 18, 2010 by Canadian Underwriter

CAA Insurance (Ontario) has implemented SCM Risk Management Services’ iClarify into its property intelligence services for CAA Insurance agents and call centres servicing Ontario and Atlantic Canada.“We are very excited to have been chosen to work with CAA and to

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Ontario personal auto approved rate changes virtually flat: FSCO

October 15, 2010 by Canadian Underwriter

Ontario’s auto insurance rates decreased by an average of 0.21% in 2010 Q3, when weighted by market share.Rate filings approved by the Financial Services Commission of Ontario (FSCO) during 2010 Q3 averaged negative 0.09%, based on the entire market.Only three

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Energy market remains flat, despite losses: Aon survey

October 15, 2010 by Canadian Underwriter

It would take a further loss of $5 billion or greater in the energy insurance market to end the current flat – bordering on soft – market, according to an Aon survey.Aon polled delegates at its 10th Middle East Energy

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Insurers weather 2008-09 financial crisis partly because of lessons learned in 2002

October 15, 2010 by Canadian Underwriter

Property and casualty insurers fared better than their banking counterparts during the 2008-09 financial crisis partly because the insurance industry learned its lessons from the soft market crisis in 1999-2002, the chairman of Ironshore Inc. said in an Oct. 15

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Intense competition and capital overabundance define U.S. commercial insurance market in 2010 Q3: Marsh

October 14, 2010 by Canadian Underwriter

Intense competition and overabundance of capacity continue to define the U.S. commercial insurance market, Marsh says in its report, U.S. Insurance Market Report 2010, Third Quarter Update: Insureds Net Benefits as Downward Rate Pressures Persist. Marsh’s report found that property

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CARR appoints two members to executive committee

October 8, 2010 by Canadian Underwriter

The Canadian Auto Insurance Rate Regulators (CARR) Association has appointed two New Brunswickers to its executive committee. Paul D’Astous, chairman & CEO of the New Brunswick Insurance Board (NBIB), has been appointed chair. D’Astous has served as vice chair since

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Echelon receives approval for a 7% rate hike

October 7, 2010 by Canadian Underwriter

Echelon General Insurance Company, a subsidiary of EGI Financial Holdings Inc., received approval for a 7% rate increase for its Ontario personal auto business.The Financial Services Commission of Ontario (FSCO) approved the rate increase, which will apply to new business

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Security National receives approval to set Nova Scotia motorcycle, trailer rates with reference to IAO 2006 rates

October 7, 2010 by Canadian Underwriter

Security National Insurance Company has received the blessing of the Nova Scotia Utility and Rate Review Board to align its rates for motorcycles and trailers using the 2006 rate analysis of the Insurers Advisory Organization (IAO).Security National plans to combine

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Alberta and Ontario drivers see rate increases, Quebec sees decrease: Kanetix

October 5, 2010 by Canadian Underwriter

Auto insurance rate quotes obtained on kanetix.ca increased in both Ontario and Alberta, but decreased in Quebec in 2010 Q3.Ontario saw the sharpest increase, with quote rates increasing 19.3% between 2009 Q3 and 2010 Q3. Some consumers saw multiple rate