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Vancouver filmmaker launches online petition for ‘pay-as-you-drive’ auto insurance option

July 12, 2010 by Canadian Underwriter

A Vancouver filmmaker has started an online petition using social media to get the province’s public auto insurer to offer consumers a ‘pay-as-you-drive’ option.In a six-minute YouTube video presentation, Cliff Caprani says he wants the Insurance Corporation of B.C. (ICBC)

News InsuranceMarkets / Coverages

Business insurance costs cited as Number 1 “major cost concern” in Newfoundland: CFIB survey

July 7, 2010 by Canadian Underwriter

Newfoundland businesses cite insurance costs as Number 1 among their “major cost concerns” in a business barometer survey conducted by the Canadian Federation of Independent Business (CFIB).The survey canvassed the business optimism of 1,100 CFIB members across the country. Provincial

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Major losses in Q1 fail to stem softening of reinsurance market

July 5, 2010 by Canadian Underwriter

Major property losses in 2010 Q1, originating from the Chile earthquake and storms in Australia, have had little impact on pricing in the global reinsurance market, reports Willis Re.There has been no general market move towards increased pricing in property

News InsuranceMarkets / Coverages

Large capital cushion suppresses July reinsurance renewal rates: Guy Carpenter

July 2, 2010 by Canadian Underwriter

A large capital cushion continues to suppress global reinsurance rates, according to a briefing paper from reinsurance broker Guy Carpenter.“Further erosion of rates was evident at the July 1, 2010 reinsurance renewal,” Guy Carpenter says in its news briefing, posted

News AssociationsInsuranceMarkets / CoveragesMergers and Aqcuisitions

IBC cautions Alberta rate board not to use cap-related reserve release to calculate 2010 premiums

June 29, 2010 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has cautioned the Alberta Insurance Rate Board (AIRB) not to include the impact of a 2009 reserve release by insurers when the board calculates its 2010 industry-wide annual rate adjustment.The AIRB held public hearings

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Zero adjustment needed for rates in Alberta: government’s actuary

June 29, 2010 by Canadian Underwriter

Preliminary industry-wide auto rate adjustment indications for Alberta hover around 0%, according to the province’s actuary, Oliver Wyman. The actuarial company estimates the required average auto premium to be $564 on the low frequency forecasts, $578 in the mid range

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Ontario regulations call for fair pricing among insurer affiliates and distribution channels

June 25, 2010 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has amended its Unfair or Deceptive Acts or Practices (UDAP) regulation to ensure fair pricing among insurance company affiliates and their distribution channels. The UADP now requires “affiliated insurers and their agents/brokers to

News InsuranceMarkets / Coverages

Canada’s Competition Act negates dream of a single cost calculator: IBC

June 21, 2010 by Canadian Underwriter

Canada’s Competition Act is the main reason why the Insurance Bureau of Canada (IBC) will have nothing to do with the idea of insurers requiring brokers to use a single cost calculator for the purpose of calculating the reconstruction costs

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Home and Garden TV and Home Depot cited as “culprits” in the escalation of water damage claims

June 21, 2010 by Canadian Underwriter

Home and Garden Television (HGTV) and Home Depot are two main culprits responsible for the escalation of water damage claims costs, according to Will Cook, president of Belfor Restoration Services.These two cultural icons are fuelling the impulse to undertake an

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

MPI requests 4% overall average decrease in auto insurance premiums

June 11, 2010 by Canadian Underwriter

Manitoba Public Insurance (MPI) has proposed a 4% overall average rate decrease for auto insurance rates next year. This is in addition to providing customers with a $92-million rebate in the spring. The 12.9% rebate would amount to roughly $115

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Gore Mutual CEO cautions against premature auto rate reductions

June 4, 2010 by Canadian Underwriter

Insurers applying for and receiving auto rate reductions prior to Ontario’s reform implementation may be creating an unrealistic consumer expectation that auto insurance rates are now on the decline, Kevin McNeil, president and CEO of Gore Mutual said.McNeil spoke at

News InsuranceMarkets / Coverages

Deepwater Horizon disaster will “destabilize” the upstream and reinsurance markets: Willis

June 4, 2010 by Canadian Underwriter

Willis Group Holdings has described the Deepwater Horizon offshore oil rig explosion as a market-changing event that is expected to harden the upstream and reinsurance markets.“Even though a large portion of the Deepwater Horizon loss, which could amount to US$20