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IBC and IBANS committed to working with Nova Scotia on auto cap amendments

April 29, 2010 by Canadian Underwriter

Insurance Bureau of Canada (IBC) and the Insurance Brokers Association of Nova Scotia (IBANS) say they are committed to working closely with Nova Scotia to monitor the effect of the changes to the auto cap regulations in the province. Changes

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Cost of aerospace industry insurance expected to decline in 2010

April 26, 2010 by Canadian Underwriter

The cost of aerospace industry insurance in 2010 is expected to decline for the fourth year in a row, according to Aon’s Aerospace Insurance Markets Outlook 2010 report. After the marketplace turbulence in 2009, this represents an oasis of relative

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SGI Canada reports most profitable year ever in 2009

April 26, 2010 by Canadian Underwriter

SGI Canada has reported a net income of $52.4 million – the most profitable year in the corporation’s history – in part due to a low number of storm losses. Continued growth in the provincial economy provided premium growth of

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FM Global offers $420 million of “membership credits” during upcoming renewals

April 20, 2010 by Canadian Underwriter

FM Global is offering its clients a “membership credit” worth a collective $420 million when they renew their policies between June 30, 2010 and June 29, 2011.The credit each client receives will be based on client tenure, with longer-term clients

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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

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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

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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

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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,

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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,

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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