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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

News InsuranceMarkets / Coverages

Insurance scores better rating variable than credit scores: CEO

September 21, 2010 by Canadian Underwriter

Canadian auto underwriters would benefit greatly from the use of consumer “insurance scores,” a more sophisticated form of a credit score, Chris Kiah told delegates of the National Insurance Conference of Canada (NICC).Kiah, president and CEO of Allstate Canada, served

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

OSFI praises Canadian P&C insurers for strengthening pricing in homeowners’ lines

September 20, 2010 by Canadian Underwriter

Canada’s property and casualty industry has started to make much-needed, across-the-board price corrections in homeowners’ lines, the Office of the Superintendent of Financial Institutions (OSFI) observed at the National Insurance Conference of Canada (NICC) in Montreal on Sept. 20.But the

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Canadian insurers urged to help stop municipal cuts from negatively affecting fire services

September 15, 2010 by Canadian Underwriter

Municipalities across Canada are cutting budgets for fire services to levels that insurers would consider “dangerous,” and insurers should consider using their premium clout to help put a brake on the cuts, insurance representatives heard at a Fire Underwriters Survey

News InsuranceMarkets / Coverages

In a flat U.S. commercial market, companies using predictive modeling better able to hold the line on pricing: Towers Watson

September 15, 2010 by Canadian Underwriter

Although U.S. commercial insurance prices continue to remain relatively flat for the sixth consecutive quarter, insurers using predictive modeling in their pricing and risk selection process reported that they were better able to hold price levels, according to a Towers

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

ICBC reduces its basic rate by 2.4%

September 2, 2010 by Canadian Underwriter

ICBC will reduce its basic insurance rates by 2.4%, beginning Nov. 1, 2010.The public insurer had applied to the British Columbia Utilities Commission (BCUC) for a 1.9% reduction.BCUC noted ICBC’s operating expenses were, on average, 2.8% lower than forecasted over

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Long-term effects of financial crisis on insurance industry remain unclear: IAIS

August 31, 2010 by Canadian Underwriter

Despite existing signs suggesting the worst of the financial crisis may be over for global property and casualty insurers, the full effects of the crisis are not entirely clear, says a report by the International Association of Insurance Supervisors (IAIS).“For

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Vast majority of Ontario drivers lack knowledge of reforms: RSA Canada

August 30, 2010 by Canadian Underwriter

Nearly 70% of Ontario drivers do not understand the impending auto insurance reforms or how the reforms will affect their auto insurance coverage, according to a survey commissioned by RSA Canada.Leger Marketing was commissioned to conduct the RSA Canada Automobile

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‘Shock event’ required to reverse downward reinsurance market trend

August 25, 2010 by Canadian Underwriter

A $25 billion loss would stop the global reinsurance market’s downward pricing trend, but an $82 billion loss would be required to turn the market, according to a panel of experts on an AM Best webinar.During the webinar, ‘State of

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

P&C reserve redundancies likely to weaken, but remain adequate: Fitch

August 23, 2010 by Canadian Underwriter

Fitch estimates that U.S. property and casualty industry reserves at year-end 2009 are between 1% deficient and 2% redundant.In its report, Are Redundancies Exhausted?, Fitch noted that the hard market years of the mid-2000s continued to prove more profitable than