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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

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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

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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

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Decrease in general increases for P&I renewals: Aon

February 23, 2010 by Canadian Underwriter

Ship owners experienced a more benign protection and indemnity (P&I) renewal at Feb 20, 2010, according to Aon Risk Services. General increases ranged between 0% and 12.5%, with a market average of 4.54%, the marine division of Aon reported. Owners

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2009 sees lowest insured losses in 3 years

February 9, 2010 by Canadian Underwriter

At $24 billion, insured losses in 2009 were the lowest they have been since 2006, in part due to relatively low losses for weather events and a quiet hurricane season, according to Guy Carpenter.This is a large drop from $52.5

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MPI to launch new rating program

January 27, 2010 by Canadian Underwriter

Manitoba Public Insurance (MPI) is launching a new rating program intended to increase merits that drivers can earn for driving safely, thereby decreasing drivers’ premiums by a projected total of almost $1 million.The Driver Safety Rating (DSR) will come into

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FSCO approves average auto rate increase of 2.49% in 2009 Q4, based on entire market

January 19, 2010 by Canadian Underwriter

Ontario’s insurance regulator has approved a 2009 Q4 auto insurance rate increase of 2.49%, based on the entire market.In the fourth quarter of 2009, for the 55.48% of the province’s auto insurance market that had rate changes approved, the average

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Ontario auto insurance rates increased in 2009 Q4: Kanetix

January 13, 2010 by Canadian Underwriter

The lowest auto insurance rates quoted by Kanetix in Q4 2009 increased on average 5.3% when compared to the same period of 2008.The increase, consistent with rate changes previously approved and announced by Ontario’s auto insurance regulator, means drivers should

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U.S. P&C industry sees increase in net income

January 11, 2010 by Canadian Underwriter

The net income of U.S. private property and casualty insurers after taxes rose to $16.2 billion through nine-months 2009, according to the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI).This represents a partial recovery from

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Reinsurance renewals indicate “disciplined” softening

January 8, 2010 by Canadian Underwriter

The global reinsurance market is in a state of “disciplined softening,” according to Willis Re.The assessment of the state of the marketplace stems from the Jan. 1, 2010 renewals, which saw measured premium rate reductions, a release says.“Despite global economic

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Increased precipitation in Fredericton may lead to increased homeowners’ rates: CBC report

January 6, 2010 by Canadian Underwriter

Homeowners in Fredericton, New Brunswick will likely see an increase in their insurances rates as a result of the increasing number of flood claims reported, according to the CBC. “Recently, most insurance companies have seen an increase in the kind