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Opposition PCs in New Brunswick vow to increase cap if elected

August 12, 2010 by Canadian Underwriter

The New Brunswick Progressive Conservatives say they will increase the cap on soft tissue injuries if elected this fall.By how much remains to be seen, according to Times & Transcript.“The specific amount of how much will be based on a

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Citizen’s Group calls on New Brunswick to review minor injury cap

August 11, 2010 by Canadian Underwriter

A citizen’s group is calling on the New Brunswick government to review its $2,500 cap on insurance payments for minor injuries in auto collisions, Canadian Press reports.The news agency cites Frances McConnachie of Consumers for Insurance Fairness saying the cap

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Alberta orders auto insurance rate decrease of 5%

July 30, 2010 by Canadian Underwriter

Going against the advice its own actuary, Alberta has ordered an industry-wide auto insurance rate decrease of 5%.The premium reduction takes effect Nov. 1, 2010. The adjustment applies only to mandatory coverage, which is required by law and includes third

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Deepwater Horizon spill not going to be a “market changer”: Marsh

July 28, 2010 by Canadian Underwriter

Although the Deepwater Horizon oil spill is an “important event in the history of deepwater drilling and exploration,” it’s not going to be an insurance “market changer,” experts at Marsh suggest.In a report, Marsh compares the event to that of

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Excess capital suppresses commercial lines rates in 2010 Q2: RIMS Benchmark Survey

July 21, 2010 by Canadian Underwriter

Excess capacity in the commercial lines insurance marketplace continued to keep premiums under pressure during 2010 Q2, according to the RIMS Benchmark Survey.In the survey, administered by Advisen Ltd., risk managers reported decreases in average renewal premium of between 2.5%

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Ontario government approves reform-influenced auto insurance rate decrease of 1.03%

July 15, 2010 by Canadian Underwriter

Reform-influenced auto insurance rates filed with Ontario’s regulator in 2010 Q2 show an average rate decrease of 1.03%, when weighted by market share.The 2010 Q2 rates take into account the province’s auto insurance reforms and will become effective when the

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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)

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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

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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

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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

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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