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FSCO approves average auto rate increase of 1.93% in 2010 Q4

January 17, 2011 by Canadian Underwriter

Ontario’s financial regulator, the Financial Services Commission of Ontario (FSCO), approved an overall average auto insurance rate increase of 1.93% in 2010 Q4.For the 54.15% of the market that had rate changes approved in 2010 Q4, the average rate change

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Ontario auto rates increased 9.5% on average in 2010 Q4: Kanetix

January 12, 2011 by Canadian Underwriter

Personal auto insurance quotes in Ontario increased 9.5% in 2010 Q4, while decreasing 4.9% and 0.4%, respectively in Quebec and Alberta when compared to 2009 Q4, reported’s rate review is determined by taking an average of all the quotes

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A.M. Best changes outlook on U.S. commercial lines to ‘Negative’

January 11, 2011 by Canadian Underwriter

A.M. Best has revised its outlook to negative from stable for U.S. commercial lines for 2011. The revision implies that negative rating actions will outnumber positive rating actions in 2011, despite the fact that the vast majority of rating actions

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A.M. Best reports stable outlook for global reinsurance industry in 2011

January 10, 2011 by Canadian Underwriter

For the fifth consecutive year, A.M. Best Co. is maintaining a stable outlook in 2011 for the global non-life reinsurance industry. The current outlook implies the majority of 2011 reinsurer rating actions are likely to be affirmations, with only a

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Canadian reinsurance market sees continued softening in Jan. 1 renewals

January 4, 2011 by Canadian Underwriter

Canada experienced a significant reduction in reinsurance capacity secured during Jan. 1, 2011 renewals because of a continued movement from proportional reinsurance to excess-of-loss treaties, mergers and acquisitions and increased retentions, reported Aon.These factors set the stage for a competitive

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MarketPlace (January 01, 2011)

January 1, 2011 by Canadian Underwriter

Canadian Market Proposed changes to capital test would decrease P&C insurers’ MCT scores by 14% Proposed changes to the 2012 Minimum Capital Test (MCT) would decrease federally regulated Canadian property and casualty insurers’ aggregate MCT ratio by 14%, to 212.6%,

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Insurer cites joint and several liability as a factor in Essex County’s 41.7% 2011 municipal insurance renewal

December 21, 2010 by Canadian Underwriter

Essex County in Ontario saw its 2011 municipal insurance renewal increase by 41.7% over 2010.The municipality’s insurer attributed the premium increase to higher liability claims costs, including larger damage awards, higher legal defence costs, more class actions, the impact of

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MPI offers up to 33% discount to drivers with good driving record

December 17, 2010 by Canadian Underwriter

Manitobans with a solid driving record will be eligible to receive a discount of up to 33% off of their Basic Autopac policies, effective Mar. 1, 2011.A Manitoba Public Utilities Board ruling requires MPI to make changes to its Driver

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Perth County sees its municipal insurance premium increase 54%

December 17, 2010 by Canadian Underwriter

Perth County Council approved a 54% increase to its 2011 municipal insurance premium, which rose to $445,056.The Council tendered an RFP to handle its municipal insurance in late November. Only two municipal insurers – Frank Cowan and the Ontario Municipal

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CAA to seek approval for snow tire rebate from regulator

December 15, 2010 by Canadian Underwriter

The Canadian Automobile Association (South Central Ontario) will be applying to the Financial Services Commission of Ontario (FSCO) to offer premium rebates for drivers that install winter tires.“Insurance premium rebates will incent drivers to install winter tires, which will help

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No sign of a hard market in commercial lines: Advisen

December 13, 2010 by Canadian Underwriter

An overcapitalized U.S. commercial insurance market and weak demand will continue to drive down rates in 2011, eliminating any chance of a market hardening, Advisen reported.In its most report, The Insurance Market in 2011: The Lingering Effects of the Recession

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MPI ordered to sweeten premium discounts for “best” drivers

December 10, 2010 by Canadian Underwriter

The Manitoba Public Utilities Board (PUB) has approved Manitoba Public Insurance (MPI)’s overall 4% premium reduction for 2011-12, but has called on MPI to offer better vehicle premium discounts for drivers with the “best” experience.The board also “direct(ed) a change