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MPI holding the line on auto insurance rates

December 7, 2009 by Canadian Underwriter

Most vehicle owners in Manitoba will pay the same or less for auto insurance in 2010-11, Manitoba Public Insurance has announced. For 11 out of the last 12 years, MPI has held the line on basic Autopac rates, as approved

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What’s New: In Brief (December 02, 2009)

December 2, 2009 by Canadian Underwriter

More than 1,800 ideas designed to improve Canadian communities were submitted to Aviva Canada Inc.’s ‘Aviva Community Fund’ competition.The Top 62 now move into the semi-final round.In the semi-final round, the ideas will continue to vie for votes until Dec.

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Despite benign storm season, insurers must maintain underwriting discipline: Lloyd’s

December 2, 2009 by Canadian Underwriter

The year 2009 will go on record as the quietest in the Noughties (the first decade of millennium) for windstorm activity, reports Lloyd’s.In total, there were only nine named storms, three hurricanes and two major hurricanes in 2009. This activity

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Direct insurer association applauds use of credit scoring

November 30, 2009 by Canadian Underwriter

The Canadian Association of Direct Response Insurers (CADRI) “welcomes” the results of the Canadian Council of Insurance Regulators (CCIR)’s questionnaire on credit scoring and insurance industry practices.On Nov. 16, 2009, CCIR released the results of its survey. Of the findings,

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RMS unveils new ITV indexing tool, dubbed ‘iClarify’

November 24, 2009 by Canadian Underwriter

RMS officially unveiled its new insurance-to-value (ITV) indexing technology at the MarS Innovation Centre in Toronto on Nov. 23.Dubbed ‘iClarify,’ the RMS indexing tool has been developed to help resolve the ITV issue. Currently, Canadian insurance companies and brokers do

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Expect “sustained negative press” as auto reform churns through the system, auto insurers cautioned

November 19, 2009 by Canadian Underwriter

Ontario’s auto reforms probably won’t make their mark until the third quarter of 2010, insurance company executives said at a luncheon sponsored by the Conestoga Chapter of the Insurance Institute of Ontario.Due to the delay, the industry must now be

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CCIR survey on credit scoring suggests absence of disclosure

November 16, 2009 by Canadian Underwriter

Forty-two per cent of Canadian property and casualty companies that use credit-based insurance (CBI) scores — representing 17% of market share — do not disclose an adverse affect of the CBI scores to policy applicants or policyholders, according to a

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ICBC reports decline in Q3 net income

November 12, 2009 by Canadian Underwriter

ICBC’s net income for the first nine months of 2009 was Cdn$422 million, down Cdn$15 million from the same period last year.Total claims and expenses increased from Cdn$2.6 billion in the first nine months of 2008 to Cdn$2.7 billion in

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What’s New: In Brief (November 10, 2009)

November 10, 2009 by Canadian Underwriter

The 2010 Subaru Legacy is the first car tested by the Insurance Institute for Highway Safety to earn damage estimates under US$1,000 for all four of the institute’s bumper tests.“Bumpers that don’t bump,” resulting in costly damage in what should

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AIG turns a US$455-million profit in 2009 Q3

November 6, 2009 by Canadian Underwriter

American International Group, Inc. (AIG) reported a 2009 Q3 profit of US$455 million, compared with a net loss of US$24.5 billion in 2008 Q3.“Our results reflect continued stabilization in performance and market trends,” AIG president and CEO Robert H. Benmosche

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What’s New: In Brief (October 29, 2009)

October 29, 2009 by Canadian Underwriter

With the 2010 Olympic and Paralympic Winter Games fast approaching, Insurance Bureau of Canada (IBC) is reminding B.C. homeowners to make sure they are properly insured before renting out their property to visitors.Since last year, IBC has been encouraging B.C.

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What’s New: In Brief (October 28, 2009)

October 28, 2009 by Canadian Underwriter

The New Brunswick Insurance Board held a public hearing on Oct. 27 to consider an auto insurance rate filing by IAO Actuarial Consulting Services Inc. (IAO), which recommends an average rate decrease of 6.02% for 2010.The outcome of the meeting