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Ontario quoted auto rates soar in 2010 Q1: Kanetix

April 13, 2010 by Canadian Underwriter

Auto rates quoted in Ontario in 2010 Q1 increased by 11.6% over 2009 Q1 quoted rates, according to Kanetix’s quarterly review of auto insurance.The increase on the quoted rates “suggest that Ontario drivers are feeling the effects of rate increases

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Facility Association (FA) pleased that New Brunswick allows cost of capital provisions in FA rates

April 8, 2010 by Canadian Underwriter

The New Brunswick Insurance Board has allowed the inclusion of a cost of capital provision in Facility Association (FA) rates, the second province in Canada to do so, following the lead of Prince Edward Island.Buoyed by the decision of the

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Rate reductions in U.S. commercial lines showing signs of moderating

April 7, 2010 by Canadian Underwriter

Average rate decreases for the composite U.S. commercial property and casualty markets slowed to 4% in March 2010 from 5% in February 2010, reports MarketScout.Directors and officers’ liability and surety rates were flat.Rates moderated for energy, manufacturing and public entities,

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Credit scoring, higher home insurance premiums on the radar in New Brunswick

March 31, 2010 by Canadian Underwriter

Although 2009 has been “a year of stability” in the auto insurance market for consumers in New Brunswick, “lurking in the background” are such issues as credit scoring, the rise in home insurance premiums and the province’s minor injury cap,

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Wildfire risk under-priced in Canadian market: ICLR

March 26, 2010 by Canadian Underwriter

The insurance industry “dodged a bullet” in 2009 with wildfire losses, but it currently has its “head in the sand” when it comes to pricing this risk, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR).McGillivray

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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