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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

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U.S. reinsurance rates decline at Jan. 1, 2010 renewal: Guy Carpenter

January 4, 2010 by Canadian Underwriter

Reinsurance rates across most lines of property catastrophe business declined at the Jan. 1, 2010 renewal, according to a briefing released by Guy Carpenter & Company LLC.“A combination of factors — including the rally in global financial markets, relatively low

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Aon report shows 2.7% decrease in D&O liability pricing in 2009 Q3

December 18, 2009 by Canadian Underwriter

Pricing for directors’ and officers’ liability insurance decreased 2.7% in 2009 Q3 compared to the rates seen in the same quarter of 2008, according to Aon’s Q3 Quarterly D&O Pricing Index. In Standard & Poor’s financial institutions (FI) sector, D&O

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Adequate pricing essential in liability insurance: Swiss Re

December 17, 2009 by Canadian Underwriter

The best products and best underwriting methodology for liability risk are no substitutes for adequate pricing, according to a Swiss Re sigma study. Prices should reflect escalating claims trends and the uncertainties of a rapidly changing technological and legal environment,

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What’s New: In Brief (December 08, 2009)

December 8, 2009 by Canadian Underwriter

The composite rate for commercial property and casualty insurance in the United States was down 5% for Nov. 2009, MarketScout reports.The soft market may be prolonged if mega-brokers begin to acquire small- and middle-market brokerages, MarketScout says in its online

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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,