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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,

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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