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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

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Nova Scotia brokers “optimistic” about government’s willingness to negotiate future of the auto cap

October 26, 2009 by Canadian Underwriter

CLARIFICATION: The following piece is intended to clarify remarks attributed to IBANS president Ken Myers, as reported by Canadian Underwriter in an online item entitled, “Only a matter of time before Nova Scotia cap is scrapped, premier suggests to brokers.”

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

CEOs debate whether a single tool for estimating reconstruction costs would help solve the ITV problem

October 23, 2009 by Canadian Underwriter

Would adherence to a single tool for estimating reconstruction costs help to resolve the insurance-to-value (ITV) issue?Insurance company CEOs debated the point at the 89th annual convention of the Insurance Brokers Association of Ontario (IBAO), held in Toronto on Oct.

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Only a matter of time before Nova Scotia cap is scrapped, premier suggests to brokers

October 22, 2009 by Canadian Underwriter

Nova Scotia’s Cdn$2,500 cap on claims payments for minor auto injuries will be scrapped, it’s just a matter of when, the province’s new premier has suggested to the Independent Broker Association of Nova Scotia (IBANS).Nova Scotia Premier Darrell Dexter, a

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Damage to economy may delay hardening of commercial market until at least 2011

October 21, 2009 by Canadian Underwriter

Economists may be declaring the end of a recession, but the resultant damage to the economy could mean commercial property and casualty rates won’t rise until 2011, according to an Advisen briefing.“The recession may have ended, but recovery has not

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FSCO approves average auto rate increase in Ontario of 2.13% in 2009 Q3

October 20, 2009 by Canadian Underwriter

FSCO has approved auto insurance rate increases in 2009 Q3 averaging 2.13% for the entire market.“In the third quarter of 2009, for the 34.38% of the market that had rate changes approved, the average rate change was +6.2%, when weighted

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

What’s New: In Brief (October 13, 2009)

October 13, 2009 by Canadian Underwriter

There was a 2.8% decrease in the average of the lowest rates quoted for online auto insurance in 2009 Q3, compared to 2008 Q3, according to a Kanetix study. The decrease appears to be the result of changes in consumer

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What’s New: In Brief (October 09, 2009)

October 9, 2009 by Canadian Underwriter

Insured loss estimates for onshore properties in Japan as a result of Typhoon Melor range from US$850 million to US$1.5 billion, according to AIR Worldwide.On Oct. 8, 2009 Super Typhoon Melor made landfall in central Japan’s Aichi prefecture (population 7

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AIG clarifies debt, owes US government US$83.6 billion

October 9, 2009 by Canadian Underwriter

AIG must repay the government US$83.6 billion, the company reported, “in response to continuing confusion regarding the amount of assistance AIG has received from the government and the amount it must repay.” The company received a total of US$182.3 billion

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Look for Facility Association numbers in Ontario to increase in 2010, former FA chair predicts

October 1, 2009 by Canadian Underwriter

Given the ongoing deterioration of Ontario auto insurance results, Facility Association is looking at a potential situation in 2010 that might “look and feel a lot like 2003,” Rob Wesseling, an immediate past chair of FA, told the National Insurance

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US surplus lines profits tumble in 2008, but still outpace p&c industry

September 28, 2009 by Canadian Underwriter

The U.S. surplus lines industry generated a profit in 2008 that outpaced the entire property and casualty industry, and yet its 2008 results represented a decrease of almost 67% from the previous year, reports A.M. Best Company Inc.In a special

News InsuranceLegalMarkets / Coverages

Ontario lawyers see professional indemnity premium rate increases

September 25, 2009 by Canadian Underwriter

A continuing increase in the number and costs of claims, a decline in investment income and the anticipated affect of the harmonized sales tax have all caused the Lawyers’ Professional Indemnity Company (LAWPRO) to increase its base premium for next