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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

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FSCO approves average auto rate increase of 2.49% in 2009 Q4, based on entire market

January 19, 2010 by Canadian Underwriter

Ontario’s insurance regulator has approved a 2009 Q4 auto insurance rate increase of 2.49%, based on the entire market.In the fourth quarter of 2009, for the 55.48% of the province’s auto insurance market that had rate changes approved, the average

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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