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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

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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

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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

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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

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Consumers prefer advance warning about auto rate increases

September 23, 2009 by Canadian Underwriter

Consumer satisfaction declines substantially among auto insurance policyholders who are not notified in advance of rate increases, according to the J.D. Power and Associates 2009 Canadian Home and Auto Insurance Customer Satisfaction Study. The study, released on Sept. 23, finds

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Marine insurers affected by global recession

September 22, 2009 by Canadian Underwriter

As the global recession affects shipping activity, marine insurers are faced with decreased demand and an increase in piracy, according to A.M. Best. Impeding free trade could have a negative impact on the global economic recovery, Deidre Littlefield, president of

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Reinsurers might need to raise rates between 4.3% and 8.9% just to offset low interest rates alone: research

September 15, 2009 by Canadian Underwriter

Internal research by PartnerRe suggests a reinsurer would have to increase its rates by 4.3% (for short-term, property, non-proportional business) and 8.9% (for long-tail, motor, non-proportional business) just to account for lower interest rates and no other factors.PartnerRe presented its

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U.S. commercial side resists sharp D&O rate increases: Willis

September 14, 2009 by Canadian Underwriter

The U.S. property and casualty commercial sector continues to resist sharp rate increases for Directors & Officers insurance seen in the financial institutions sector, with the average premium for commercial business falling 5% in 2009 Q2, according to a new