Topic
Markets / Coverages
Look for Facility Association numbers in Ontario to increase in 2010, former FA chair predicts
October 1, 2009 by Canadian UnderwriterGiven 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…
US surplus lines profits tumble in 2008, but still outpace p&c industry
September 28, 2009 by Canadian UnderwriterThe 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…
Ontario lawyers see professional indemnity premium rate increases
September 25, 2009 by Canadian UnderwriterA 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…
Consumers prefer advance warning about auto rate increases
September 23, 2009 by Canadian UnderwriterConsumer 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…
Marine insurers affected by global recession
September 22, 2009 by Canadian UnderwriterAs 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…
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 UnderwriterInternal 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…
U.S. commercial side resists sharp D&O rate increases: Willis
September 14, 2009 by Canadian UnderwriterThe 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…
Global reinsurance rates increasing by an average of 8% through 2009 renewals
September 10, 2009 by Canadian UnderwriterGlobal reinsurance rates are increasing by an average of 8% through the 2009 reinsurance renewals, according to Guy Carpenter & Company’s annual survey of the global property catastrophe reinsurance market. Rates declined by 6% in 2008, having declined by 10%…
What’s New: In Brief (September 09, 2009)
September 9, 2009 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS NYSE: KFS) has entered into a definitive agreement to sell Zephyr Insurance Company, Inc. Kingsway anticipates receiving initial gross proceeds from the transaction of US$31.5 million, plus a contingent, deferred earn-out amount. The deal…
Strict property insurance regulation linked to post-disaster catastrophe rate increases
September 9, 2009 by Canadian UnderwriterPost-disaster property insurance regulations drive up the very insurance prices they purport to control, according to a report from the Independent Institute. The Independent Institute has six centres with a mandate to evaluate, refine, and propose solutions to major social…
Offshore energy renewals likely to remain flat: Aon
September 4, 2009 by Canadian UnderwriterInsurance premiums are predicted to remain flat for offshore energy business for October’s renewals, dependent on location, loss history and limit sought, according to Aon. At the beginning of 2009, rates were expected to rise between 15% and 20%, according…
General average rate increase of 4.2% for Saskatchewan Auto Fund
August 26, 2009 by Canadian UnderwriterSGI’s rate request for the Saskatchewan Auto Fund, which includes rate rebalancing, is to be effective Nov. 1, 2009, according to the Saskatchewan Rate Review Panel’s Report to the Minister of the Crown Investment Corporation of Saskatchewan. SGI had applied…