A recent report that assigns a natural disaster risk score to more than 3,000 county housing markets in the United States found that about 8% of the 131 million U.S. housing units were located in very high-risk counties. The total…
Some property and casualty reinsurance markets have had “significant rate reductions” during the June 1 and July 1 renewals, while there is an “abundance” of capacity of political risk coverage “chasing less business” and outstanding catastrophe bond issuance has reached…
Fitch Ratings has announced the availability of a new Dashboard Report that discusses pricing trends, market dynamics and key drivers of recent results in the property and casualty directors and officers (D&O) liability insurance market in the United States. Results…
The Saskatchewan government has given the green light to a 3.4% overall increase to Saskatchewan Auto Fund vehicle rates, along with rate rebalancing, and a 1% hike to the capital amount on all rates, effective Aug. 1. The 2014 rate…
Aviva Canada announced Thursday it has begun litigation against a former Mississauga, Ont. brokerage employee who was allegedly conspiring with policyholders to misrepresent themselves to get cheaper premiums. The owners of KMI Brokers Inc. are cooperating fully with Aviva’s investigation,…
Non-life insurance premiums rose 3.2% in Canada and 2.3% worldwide in 2013, Swiss Re Ltd. announced in a recent sigma study titled, ‘World insurance in 2013: steering towards recovery‘, though growth was slower in advanced markets due in part to…
Economical Mutual Insurance Company has no plans to move forward with telematics and usage-based insurance (UBI) at this time in light of quickly changing technology and as-yet unidentified factors that will ultimately drive adoption. Economical, which has closely studied and…
NEW YORK – Climate change is likely to exact enormous costs on U.S. regional economies in the form of lost property, reduced industrial output and more deaths, according to a report backed by a trio of men with vast business…
A successful demutualization would help Economical Mutual Insurance Company in its goal of becoming a leader in the property and casualty insurance industry, amidst consolidation that is seeing larger P&C companies gain market share, notes an Economical backgrounder issued in…
The Institute for Catastrophic Loss Reduction will be hosting a special webinar on July 3 on the recent tornado that struck Angus, Ont. Dr. Gregory Kopp, a professor of civil engineering with Western University, will discuss the observed damage, which…
Manitoba’s compulsory auto insurance carrier has reported an underwriting loss of nearly $220 million in the fiscal year ending Feb. 28, 2014, as the total claims cost increased 15% from the previous year. Manitoba Public Insurance Corp. reported in its…
Economical Mutual Insurance Company has welcomed enactment of amendments to Canada’s Insurance Companies Act (ICA), calling the move a significant milestone in the implementation of a framework for property and casualty insurance company demutualizations. Bill C-31, the budget implementation act,…