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8% of housing units in U.S. located in counties at very high risk for natural disasters: report

July 4, 2014 by Canadian Underwriter

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

News Climate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

Willis Re reports ‘significant rate reductions’ in reinsurance

July 3, 2014 by Canadian Underwriter

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

News InsuranceMarkets / Coverages

Fitch publishes directors and officers liability insurance dashboard

July 2, 2014 by Canadian Underwriter

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

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Government approves SGI rate program

June 27, 2014 by Canadian Underwriter

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

News InsuranceLegalMarkets / CoveragesMergers and Aqcuisitions

Aviva Canada seeks damages against broker employee it says conspired with policyholders for cheaper premiums

June 26, 2014 by Canadian Underwriter

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,

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Worldwide non-life insurance premiums up 2.3% worldwide, 3.2% in Canada: Swiss Re

June 25, 2014 by Canadian Underwriter

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

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Economical opts not to move forward with usage-based insurance right now

June 25, 2014 by Canadian Underwriter

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

News Climate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

Business experts back report on cost to regional economies from climate change

June 24, 2014 Jonathan Fahey, THE ASSOCIATED PRESS

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

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Successful demutualization would help position Economical Insurance as P&C leader, company says

June 24, 2014 by Canadian Underwriter

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

News Climate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

ICLR to host special webinar on Ontario tornado damage, building code deficiencies

June 23, 2014 by Canadian Underwriter

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

News Climate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

Underwriting loss up 77% at Manitoba Public Insurance as ‘arduous’ winter leads to more auto collisions

June 23, 2014 by Canadian Underwriter

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

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Economical Insurance awaits demutualization regulations as budget implementation act gets Royal Assent

June 23, 2014 by Canadian Underwriter

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,