Topic
Markets / Coverages
ICLR to host special webinar on Ontario tornado damage, building code deficiencies
June 23, 2014 by Canadian UnderwriterThe 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…
Underwriting loss up 77% at Manitoba Public Insurance as ‘arduous’ winter leads to more auto collisions
June 23, 2014 by Canadian UnderwriterManitoba’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 Insurance awaits demutualization regulations as budget implementation act gets Royal Assent
June 23, 2014 by Canadian UnderwriterEconomical 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,…
Allstate reports 11 events cost $400 million in May catastrophe losses
June 19, 2014 by Canadian UnderwriterThe Allstate Corp. announced Thursday its catastrophe losses in May were US$440 million before tax, 78% of which were from three severe weather events. “Catastrophe losses occurring in May comprised eleven events at an estimated cost of $400 million, pre-tax,…
Insurance Bureau calls for ‘tough measures’ in Ontario to fight auto claims fraud
June 18, 2014 Greg Meckbach, Associate EditorNow that the Ontario Liberals have been returned to power with a majority government, the Insurance Bureau of Canada is urging the provincial government to re-introduce Bill 171, which died on the order paper when the election was called last…
Aviva Canada details recent alleged insurance scam
June 17, 2014 by Canadian UnderwriterAviva Canada has released details of a recent insurance scam, warning consumers to make sure they’re using someone licensed when purchasing their coverage, even if that person has been recommended through a friend. In April, a Mississauga, Ont. man was…
Manitoba’s public insurer seeks rate increase; blames bad winter
June 17, 2014 Chinta Puxley, THE CANADIAN PRESSWINNIPEG – Manitoba drivers could end up paying more for auto insurance if the province’s public insurer gets its wish. Manitoba Public Insurance is seeking a 3.4 per cent rate increase from the Public Utilities Board. The insurer, known for…
Ontario Liberals to reintroduce budget, IBAO calls for bills reforming auto claims, towing
June 13, 2014 Greg Meckbach, Associate EditorNow that the Ontario Liberals have a majority government, they reportedly plan to re-table a budget in which they proposed to prohibit credit unions from promoting auto and home insurance online and to develop an office dedicated to investigating and…
Saskatchewan rate panel recommends smaller increase than Auto Fund proposal
June 12, 2014 by Canadian UnderwriterThe Saskatchewan Rate Review Panel (SRRP) is recommending a 4.4% overall average increase to Saskatchewan Auto Fund vehicle insurance rates, less than the 5.2% hike proposed in the application from Saskatchewan Government Insurance (SGI). “The panel’s recommendations are based on…
Cat model firm RMS adds Singapore office to expand in Asia-Pacific
June 11, 2014 by Canadian UnderwriterCatastrophe modeling firm RMS is stepping up its presence in the Asia-Pacific market with a new office in Singapore. The office, led by Paul Burgess, senior director of client development, is the newest addition to RMS’ other Asia-Pacific locations, which include…
U.K. motor insurance market turns first underwriting profit in 20 years
June 11, 2014 by Canadian UnderwriterThe United Kingdom’s motor insurance industry achieved a profit in 2013 – the first in two decades – expected to post a net combined ratio (NCR) of 98.5%, Ernst & Young noted in an update Tuesday. Analysis of the year-end…
U.S. commercial insurance prices up 4% year-over-year in Q1 2014
June 9, 2014 by Canadian UnderwriterA recent survey found no price decreases in any “standard commercial lines” of property and casualty insurance in the United States in the first three months of 2014, Towers Watson reported Monday. The firm released its latest Commercial Lines Insurance…