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Markets / Coverages
NDP says Liberals too slow to cut auto insurance rates after reducing benefits
January 16, 2014 THE CANADIAN PRESSTORONTO – Ontario’s New Democrats say the Liberal government is moving too slowly to cut auto insurance rates by 15 per cent, and warn they’ll remember that broken commitment at budget time this year. The province’s insurance regulator approved rate…
Premiums likely to rise as insurers forced to pay up for massive storms
January 8, 2014 Romina Maurino - THE CANADIAN PRESSTORONTO – Home owners should prepare to pay more for property insurance as the severe weather trend that has battered the country during the past year is expected to continue. ”There are more and more storms happening, and we’re seeing…
High winds, waves and tides bring flooding to Britain, France; some rivers burst banks
January 3, 2014 THE ASSOCIATED PRESSLONDON – High winds, waves and tides were lashing Britain’s western coast Friday in a winter storm that flooded seaside towns and low-lying areas. Wales, southwest England and Northern Ireland were the worst-hit regions by the storm, the latest in…
Reinsurers face ‘continuing market headwinds’ in 2014: Willis Re
January 2, 2014 by Canadian UnderwriterReinsurance carriers will face “headwinds” in 2014 as they are pressured to change contract conditions, while investors continue to buy cat bonds and the North Atlantic hurricane season was “virtually non-existent” in 2013, Willis Re Inc. stated in a report…
Downward pressure on reinsurance pricing at Jan. 1 renewals: Guy Carpenter
January 2, 2014 by Canadian UnderwriterContinued expansion of accessible capital, strong balance sheets and relatively low catastrophe losses were all drivers of the Jan. 1 renewal outcome, which saw reinsurance rates-on-line fall in almost all classes and regions, notes Guy Carpenter’s 2014 global renewal report.…
ICLR forum to focus on pricing risk of water damage claims
December 18, 2013 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction will be beginning its 2014 Friday Forum series with a seminar on pricing the risk of water damage claims. The Jan. 17 event will feature Jacqueline Friedland, Adam Peleshok and Houston Cheng from KPMG,…
2014 ratings outlook for U.S. P&C industry stable
December 11, 2013 by Canadian UnderwriterFitch Ratings has issued a stable rating outlook for the commercial and personal lines sectors of the property and casualty insurance industry in the United States for 2014. The sector outlook is also stable, based on “expectations for a second…
Commercial insurance prices in U.S. rise in 2013 Q3, pace softening: Towers Watson
December 10, 2013 by Canadian UnderwriterCommercial insurance prices in the United States saw a 5% in aggregate increase during 2013 Q3 compared to the same quarter in 2012, notes Towers Watson’s latest Commercial Lines Insurance Pricing Survey (CLIPS). Although the increase marked the “11th consecutive…
MADD Canada criticizes Ontario auto insurance law on 15% rate reduction
December 6, 2013 by Canadian UnderwriterThe Ontario government “needs to reassess its approach” to auto insurance because the mandated 15% reduction in premiums “will award the biggest cost savings to bad drivers, including impaired drivers,” according to MADD Canada. Last August, the Ontario Ministry of…
Reinsurance renewal pricing for U.S. Atlantic hurricane risk predicted to drop after quiet season
December 5, 2013 by Canadian UnderwriterThe lack of a major U.S. Atlantic hurricane as of Nov. 30 will lead to a “low double-digit price drop” of related reinsurance in the January renewal, while pricing in some reinsurance lines covering Canadian catastrophes will likely rise, predicts…
Global economic growth to continue into 2014, emerging markets expected to drive premium growth: Swiss Re
November 28, 2013 by Canadian UnderwriterThe momentum in global economic growth achieved this year will continue into 2014, with emerging markets expected to drive premium growth and alternative capital remaining focused on transparent, well-modelled natural catastrophe business, notes Swiss Re’s Global insurance review 2013 and…
Marsh reports slight decline of insurance rates in Q3, increase in Canada for cat-exposed property rates
November 25, 2013 by Canadian UnderwriterOverall insurance rates fell during the third quarter of 2013, though rates in Canada increased for catastrophe-exposed property risks and for directors and officers liability, suggests a new report from brokerage and risk management firm Marsh Ltd. New York City-based…