Topic
Markets / Coverages
Rates up for much of U.S. construction industry in first half of year: Marsh
November 15, 2013 by Canadian UnderwriterConstruction firms in the United States paid, on average, more for their insurance in the first half of the year, according to a new report from Marsh. Renewal rates for contractors general liability, project-specific general liability, umbrella and excess liability,…
New Intact Insurance, belairdirect offering in Quebec links driving behaviour to auto insurance discounts
November 6, 2013 by Canadian UnderwriterDriving behaviour will serve as the basis for auto insurance premium savings of as much as 25% for select drivers in Quebec as part of a new offering announced Wednesday by Intact Financial Corporation. In the weeks to come, Intact…
Almost 140 flood warnings, alerts still in effect after major Atlantic storm hits U.K.
October 28, 2013 by Canadian UnderwriterA total of 139 flood warnings or alerts remained in place Monday morning in the United Kingdom as a major Atlantic storm, bringing with it strong winds and rainfall, continued to make its way through the U.K. There were a…
Industry must make it clear to consumers that 15% auto premium reduction is an average, CEO says
October 25, 2013 Angela Stelmakowich, EditorIBAO Convention 2013 – It is essential to remember the 15% auto insurance rate reduction recently mandated by the Ontario government is an average – meaning not all consumers, regions or companies will be affected in precisely the same way.…
Insurer CFOs report hardening P&C markets, survey says
October 22, 2013 by Canadian UnderwriterChief financial officers with North American property and casualty insurers believe both those markets are hardening, according to a new survey by professional services firm Towers Watson. Of the 23 CFOs who participated in the survey, 75% characterized the property…
Low natural peril loss in parts of Europe creating rating pressure in loss free territories: Willis Re
October 21, 2013 by Canadian UnderwriterIncreased capacity, competition and changing market dynamics have created a buyer’s market for European cedants, notes Willis Re, which expects that loss free rates will likely be down 5% to 10% at January 2014 renewals. A combination of market conditions and…
B.C. regulator queries auto insurance provider on minimum capital test, rate increases
October 15, 2013 by Canadian UnderwriterThe British Columbia Utilities Commission is asking the provincial government’s auto insurance carrier to provide clarification on its claims cost management initiatives and whether B.C.’s compulsory basic public auto plan can meet the minimum capital test without more money from…
Driver behaviour awareness key as technology changes future of auto insurance
September 25, 2013 by Canadian UnderwriterNICC 2013 – As vehicle and road technology evolves and becomes mainstream, the insurance industry can encourage consumers to use those tools to become better drivers, according to some industry experts. Barriers to more automation in vehicles, up to the…
Alberta stakeholders say overhaul of residential property insurance needed
September 25, 2013 by Canadian UnderwriterChanges need to be made to the current property insurance product for it to be sustainable, especially in the wake of major flooding in Alberta, several industry participants agreed during a recent event held by the Insurance Brokers Association of…
Liberals failing to take steps needed to lower auto insurance premiums: NDP
September 25, 2013 THE CANADIAN PRESSTORONTO – Ontario’s New Democrats are accusing the governing Liberals of failing to live up to their promise to cut auto insurance premiums. They say the Liberals have backtracked on lowering the benchmark for insurance industry profits that’s set by…
Slow UBI adopters will be left at major competitive disadvantage, report says
September 19, 2013 by Canadian UnderwriterUsage-based auto insurance is set to become a mainstream insurance offering, and companies that are slow to adopt telematics technology and incorporate it into their products will be left at a major competitive disadvantage, suggests a new research report from…
Munich Re expects stable Jan. 1 renewals, growth for industry despite ongoing challenges
September 12, 2013 by Canadian UnderwriterMunich Re is expecting “tangible growth” for the insurance industry globally, and stable renewals at Jan. 1 for its own portfolio, the company said this week. The major reinsurer said that in Asia’s emerging markets, growth in property and casualty…