Topic
Markets / Coverages
ICBC proposes changes to basic and optional rates
September 3, 2013 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) is seeking a 4.9% increase to basic insurance rates, a move that it says will have an average impact of less than a dollar per month for most customers when combined with changes…
Global reinsurance outlook stable, investment environment remains a challenge: Fitch
August 29, 2013 by Canadian UnderwriterFitch Ratings issued a stable outlook for global reinsurance ratings on Thursday, saying it expects to affirm most of its current ratings in 2014. Capital strength and continued profitability have allowed for the outlook, the firm said. Apart from a…
U.S. commercial liability, property insurance premiums predicted to rise
August 27, 2013 by Canadian UnderwriterMoody’s Investor Services Inc. anticipates commercial property and casualty insurance carriers in the United States will increase their rates this year while combined ratios will drop. A report released Monday by New York-based Moody’s – titled US P&C Insurance Pricing…
Reinsurers face pricing pressure due to excess capacity: A.M. Best
August 26, 2013 by Canadian UnderwriterReinsurance firms are “capable of absorbing significant losses from a combination of events” but are also facing pricing pressure because of investments from third-party capital, a new report from A.M. Best Company suggests. Though global reinsurers are “well capitalized,” Oldwick,…
Competition keeps property insurance premiums from rising: Marsh
July 31, 2013 by Canadian UnderwriterProperty insurance rates generally fell or remained stable in the second quarter of 2013, while directors and officers (D&O) liability rates generally increased in Canada, suggests a report released Wednesday by Marsh Inc. “Increased capacity and competition among insurers and…
Commercial P&C pricing increases slow in Q2 2013
July 24, 2013 by Canadian UnderwriterCommercial property and casualty pricing in the United States continued to rise in 2013 Q2, although at a slower rate than in the previous quarter, note results from the quarterly Commercial P/C Market Index Survey, released July 23 by the…
Ontario auto insurance rate filings approved decline 0.09% in Q2
July 15, 2013 by Canadian UnderwriterThe rate filings for private passenger auto insurance in Ontario declined 0.09% in the second quarter of this year, based on the entire market, according to the province’s regulator. The Financial Services Commission of Ontario publishes rate filings that have…
Total cost of risk up 5% in 2012, RIMS benchmark says
July 12, 2013 by Canadian UnderwriterThe average total cost of risk increased by 5% in 2012 over a 1.7% climb in 2011, driven mainly by firming market conditions, according to this year’s RIMS Benchmark Survey. The annual survey includes benchmark statistics with industry data for…
Saskatchewan Government Insurance asks for public feedback on motorcycle rates
July 10, 2013 by Canadian UnderwriterSaskatchewan Government Insurance is asking for public input on possible changes to motorcycle safety programs, rating structure and injury benefit levels. The public appeal comes shortly after the auto insurer formed the Motorcycle Review Committee to look at issues affected…
Reinsurers take defensive action in wake of lower P&C rates: Willis Re
July 2, 2013 by Canadian UnderwriterU.S. property catastrophe has been identified as a key battleground as reinsurers begin taking robust defensive measures to maintain market positions recently eroded by new capital markets entrants, suggests a new report from Willis Re, a division of Willis Group…
Budget reforms a good first step, but more changes needed to hit Ontario auto premium cut
June 18, 2013 Angela Stelmakowich, EditorIt may be necessary to contemplate additional reforms if the Ontario government expects to be able to soon fulfill its promise to cut insurance premiums by an average of 15%, one industry leader suggests. Ralph Palumbo, vice president for Ontario…
New Solvency II proposals won’t settle disputes on capital levels: Fitch
June 17, 2013 by Canadian UnderwriterThe European Insurance and Occupational Pensions Authority (EIOPA) has released its recommendations on “long-term guarantee products” in the Solvency II regime, but one firm says the proposals aren’t enough to cool disputes between insurers and regulators. Last Friday, the EIOPA…