The 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 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…
U.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…
It 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…
The 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…
While the total impact of major flooding in central Europe is unclear as the situation develops, ratings firm A.M. Best says it expects economic losses to “far exceed” insured losses. In its early analysis of the floods, the firm said…
Commercial insurance prices in the U.S. increased during the fourth quarter of 2013, with the largest increases in employment practices liability and workers compensation, a survey released Monday by Towers Watson & Co. suggests. The increase in U.S. property coverage…
The insurance and reinsurance market has enough capacity available to withstand potential hurricane-related losses in the United States this year, according to Fitch Ratings. In the eighth edition of the firm’s annual hurricane season desk reference, Fitch said that pricing…
While there is potential for growth in the cyber insurance market, pricing strategies and the evolving nature of cyber risk make effective underwriting a challenge, notes a new report from rating agency A.M. Best. In the past three or four…
Auto insurance customers find it easier to use insurance company websites to service their existing policies rather than for shopping around for coverage, according to results from a recent U.S. study by J.D. Power and Associates. The study asked customers…
The composite rate index for U.S. property, casualty and professional liability business is plus 5%, matching the increase from March 2013, according to MarketScout, a Dallas-based insurance exchange with 35,000 users throughout the United States, mainly independent retail agents. Commercial…
Political pressure to force insurance carriers to reduce auto premiums in Ontario is caused in part by public cynicism, but telematics may be part of the solution, suggests Bob Dempsey, president and chief operating officer of The Guarantee Company of…