Topic
Markets / Coverages
Desjardins launches usage-based insurance program in Ontario, Quebec
May 13, 2013 Harmeet Singh, Online EditorDesjardins General Insurance Group has launched a new usage-based auto insurance offering, the first program of its kind to be approved by the regulator and made widely available to drivers in Ontario. Dubbed Ajusto, the new UBI program will also…
Profit improvement for U.S. P&C industry to continue in 2013: Fitch
May 10, 2013 by Canadian UnderwriterThe property and casualty insurance industry in the United States is set to continue seeing profit improvements through this year, after solid growth in 2012, according to a Fitch Ratings report released Friday. Despite more than $20 billion in fourth-quarter…
Gender neutral pricing in EU results in 32% increase in premiums for young women
April 30, 2013 by Canadian UnderwriterWomen aged 17 to 20 are seeing a 32% increase in average comprehensive motor insurance premiums over the last six months in the United Kingdom, according to the latest Confused.com/Towers Watson Car Insurance Price Index. Because of the transition to…
Ontario government proposes changes to meet 15% auto insurance premium reduction
April 30, 2013 by Canadian UnderwriterThe Ontario Liberal government said Tuesday it will be introducing legislation that, if passed, would reduce auto insurance premiums by 15% on average, a figure first proposed by the NDP in the province. The government, which is set to deliver…
Fewer customers shopping around for auto insurance, but nearly half who do switch insurers: survey
April 29, 2013 by Canadian UnderwriterThe percentage of auto insurance shoppers has hit a six-year low, but the percentage of those shoppers who select a new insurer is at a six-year high, according to the J.D. Power and Associates 2013 U.S. Insurance Shopping Study. The…
Growth for global reinsurance continues, but economic challenges remain: A.M. Best
April 19, 2013 by Canadian UnderwriterThe global reinsurance market is continuing to grow, despite several economic environment challenges, rating company A.M. Best says, adding that it is holding the outlook for the segment at stable. In a new special report on the reinsurance market, the…
How an earthquake or sun spot could cripple Canada’s P&C industry
April 19, 2013 by Canadian UnderwriterCanadian property and casualty insurance carriers are well prepared to respond to a natural catastrophe giving rise to claims of up to $15 billion, but a disaster with insured losses of $30 billion or more will overwhelm the industry, suggests…
Global insurance rates continue to firm: Marsh
April 17, 2013 by Canadian UnderwriterGlobal insurance rates continued to firm on average in the first quarter of 2013, following a trend established over the previous 18 months, according to figures released in Marsh’s latest Global Insurance Market Quarterly Briefing. Many parts of the world…
Modest returns on equity for private passenger auto insurers over last two years: IBC
April 12, 2013 by Canadian UnderwriterPrivate passenger auto insurers saw marginal net returns in 2012 and 2011 after recovering from a severe loss situation prior to the 2010 auto reforms, Insurance Bureau of Canada (IBC) reports. IBC commissioned J.S. Cheng & Partners Inc. (JSCP) and…
FSCO posts superintendent’s report on insurance for 2011
April 12, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario posted the Superintendent’s Report on Insurance for 2011 this week, summarizing some key figures for the property and casualty and life insurance companies that operate in the province. In 2011, more than half (52.1%)…
Consumer group releases recommendations to fix B.C. public auto insurer
April 12, 2013 by Canadian UnderwriterThe Consumers’ Association of Canada’s British Columbia branch has released a new report that includes 15 recommendations for improving how the government runs the province’s public auto insurer. The Insurance Corporation of British Columbia (ICBC) has become a “cash cow,”…
P&C insurers in the U.S. to see strong net premium growth this year
April 11, 2013 by Canadian UnderwriterProperty and casualty insurers in the United States should see strong net premium growth and a “substantially improved” combined ratio this year, according to a new forecast released by investment management firm Conning. Conning expects net premium for the P&C…