Topic
Markets / Coverages
75% of Ontarians do not know their credit scores are used in home insurance: IBAO
December 7, 2010 by Canadian UnderwriterThe vast majority of Ontario consumers – 75% – do not know their credit scores are used to determine how much the pay for their home insurance, according to a survey commissioned by the Insurance Brokers Association of Ontario (IBAO).IBAO…
Nova Scotia launches broad review of province’s auto insurance system
December 3, 2010 by Canadian UnderwriterFresh on the heels of tripling its minor injury cap from $2,500 to $7,500, the Government of Nova Scotia has launched an independent review of the province’s automobile insurance system.The government said the mandate of the review is to “ensure…
Ontario Legislature passes non-binding motion calling on insurers to reduce premiums for drivers with winter tires
November 26, 2010 by Canadian UnderwriterThe Ontario Legislature has passed a non-binding private member’s motion calling on the insurance industry to reduce premiums for those who have winter tires. Bill Mauro, MPP for Thunder Bay-Atikokan, introduced his private member’s motion in the Ontario Legislature in…
MPI, brokers offer provincial snowmobilers new Snopass payment options
November 17, 2010 by Canadian UnderwriterManitoba Public Insurance (MPI), in partnership with Snoman Inc. and the Insurance Brokers Association of Manitoba (IBAM), has given the province’s snowmobilers more payment options to purchase their Snopasses. Snowmobilers require a valid Snopass to travel legally on Snoman’s groomed…
Willis suggest risk managers take advantage of soft market conditions
November 1, 2010 by Canadian UnderwriterWillis Group Holdings is urging commercial insurance buyers to take advantage of the ongoing soft market conditions in 2011.In its report, Marketplace Realities and Risk Management Solutions, Willis notes several lines remain flat or have experienced rate reductions. These lines…
ICBC’s rate reduction on basic and optional insurance take effect
November 1, 2010 by Canadian UnderwriterICBC’s 2.4% reduction in its basic rates are officially in effect.The public insurer also implemented a 3% reduction in optional insurance premiums.This marks the third consecutive year ICBC has offered rate reductions to its insureds.“Our customers’s smart driving decisions, combined…
Kanetix allows Ontario auto insurance rate tracking service
November 1, 2010 by Canadian UnderwriterKanetix has launched a service that allows auto insurance consumers to track rate changes in Ontario.‘Rate Tracker’ is an online free service that displays the changes in rates that were approved by the Financial Services Commission of Ontario over the…
U.S. soft market persists, but premium decreases are slowing down: RIMS survey
October 20, 2010 by Canadian UnderwriterSoft market conditions persisted in the United States during 2010 Q3, although the rate of the price decreases slowed, according to the RIMS Benchmark Survey. Every line of insurance tracked by the Advisen-administered survey posted a decrease in average premium.…
CAA Insurance implements iClarify in Ontario
October 18, 2010 by Canadian UnderwriterCAA Insurance (Ontario) has implemented SCM Risk Management Services’ iClarify into its property intelligence services for CAA Insurance agents and call centres servicing Ontario and Atlantic Canada.“We are very excited to have been chosen to work with CAA and to…
Ontario personal auto approved rate changes virtually flat: FSCO
October 15, 2010 by Canadian UnderwriterOntario’s auto insurance rates decreased by an average of 0.21% in 2010 Q3, when weighted by market share.Rate filings approved by the Financial Services Commission of Ontario (FSCO) during 2010 Q3 averaged negative 0.09%, based on the entire market.Only three…
Energy market remains flat, despite losses: Aon survey
October 15, 2010 by Canadian UnderwriterIt would take a further loss of $5 billion or greater in the energy insurance market to end the current flat – bordering on soft – market, according to an Aon survey.Aon polled delegates at its 10th Middle East Energy…
Insurers weather 2008-09 financial crisis partly because of lessons learned in 2002
October 15, 2010 by Canadian UnderwriterProperty and casualty insurers fared better than their banking counterparts during the 2008-09 financial crisis partly because the insurance industry learned its lessons from the soft market crisis in 1999-2002, the chairman of Ironshore Inc. said in an Oct. 15…