Topic
Markets / Coverages
Intense competition and capital overabundance define U.S. commercial insurance market in 2010 Q3: Marsh
October 14, 2010 by Canadian UnderwriterIntense competition and overabundance of capacity continue to define the U.S. commercial insurance market, Marsh says in its report, U.S. Insurance Market Report 2010, Third Quarter Update: Insureds Net Benefits as Downward Rate Pressures Persist. Marsh’s report found that property…
CARR appoints two members to executive committee
October 8, 2010 by Canadian UnderwriterThe Canadian Auto Insurance Rate Regulators (CARR) Association has appointed two New Brunswickers to its executive committee. Paul D’Astous, chairman & CEO of the New Brunswick Insurance Board (NBIB), has been appointed chair. D’Astous has served as vice chair since…
Echelon receives approval for a 7% rate hike
October 7, 2010 by Canadian UnderwriterEchelon General Insurance Company, a subsidiary of EGI Financial Holdings Inc., received approval for a 7% rate increase for its Ontario personal auto business.The Financial Services Commission of Ontario (FSCO) approved the rate increase, which will apply to new business…
Security National receives approval to set Nova Scotia motorcycle, trailer rates with reference to IAO 2006 rates
October 7, 2010 by Canadian UnderwriterSecurity National Insurance Company has received the blessing of the Nova Scotia Utility and Rate Review Board to align its rates for motorcycles and trailers using the 2006 rate analysis of the Insurers Advisory Organization (IAO).Security National plans to combine…
Alberta and Ontario drivers see rate increases, Quebec sees decrease: Kanetix
October 5, 2010 by Canadian UnderwriterAuto insurance rate quotes obtained on kanetix.ca increased in both Ontario and Alberta, but decreased in Quebec in 2010 Q3.Ontario saw the sharpest increase, with quote rates increasing 19.3% between 2009 Q3 and 2010 Q3. Some consumers saw multiple rate…
Insurance scores better rating variable than credit scores: CEO
September 21, 2010 by Canadian UnderwriterCanadian auto underwriters would benefit greatly from the use of consumer “insurance scores,” a more sophisticated form of a credit score, Chris Kiah told delegates of the National Insurance Conference of Canada (NICC).Kiah, president and CEO of Allstate Canada, served…
OSFI praises Canadian P&C insurers for strengthening pricing in homeowners’ lines
September 20, 2010 by Canadian UnderwriterCanada’s property and casualty industry has started to make much-needed, across-the-board price corrections in homeowners’ lines, the Office of the Superintendent of Financial Institutions (OSFI) observed at the National Insurance Conference of Canada (NICC) in Montreal on Sept. 20.But the…
Canadian insurers urged to help stop municipal cuts from negatively affecting fire services
September 15, 2010 by Canadian UnderwriterMunicipalities across Canada are cutting budgets for fire services to levels that insurers would consider “dangerous,” and insurers should consider using their premium clout to help put a brake on the cuts, insurance representatives heard at a Fire Underwriters Survey…
In a flat U.S. commercial market, companies using predictive modeling better able to hold the line on pricing: Towers Watson
September 15, 2010 by Canadian UnderwriterAlthough U.S. commercial insurance prices continue to remain relatively flat for the sixth consecutive quarter, insurers using predictive modeling in their pricing and risk selection process reported that they were better able to hold price levels, according to a Towers…
ICBC reduces its basic rate by 2.4%
September 2, 2010 by Canadian UnderwriterICBC will reduce its basic insurance rates by 2.4%, beginning Nov. 1, 2010.The public insurer had applied to the British Columbia Utilities Commission (BCUC) for a 1.9% reduction.BCUC noted ICBC’s operating expenses were, on average, 2.8% lower than forecasted over…
Long-term effects of financial crisis on insurance industry remain unclear: IAIS
August 31, 2010 by Canadian UnderwriterDespite existing signs suggesting the worst of the financial crisis may be over for global property and casualty insurers, the full effects of the crisis are not entirely clear, says a report by the International Association of Insurance Supervisors (IAIS).“For…
Vast majority of Ontario drivers lack knowledge of reforms: RSA Canada
August 30, 2010 by Canadian UnderwriterNearly 70% of Ontario drivers do not understand the impending auto insurance reforms or how the reforms will affect their auto insurance coverage, according to a survey commissioned by RSA Canada.Leger Marketing was commissioned to conduct the RSA Canada Automobile…