Topic
Markets / Coverages
‘Shock event’ required to reverse downward reinsurance market trend
August 25, 2010 by Canadian UnderwriterA $25 billion loss would stop the global reinsurance market’s downward pricing trend, but an $82 billion loss would be required to turn the market, according to a panel of experts on an AM Best webinar.During the webinar, ‘State of…
P&C reserve redundancies likely to weaken, but remain adequate: Fitch
August 23, 2010 by Canadian UnderwriterFitch estimates that U.S. property and casualty industry reserves at year-end 2009 are between 1% deficient and 2% redundant.In its report, Are Redundancies Exhausted?, Fitch noted that the hard market years of the mid-2000s continued to prove more profitable than…
Opposition PCs in New Brunswick vow to increase cap if elected
August 12, 2010 by Canadian UnderwriterThe New Brunswick Progressive Conservatives say they will increase the cap on soft tissue injuries if elected this fall.By how much remains to be seen, according to Times & Transcript.“The specific amount of how much will be based on a…
Citizen’s Group calls on New Brunswick to review minor injury cap
August 11, 2010 by Canadian UnderwriterA citizen’s group is calling on the New Brunswick government to review its $2,500 cap on insurance payments for minor injuries in auto collisions, Canadian Press reports.The news agency cites Frances McConnachie of Consumers for Insurance Fairness saying the cap…
Alberta orders auto insurance rate decrease of 5%
July 30, 2010 by Canadian UnderwriterGoing against the advice its own actuary, Alberta has ordered an industry-wide auto insurance rate decrease of 5%.The premium reduction takes effect Nov. 1, 2010. The adjustment applies only to mandatory coverage, which is required by law and includes third…
Deepwater Horizon spill not going to be a “market changer”: Marsh
July 28, 2010 by Canadian UnderwriterAlthough the Deepwater Horizon oil spill is an “important event in the history of deepwater drilling and exploration,” it’s not going to be an insurance “market changer,” experts at Marsh suggest.In a report, Marsh compares the event to that of…
Excess capital suppresses commercial lines rates in 2010 Q2: RIMS Benchmark Survey
July 21, 2010 by Canadian UnderwriterExcess capacity in the commercial lines insurance marketplace continued to keep premiums under pressure during 2010 Q2, according to the RIMS Benchmark Survey.In the survey, administered by Advisen Ltd., risk managers reported decreases in average renewal premium of between 2.5%…
Ontario government approves reform-influenced auto insurance rate decrease of 1.03%
July 15, 2010 by Canadian UnderwriterReform-influenced auto insurance rates filed with Ontario’s regulator in 2010 Q2 show an average rate decrease of 1.03%, when weighted by market share.The 2010 Q2 rates take into account the province’s auto insurance reforms and will become effective when the…
Vancouver filmmaker launches online petition for ‘pay-as-you-drive’ auto insurance option
July 12, 2010 by Canadian UnderwriterA Vancouver filmmaker has started an online petition using social media to get the province’s public auto insurer to offer consumers a ‘pay-as-you-drive’ option.In a six-minute YouTube video presentation, Cliff Caprani says he wants the Insurance Corporation of B.C. (ICBC)…
Business insurance costs cited as Number 1 “major cost concern” in Newfoundland: CFIB survey
July 7, 2010 by Canadian UnderwriterNewfoundland businesses cite insurance costs as Number 1 among their “major cost concerns” in a business barometer survey conducted by the Canadian Federation of Independent Business (CFIB).The survey canvassed the business optimism of 1,100 CFIB members across the country. Provincial…
Major losses in Q1 fail to stem softening of reinsurance market
July 5, 2010 by Canadian UnderwriterMajor property losses in 2010 Q1, originating from the Chile earthquake and storms in Australia, have had little impact on pricing in the global reinsurance market, reports Willis Re.There has been no general market move towards increased pricing in property…
Large capital cushion suppresses July reinsurance renewal rates: Guy Carpenter
July 2, 2010 by Canadian UnderwriterA large capital cushion continues to suppress global reinsurance rates, according to a briefing paper from reinsurance broker Guy Carpenter.“Further erosion of rates was evident at the July 1, 2010 reinsurance renewal,” Guy Carpenter says in its news briefing, posted…