Topic
Markets / Coverages
Ontario auto insurers approved for rate increases averaging 5.61% in 2010 Q1
April 19, 2010 by Canadian UnderwriterOntario auto insurance rates continued their upward climb in 2010 Q1, with the province’s auto insurers getting approved rate increases averaging 5.61% when weighted by market share.“The rate changes approved in 2004, 2005, 2006, 2007, 2008 and 2009 were -10.60%,…
Soft market in commercial lines continues unabated for seventh year: RIMS Benchmark Survey
April 15, 2010 by Canadian UnderwriterNow in its seventh year, the soft market shows few signs of loosening its grip on commercial insurance pricing, according to the RIMS Benchmark Survey administered by Advisen Ltd. Average premiums in every line tracked by the survey fell in…
Ontario quoted auto rates soar in 2010 Q1: Kanetix
April 13, 2010 by Canadian UnderwriterAuto rates quoted in Ontario in 2010 Q1 increased by 11.6% over 2009 Q1 quoted rates, according to Kanetix’s quarterly review of auto insurance.The increase on the quoted rates “suggest that Ontario drivers are feeling the effects of rate increases…
Facility Association (FA) pleased that New Brunswick allows cost of capital provisions in FA rates
April 8, 2010 by Canadian UnderwriterThe New Brunswick Insurance Board has allowed the inclusion of a cost of capital provision in Facility Association (FA) rates, the second province in Canada to do so, following the lead of Prince Edward Island.Buoyed by the decision of the…
Rate reductions in U.S. commercial lines showing signs of moderating
April 7, 2010 by Canadian UnderwriterAverage rate decreases for the composite U.S. commercial property and casualty markets slowed to 4% in March 2010 from 5% in February 2010, reports MarketScout.Directors and officers’ liability and surety rates were flat.Rates moderated for energy, manufacturing and public entities,…
Credit scoring, higher home insurance premiums on the radar in New Brunswick
March 31, 2010 by Canadian UnderwriterAlthough 2009 has been “a year of stability” in the auto insurance market for consumers in New Brunswick, “lurking in the background” are such issues as credit scoring, the rise in home insurance premiums and the province’s minor injury cap,…
Wildfire risk under-priced in Canadian market: ICLR
March 26, 2010 by Canadian UnderwriterThe insurance industry “dodged a bullet” in 2009 with wildfire losses, but it currently has its “head in the sand” when it comes to pricing this risk, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR).McGillivray…
Commercial lines pricing flattened in 2009 Q4
March 19, 2010 by Canadian UnderwriterCommercial insurance prices remained flat during 2009 Q4, reports Towers Watson’s Commercial Lines Insurance Pricing Survey.The survey compared prices charged on policies underwritten by 36 participating insurance companies during 2009 Q4 to the prices charged for the same coverage during…
Alberta incorporated insurers showed signs of recovery in 2009
March 17, 2010 by Canadian UnderwriterAlberta incorporated property and casualty companies reported a collective net income of $40.7 million in 2009, marking an improvement from 2008’s consolidated net income of $29 million, according to postings by Alberta’s Superintendent of Insurance.The figures include:• Alberta Motor Insurance…
What’s New: In Brief (March 09, 2010)
March 9, 2010 by Canadian UnderwriterPartnerRe expects the total insured industry losses from the Feb. 27, 2010 earthquake in Chile to be between $6 billion and $10 billion. The company expects its claims relating to the earthquake to be between $220 million and $320 million.The…
Insurers turning to price optimization: Celent
March 1, 2010 by Canadian UnderwriterThe insurance industry is changing its approach to product pricing, increasingly using price optimization to differentiate themselves from competitors, according to Celent, a Boston-based financial research and consulting firm.Celent’s recent report, Price Optimization in Insurance: A Revolution in Progress, defines…
Decrease in general increases for P&I renewals: Aon
February 23, 2010 by Canadian UnderwriterShip owners experienced a more benign protection and indemnity (P&I) renewal at Feb 20, 2010, according to Aon Risk Services. General increases ranged between 0% and 12.5%, with a market average of 4.54%, the marine division of Aon reported. Owners…