Topic
Markets / Coverages
2009 sees lowest insured losses in 3 years
February 9, 2010 by Canadian UnderwriterAt $24 billion, insured losses in 2009 were the lowest they have been since 2006, in part due to relatively low losses for weather events and a quiet hurricane season, according to Guy Carpenter.This is a large drop from $52.5…
MPI to launch new rating program
January 27, 2010 by Canadian UnderwriterManitoba Public Insurance (MPI) is launching a new rating program intended to increase merits that drivers can earn for driving safely, thereby decreasing drivers’ premiums by a projected total of almost $1 million.The Driver Safety Rating (DSR) will come into…
FSCO approves average auto rate increase of 2.49% in 2009 Q4, based on entire market
January 19, 2010 by Canadian UnderwriterOntario’s insurance regulator has approved a 2009 Q4 auto insurance rate increase of 2.49%, based on the entire market.In the fourth quarter of 2009, for the 55.48% of the province’s auto insurance market that had rate changes approved, the average…
Ontario auto insurance rates increased in 2009 Q4: Kanetix
January 13, 2010 by Canadian UnderwriterThe lowest auto insurance rates quoted by Kanetix in Q4 2009 increased on average 5.3% when compared to the same period of 2008.The increase, consistent with rate changes previously approved and announced by Ontario’s auto insurance regulator, means drivers should…
U.S. P&C industry sees increase in net income
January 11, 2010 by Canadian UnderwriterThe net income of U.S. private property and casualty insurers after taxes rose to $16.2 billion through nine-months 2009, according to the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI).This represents a partial recovery from…
Reinsurance renewals indicate “disciplined” softening
January 8, 2010 by Canadian UnderwriterThe global reinsurance market is in a state of “disciplined softening,” according to Willis Re.The assessment of the state of the marketplace stems from the Jan. 1, 2010 renewals, which saw measured premium rate reductions, a release says.“Despite global economic…
Increased precipitation in Fredericton may lead to increased homeowners’ rates: CBC report
January 6, 2010 by Canadian UnderwriterHomeowners in Fredericton, New Brunswick will likely see an increase in their insurances rates as a result of the increasing number of flood claims reported, according to the CBC. “Recently, most insurance companies have seen an increase in the kind…
U.S. reinsurance rates decline at Jan. 1, 2010 renewal: Guy Carpenter
January 4, 2010 by Canadian UnderwriterReinsurance rates across most lines of property catastrophe business declined at the Jan. 1, 2010 renewal, according to a briefing released by Guy Carpenter & Company LLC.“A combination of factors — including the rally in global financial markets, relatively low…
Aon report shows 2.7% decrease in D&O liability pricing in 2009 Q3
December 18, 2009 by Canadian UnderwriterPricing for directors’ and officers’ liability insurance decreased 2.7% in 2009 Q3 compared to the rates seen in the same quarter of 2008, according to Aon’s Q3 Quarterly D&O Pricing Index. In Standard & Poor’s financial institutions (FI) sector, D&O…
Adequate pricing essential in liability insurance: Swiss Re
December 17, 2009 by Canadian UnderwriterThe best products and best underwriting methodology for liability risk are no substitutes for adequate pricing, according to a Swiss Re sigma study. Prices should reflect escalating claims trends and the uncertainties of a rapidly changing technological and legal environment,…
What’s New: In Brief (December 08, 2009)
December 8, 2009 by Canadian UnderwriterThe composite rate for commercial property and casualty insurance in the United States was down 5% for Nov. 2009, MarketScout reports.The soft market may be prolonged if mega-brokers begin to acquire small- and middle-market brokerages, MarketScout says in its online…
MPI holding the line on auto insurance rates
December 7, 2009 by Canadian UnderwriterMost vehicle owners in Manitoba will pay the same or less for auto insurance in 2010-11, Manitoba Public Insurance has announced. For 11 out of the last 12 years, MPI has held the line on basic Autopac rates, as approved…