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Markets / Coverages
Nova Scotia brokers “optimistic” about government’s willingness to negotiate future of the auto cap
October 26, 2009 by Canadian UnderwriterCLARIFICATION: The following piece is intended to clarify remarks attributed to IBANS president Ken Myers, as reported by Canadian Underwriter in an online item entitled, “Only a matter of time before Nova Scotia cap is scrapped, premier suggests to brokers.”…
CEOs debate whether a single tool for estimating reconstruction costs would help solve the ITV problem
October 23, 2009 by Canadian UnderwriterWould adherence to a single tool for estimating reconstruction costs help to resolve the insurance-to-value (ITV) issue?Insurance company CEOs debated the point at the 89th annual convention of the Insurance Brokers Association of Ontario (IBAO), held in Toronto on Oct.…
Only a matter of time before Nova Scotia cap is scrapped, premier suggests to brokers
October 22, 2009 by Canadian UnderwriterNova Scotia’s Cdn$2,500 cap on claims payments for minor auto injuries will be scrapped, it’s just a matter of when, the province’s new premier has suggested to the Independent Broker Association of Nova Scotia (IBANS).Nova Scotia Premier Darrell Dexter, a…
Damage to economy may delay hardening of commercial market until at least 2011
October 21, 2009 by Canadian UnderwriterEconomists may be declaring the end of a recession, but the resultant damage to the economy could mean commercial property and casualty rates won’t rise until 2011, according to an Advisen briefing.“The recession may have ended, but recovery has not…
FSCO approves average auto rate increase in Ontario of 2.13% in 2009 Q3
October 20, 2009 by Canadian UnderwriterFSCO has approved auto insurance rate increases in 2009 Q3 averaging 2.13% for the entire market.“In the third quarter of 2009, for the 34.38% of the market that had rate changes approved, the average rate change was +6.2%, when weighted…
What’s New: In Brief (October 13, 2009)
October 13, 2009 by Canadian UnderwriterThere was a 2.8% decrease in the average of the lowest rates quoted for online auto insurance in 2009 Q3, compared to 2008 Q3, according to a Kanetix study. The decrease appears to be the result of changes in consumer…
What’s New: In Brief (October 09, 2009)
October 9, 2009 by Canadian UnderwriterInsured loss estimates for onshore properties in Japan as a result of Typhoon Melor range from US$850 million to US$1.5 billion, according to AIR Worldwide.On Oct. 8, 2009 Super Typhoon Melor made landfall in central Japan’s Aichi prefecture (population 7…
AIG clarifies debt, owes US government US$83.6 billion
October 9, 2009 by Canadian UnderwriterAIG must repay the government US$83.6 billion, the company reported, “in response to continuing confusion regarding the amount of assistance AIG has received from the government and the amount it must repay.” The company received a total of US$182.3 billion…
Look for Facility Association numbers in Ontario to increase in 2010, former FA chair predicts
October 1, 2009 by Canadian UnderwriterGiven the ongoing deterioration of Ontario auto insurance results, Facility Association is looking at a potential situation in 2010 that might “look and feel a lot like 2003,” Rob Wesseling, an immediate past chair of FA, told the National Insurance…
US surplus lines profits tumble in 2008, but still outpace p&c industry
September 28, 2009 by Canadian UnderwriterThe U.S. surplus lines industry generated a profit in 2008 that outpaced the entire property and casualty industry, and yet its 2008 results represented a decrease of almost 67% from the previous year, reports A.M. Best Company Inc.In a special…
Ontario lawyers see professional indemnity premium rate increases
September 25, 2009 by Canadian UnderwriterA continuing increase in the number and costs of claims, a decline in investment income and the anticipated affect of the harmonized sales tax have all caused the Lawyers’ Professional Indemnity Company (LAWPRO) to increase its base premium for next…
Consumers prefer advance warning about auto rate increases
September 23, 2009 by Canadian UnderwriterConsumer satisfaction declines substantially among auto insurance policyholders who are not notified in advance of rate increases, according to the J.D. Power and Associates 2009 Canadian Home and Auto Insurance Customer Satisfaction Study. The study, released on Sept. 23, finds…