Topic
Markets / Coverages
Global reinsurance rates increasing by an average of 8% through 2009 renewals
September 10, 2009 by Canadian UnderwriterGlobal reinsurance rates are increasing by an average of 8% through the 2009 reinsurance renewals, according to Guy Carpenter & Company’s annual survey of the global property catastrophe reinsurance market. Rates declined by 6% in 2008, having declined by 10%…
What’s New: In Brief (September 09, 2009)
September 9, 2009 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS NYSE: KFS) has entered into a definitive agreement to sell Zephyr Insurance Company, Inc. Kingsway anticipates receiving initial gross proceeds from the transaction of US$31.5 million, plus a contingent, deferred earn-out amount. The deal…
Strict property insurance regulation linked to post-disaster catastrophe rate increases
September 9, 2009 by Canadian UnderwriterPost-disaster property insurance regulations drive up the very insurance prices they purport to control, according to a report from the Independent Institute. The Independent Institute has six centres with a mandate to evaluate, refine, and propose solutions to major social…
Offshore energy renewals likely to remain flat: Aon
September 4, 2009 by Canadian UnderwriterInsurance premiums are predicted to remain flat for offshore energy business for October’s renewals, dependent on location, loss history and limit sought, according to Aon. At the beginning of 2009, rates were expected to rise between 15% and 20%, according…
General average rate increase of 4.2% for Saskatchewan Auto Fund
August 26, 2009 by Canadian UnderwriterSGI’s rate request for the Saskatchewan Auto Fund, which includes rate rebalancing, is to be effective Nov. 1, 2009, according to the Saskatchewan Rate Review Panel’s Report to the Minister of the Crown Investment Corporation of Saskatchewan. SGI had applied…
What’s New: In Brief (August 14, 2009)
August 14, 2009 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has formed a committee to increase its profile in the standards and practices arena and make it the primary resource in shaping and developing risk management standards.Carol A. Fox, past chair of RIMS…
What’s New: In Brief (August 12, 2009)
August 12, 2009 by Canadian UnderwriterICBC’s reported profit for the first six months of 2009 is Cdn$277 million, up from Cdn$255 million for the same period in 2008. “The increase is the result of continued encouraging trends on claims, while ICBC is also managing its…
Marsh’s 2009 Q2 fortunes linked to writedown related to Kroll
August 5, 2009 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) reported a net loss in 2009 Q2 of US$193 million, compared to a profit of US$65 million in 2008 Q2.Marsh’s quarterly result includes a US$315-million writedown related to Kroll Government Services, a U.S. government…
Commercial market bottoming out, capacity decreasing
July 29, 2009 by Canadian UnderwriterDespite the fact that capacity in the U.S. commercial insurance market is drying up, the market remains competitive, according to the Risk and Insurance Management Society (RIMS)’s 2009 Q2 Benchmark Survey.The survey was produced by Advisen Ltd. It is based…
Decrease in auto insurance rates in Alberta
July 29, 2009 by Canadian UnderwriterBasic auto insurance rates in Alberta will decrease by 5%, according to the Automobile Insurance Rate Board (AIRB). The rate reduction follows public hearings in which the Insurance Bureau of Canada called for a 6.4% rate increase. According to the…