Topic Insurers
Where private auto insurance rates are rising the fastest in Canada
July 31, 2018 by Jason ContantOntario’s premium rates are rising the fastest among Canada’s private passenger auto insurance regimes, according to the Q2 2018 Auto Insurance Price Index from LowestRates.ca. A measure of only private passenger auto insurance regimes in Canada, the index from the…
Major consolidation this year in reinsurance industry?
July 31, 2018 by Greg MeckbachMergers and acquisitions will likely be a topic of discussion for mid-market reinsurers, executives with a large European reinsurer suggest. Efforts by large reinsurers to improve productivity will put “more pressure” on mid-sized and smaller reinsurers “to have this strategic…
The trick to getting blockchain to work for insurance
July 30, 2018 by Jason ContantThe trick to getting blockchain to work in the insurance space is getting all the players in the market to align and agree on common standards and a way to govern the blockchain, Aon Benfield’s chief information officer said Friday.…
Where Canadian drivers pay the most (and least) for auto insurance
July 19, 2018 by Jason ContantWhen it comes to auto insurance premiums in Canada, drivers in British Columbia pay the most, followed by Ontario, data supplied by Insurance Bureau of Canada (IBC) revealed Wednesday. In B.C. last year, average annual auto premiums were $1,680. The…
The Canadian insurer that will seek a rate decrease later this year
July 18, 2018 by Jason ContantOne Canadian public insurer is bucking the trend – seen across the country – of carriers asking to raise auto rates. Saskatchewan Government Insurance (SGI) told Canadian Underwriter Tuesday that it plans to apply for a rate decrease later this…
Where premiums actually went down in Canada
July 17, 2018 by Jason ContantAverage premiums for personal auto in Atlantic Canada decreased for the second consecutive quarter, according to Applied Systems’ latest quarterly rating index. On the other side of the country, in British Columbia, average personal property premiums also decreased for the…
Cyber criminal interest in electrical utilities on the rise
July 16, 2018 by Greg MeckbachElectrical and utility firms in North America continue to be a target for cyber criminals, the head of a cyber loss modelling provider suggests. Over the past few months, there has been an “uptick in threat actor activity around energy…
Reinsurer with Toronto office could become publicly traded
June 28, 2018 by Greg MeckbachSirius International Insurance Group Ltd., which sells reinsurance in Canada through a Toronto office, will be publicly traded if a tentative merger agreement announced Monday is approved. Bermuda-based Sirius was sold in 2016 by White Mountains Insurance Group Ltd. to…
Public insurer requests modest rate increase
June 22, 2018 by Jason ContantManitoba Public Insurance (MPI) has requested a 2.2% overall rate increase for the 2019-20 insurance year in its general rate application (GRA), filed with the provincial Public Utilities Board. If approved, the average passenger vehicle owner will pay about $27…
The downside of being an insurtech trailblazer
June 18, 2018 by Greg MeckbachThe spectre of a Netflix-esque disruption of the property and casualty insurance sector is producing mixed reaction among Canadian executives. The Canadian P&C sector “may be” disrupted in a manner similar to how Netflix disrupted the movie rental industry or…
Government-backed home flood insurance coming to Canada?
June 3, 2018 by Greg MeckbachFederal government officials are pondering a flood insurance system similar to Britain’s two-year old Flood Re, an Insurance Bureau of Canada official suggested Thursday. Federal public safety minister Ralph Goodale “asked IBC to lead a working that will deliver recommendations…
Ugly trend in auto claims so far this year: OSFI data
May 30, 2018 by David GambrillFederally regulated Canadian property and casualty insurers have paid out $535 million more in auto claims during the first quarter of 2018 than they did during the same period last year, according to financial results posted by Canada’s solvency regulator.…