Keyword
claims costs
Why brokers still need to protect clients from inflation
April 18, 2023 Alyssa Di SabatinoCanada’s inflation rate eased to 4.3% in March, Statistics Canada reported on April 18. That’s down nearly a percentage point from February’s 5.2% and solidly below inflation’s 8.1% peak in summer 2022. And, with inflation beginning to cool, P&C insurance…
How inflation will affect Intact’s auto rates going forward
November 10, 2022 by David GambrillIntact is predicting a firming of its auto insurance rates in Canada, where brokers and consumers can expect the company to increase auto rates by percentages in the upper single digits by the end of 2022. In its personal lines…
Insurers, municipality clash over 87.5% increase in collision towing fees
July 14, 2022 by Jason ContantInsurance Bureau of Canada (IBC) is expressing “serious concern” after Mississauga, Ont.’s city council approved an 87.5% increase to towing fees for consumers who need a tow to a Collision Reporting Centre (CRC). The City of Mississauga defended the increase…
Stability, finally? What insurers and brokers can look forward to in 2022
November 12, 2021 Brooke SmithBrokers and insurers may see some stabilization in the market in 2022. “We saw tremendous rate pressure, high operating ratios, and low ROIs in 2019 and 2020,” said Kevin Neiles, president, Western Canada and chief markets officer at Gallagher, during…
Public auto insurer applies for rate decrease, customer rebate
October 21, 2021 by Jason ContantManitoba Public Insurance (MPI) has adjusted its general rate application and is requesting a 1.2% rate decrease along with a $335 million rebate to customers. MPI recently applied to the Manitoba Public Utilities Board (PUB) for a provisional 2.8% rate…
How much claims costs decreased for one insurer
September 30, 2021 by Jason ContantManitoba Public Insurance (MPI) is reporting a 27% decrease in claims costs in the first quarter of 2021 compared to a year ago, primarily as a result of less vehicles on the road due to the COVID-19 pandemic. Claims costs…
Will changes to Alberta auto reduce insurers’ claims costs?
November 20, 2020 by Jason ContantProposed changes to auto insurance regulations in Alberta and new Orders in Council should help reduce claims costs for insurers, Insurance Bureau of Canada (IBC) told Canadian Underwriter Thursday. Bill 41, the Insurance (Enhancing Driver Affordability and Care) Amendment Act,…
How ICBC can cut auto injury claims costs by more than $20 million
February 20, 2018 by Greg MeckbachBritish Columbia’s government monopoly auto insurer could save up to $27 million a year on claims costs and reduce the risk of legal disputes by taking on a “larger role” in designing plans to treat auto collision injuries, PriceWaterhouse Coopers…
Combined ratio down 5.9 points, P&C reinsurance premiums down 8% for Munich Re
August 11, 2017 by Canadian UnderwriterMunich Re reported Wednesday a combined ratio of 93.9% in reinsurance in the three months ending June 30, down 5.9 points from 99.8% in the same period in 2016, when the German reinsurer had natural catastrophe claims costs of €335…
“Nearly all” U.K. drivers paying record amounts for car insurance: Association of British Insurers
July 10, 2017 by Canadian UnderwriterDrivers in nearly all age groups in the United Kingdom are paying record amounts for their car insurance and could face further increases unless the government takes action to reduce claims costs, the Association of British Insurers (ABI) warned recently.…
Government of Newfoundland and Labrador conducting comprehensive review of auto insurance system
July 5, 2017 by Canadian UnderwriterThe Government of Newfoundland and Labrador has announced the start of a comprehensive review of the auto insurance system in the province. Perry Trimper, Minister of Service NL, announced the review in a statement on Tuesday. As part of the…
Manitoba Public Insurance requests 2.7% overall rate increase for 2018/19 insurance year
June 19, 2017 by Canadian UnderwriterManitoba Public Insurance (MPI) has announced that it has requested a 2.7% overall rate increase for the 2018/19 insurance year. MPI requested the rate increase for the 2018/19 insurance year in its general rate application filed with the Public Utilities…