Average personal auto premium rates in Canada decreased 2.6% in 2020 Q4 compared to the same period in 2019, but some provinces did see an increase, according to the latest results from Applied Systems’ premium rate index. On average, both…
While everyone in the Canadian property and casualty insurance industry knows that quick claims response times are critical to consumer satisfaction, cycle times for property claims in Canada increased overall between 2018 and 2019, according to the latest property damage…
How offering appraisal services can increase your client’s satisfaction
Applied Systems has released its Applied Rating Index, measuring the quarterly premium rate trends being experienced by consumers, brokerages and insurers across the Canadian market. Stephane Lacasse, vice president of product management for Canada and rating products with Applied, told…
Nearly four in 10 tenants in Quebec have no home insurance, “a regrettable situation that clearly puts their financial security at risk,” the Insurance Bureau of Canada (IBC) said in a press release on Wednesday. A survey completed for IBC…
Economical Insurance reported a 12.8% increase in gross written premiums (GWP) in the second quarter of 2017 to $660.6 million, driven by strong personal lines growth, including contributions from Sonnet and Petline. “While we generated significant growth in gross written…
It has been more than a year since Ontario changed its criteria for catastrophic impairment and reduced the mandatory coverage for accident benefits, but the “long tail profile” of accident benefits claims means the Ontario reforms “have not fully been…
The Canadian Council of Insurance Regulators (CCIR) has published its strategic plan for 2017-2020, which focuses its efforts on cooperative supervisory activities, fair treatment of consumers, risks and coverages related to nat cats, and a cooperative approach to financial services…
The private property and casualty insurance industry in the United States saw its net income after taxes drop to US$7.7 billion in the first quarter of 2017 from US$13.4 billion in Q1 2016, a 42.2% decline, according to ISO, a…
The government of Alberta announced on Thursday that it is advancing $20 million in Disaster Recovery Program funding to help with uninsurable costs related to the Fort McMurray wildfire. The funding is intended to help with uninsurable costs, such as…
Economical Insurance has reported that gross written premiums (GWP) for the fourth quarter of 2016 ending Dec. 31 grew by $23.8 million, or 4.8%, to $521.8 million from $498 million in Q4 2015. In particular, personal lines premiums grew by…
About $5.3 billion will be re-invested in Alberta’s economy over the next three years to rebuild Fort McMurray following the massive wildfire in May, according to a new Conference Board of Canada report on the economic impacts of Canada’s most costliest natural…