Keyword
personal property
COVID’s effect on Canadian auto and property rates
April 22, 2021 by Jason ContantEndorsements to auto policies as a result of changing driving habits from COVID-19 are resulting in average premium rate renewal decreases across most of the country, according to Applied Systems’ latest rating index report. Personal property rates, on the other…
Why home insurance was so profitable for Intact in 2020
March 11, 2021 by Greg MeckbachThe hard market in home insurance is helping Canada’s largest P&C insurer make a healthy profit. But insurers need to maintain pricing discipline in personal property because weather catastrophe costs are increasing over time, suggests the chief financial officer at…
Canadian auto and property insurance rates headed in opposite directions
February 1, 2021 by Jason ContantAverage 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…
Property claim cycle times are on the rise: Xactware data
August 10, 2020 by David GambrillWhile 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…
The broker’s valuation proposition
July 6, 2019 Kelly Juhasz, President, Canadian Chapter, International Society of AppraisersHow offering appraisal services can increase your client’s satisfaction
New index measures quarterly premium rate trends in Canadian personal lines
May 16, 2018 by Jason ContantApplied 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…
37% of Quebec tenants have no home insurance: IBC survey
September 6, 2017 by Canadian UnderwriterNearly 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 reports 12.8% increase in gross written premiums in Q2 2017, 8.3 point increase in combined ratio to 112.8%
August 4, 2017 by Canadian UnderwriterEconomical 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…
Intact has yet to see ‘full impact’ of 2016 change to Ontario auto catastrophic impairment criteria
August 3, 2017 by Canadian UnderwriterIt 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…
Canadian Council of Insurance Regulators releases 2017-2020 strategic plan
June 28, 2017 by Canadian UnderwriterThe 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…
U.S. P&C insurance industry’s net income drops 42.2% to US$7.7 billion in Q1 2017
June 26, 2017 by Canadian UnderwriterThe 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…
Government of Alberta advances Disaster Recovery Program funding to help with Fort McMurray uninsurable costs
February 24, 2017 by Canadian UnderwriterThe 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…