Keyword
premiums
How the convergence of everything will change the industry
September 9, 2019 by Jason ContantThe Internet of Things (IoT), the “connected economy,” and other phenomena driven by convergence will cause insurance premiums to go down, one industry analyst predicted last week at the Insurance-Canada.ca Executive Forum. “The rate at which this is going to…
Where Q2 personal auto premiums increased the most in Canada
July 17, 2019 by Jason ContantThe hard market continues in personal lines in Canada, with personal auto in Quebec seeing a significant increase in average premiums in Q2 2019, according to Applied Systems’ latest rating index. Last week, the insurance software vendor released its most…
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…
Insurers applaud provincial decision to remove retail sales tax on insurance premiums
March 27, 2018 by Jason ContantNewfoundland and Labrador’s decision to remove 5% of the retail sales tax paid on auto insurance premiums over the next four years will help return stability to the market, the Insurance Bureau of Canada (IBC) said Tuesday. Tom O’Handley, manager…
Combined ratio, net loss for Economical Insurance up in 2017 Q3 over 2016 Q3
November 6, 2017 by Canadian UnderwriterThe impact of strategic investments by Economical Insurance contributed to the insurer witnessing a combined ratio of 116.2% and an almost doubling of net loss in 2017 Q3 compared to 2016 Q3. The combined ratio for the third quarter of…
Echelon Insurance reports near halving of net income in 2017 Q3 compared to 2016 Q3
November 3, 2017 by Canadian UnderwriterThe B.C. wildfires and losses related to commercial auto and motorcycle contributed to Echelon Insurance witnessing a 42% decrease in net income and an increase in combined operating ratio for 2017 Q3 compared to 2016 Q3. Net income amounted to…
Travelers reports lower net, core income in 2017 Q3 than in 2016 Q3
October 20, 2017 by Canadian UnderwriterA US$700 million pre-tax hit for catastrophe losses in 2017 Q3 contributed to Travelers Companies, Inc. seeing both its net income and core income drop compared to the prior-year quarter. The U.S. insurer’s net income amounted to US$293 million for…
New software could make it easier to “adopt and trust” AI systems that set insurance premiums
October 6, 2017 by Canadian UnderwriterNew software developed at the University of Waterloo (UWaterloo) in Ontario could make it easier to adopt and trust powerful artificial intelligence (AI) systems that set insurance premiums, generate stock market predictions and assess who qualifies for mortgages, the university…
Global cyber premiums to increase six- to eightfold within a decade: Fitch
September 28, 2017 by Canadian UnderwriterGlobal cyber premium volume is set to increase six- to eightfold within a decade, according to a new report from Fitch Ratings. Released on Wednesday, the report Cyber Insurance – Risks and Opportunities (Global Non-Life Insurer Underwriting Exposures Examined) found…
Standard would help enhance flood resilience of new communities: report
September 26, 2017 by Angela StelmakowichResearch out of the University of Waterloo recommends a Canadian standard for new flood-resilient residential communities, one that employs almost two dozen best practices, be developed to bolster protection and reduce water-related losses. Requiring that new homes not be built…
Saskatchewan Party leadership candidate proposes rolling back PST on insurance products
August 30, 2017 by Canadian UnderwriterJeremy Harrison, a candidate for the leadership of the Saskatchewan Party and MLA for Meadow Lake, said on Tuesday that he would roll back the charging of provincial sales tax (PST) to insurance products as announced recently as part of…
Making ICBC a co-op one option for B.C., competition must be part of any option selected: taxpayers federation
August 25, 2017 by Canadian UnderwriterThe British Columbia government has options at its disposal to address auto insurance problems in the province – ranging from leaving the Insurance Corporation of B.C. (ICBC) to shuttering the insurer – but all should include reintroduction of competition, concludes a new report commissioned by the Canadian Taxpayers Federation (CTF). CTF argues that “fast and furious changes” are needed in light of the “looming 30% hike to car insurance,” a figure noted in an Ernst & Young LLP (E&Y) report made public last month. Among its many observations, the…