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Pricing
Analytics single greatest disruptor to Canadian insurance industry: survey
April 4, 2017 by Canadian UnderwriterAnalytics is the single greatest disruptor to the Canadian insurance industry today, according to 65% of executives polled for a recent survey by Insurance Nexus, a division of FC Business Intelligence. Insurance Nexus reported on Tuesday that it recently surveyed…
Toronto city managers authorized to negotiate $10.9-million agreement with ClaimsPro
March 29, 2017 by Canadian UnderwriterToronto City Council voted Tuesday to authorize staff to enter into a three agreement with ClaimsPro LLP to provide adjusting services to the city. ClaimsPro, owned by SCM Insurance Services Inc., was one of four adjusting firms to respond in…
Risk management overhaul necessary for cities to become more resilient to catastrophic events: report
March 27, 2017 by Canadian UnderwriterOfficials for cities, investors and insurers will increasingly need to “build resilience within and between infrastructure systems as a complementary approach to address infrastructure risk and uncertainty,” argues a new report from Lloyd’s and Arup. “While risk management remains a…
Commercial insurance prices in U.S. remain flat during 2016 Q4
March 13, 2017 by Canadian UnderwriterCommercial insurance prices in the United States were almost flat during 2016 Q4, with price increases of less than 1% for the fifth straight quarter, Willis Towers Watson (WTW) reports in its latest Commercial Lines Insurance Pricing Survey (CLIPS). CLIPS…
Driverless cars to “revolutionize” motor insurance as liability shifts towards manufacturers: Fitch
March 8, 2017 by Canadian UnderwriterWidespread adoption of autonomous vehicles will completely transform the motor insurance sector in the long-term as liability shifts towards manufacturers and the traditional risk pool shrinks, Fitch Ratings said in a new report on Wednesday. Simply put, insurers will be…
Ridesharing anticipated in B.C. by “end of 2017,” province unveils measures to help taxi industry modernize
March 8, 2017 by Canadian UnderwriterThe government of British Columbia announced on Tuesday a series of improvements for the taxi industry in anticipation of “ride-sharing services coming to British Columbia by the holiday season at the end of 2017,” including improving certain insurance products, potentially…
RSA Canada posts solid underwriting profit despite nat-Cat events in 2016
February 24, 2017 by Angela StelmakowichRSA Canada witnessed increased underwriting profit and a solid combined ratio for 2016 despite what can only be described as a challenging year that featured Canada’s most costly insurable nat-Cat ever and a host of other adverse weather events. “We’re…
Canadian non-life insurance market poised for 2017 profit recovery: Fitch
January 25, 2017 by Canadian UnderwriterThe Canadian non-life insurance industry is likely to return to an underwriting profit in 2017, according to Fitch Ratings’ new report on the Canadian non-life insurance market. Following a significant improvement in 2015 underwriting performance, the market in aggregate will…
Loss ratio for Canadian commercial insurers deteriorates in accident year 2016 compared to same period in 2015: Willis Towers Watson survey
January 11, 2017 by Canadian UnderwriterReported claim cost information for Canadian commercial insurers reveals a deterioration in loss ratio of 38.4% in accident year 2016 compared to the same period in 2015, according to Willis Towers Watson’s (WTW) Commercial Lines Insurance Pricing Survey – Canada…
Swiss Re plans to expand R&D capabilities to efficiently allocate capital into growing risk pools
December 2, 2016 by Canadian UnderwriterSwiss Re’s stronger focus on and investment in research and development (R&D) to identify risk pools, as well as its move to further leverage technology, seeks to meet the twin goals of facilitating enhanced client support and creating competitive advantage.…
Fitch changes U.S. P&C insurance industry outlook to negative from stable
November 30, 2016 by Canadian UnderwriterFitch Ratings has changed the fundamental sector outlook for the United States property and casualty insurance industry to negative from stable, reflecting recent declines in profitability and anticipated further earnings deterioration in 2017 due to more competitive market conditions. Fitch…
Making things fast, simple and transparent important for Millennials: speaker
November 15, 2016 by Angela StelmakowichProviders dealing with Millennials must have a clear value proposition and understand the importance of communicating in a way that is most comfortable for their clients, David Nugent, WealthSimple’s portfolio manager and chief compliance officer, suggested Monday during an event…