Keyword
rates
Ontario promises action to address rising commercial insurance rates, critics urge regulation
October 26, 2020 Shawn Jeffords - THE CANADIAN PRESSTORONTO – Under pressure to address rising commercial insurance rates blamed on the pandemic, Premier Doug Ford promised this week to take action to stop what he called “gouging” by some companies in the sector. Ford twice this week has…
When is hard actually hard?
March 30, 2020 By Sarah Cunningham-ScharfCanadian brokers assess the current market in commercial lines, noting the contrast with what’s happening in personal lines
Why A.M. Best gave the global reinsurance segment a ‘stable’ outlook
December 6, 2018 by David GambrillCORRECTION: An earlier version of this story incorrectly stated that A.M. Best had changed its outlook for the global reinsurance sector from ‘Stable’ to ‘Negative.’ In fact, the outlook changed to ‘Stable’ from ‘Negative.’ Canadian Underwriter apologizes for the error.…
Ontario auto insurance rates increased in last quarter of 2017
January 12, 2018 Allison Jones - THE CANADIAN PRESSTORONTO – Auto insurance rates in Ontario increased in the last quarter of 2017, putting the Liberal government further away from its promise to cut rates by 15 per cent. Fourth quarter numbers released today by the Financial Services Commission…
“Drastic action” needed to address ICBC ails, remedy hefty rate hikes
September 6, 2017 by Canadian UnderwriterThe British Columbia government has taken the reins to protect drivers and address mounting financial concerns at the Insurance Corporation of B.C. (ICBC), including by limiting rate increases that threatened to reach double-digits. “Drastic action is needed to fix ICBC’s…
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…
Mobile telematics data can offer rich insights into distracted driving and impact loss trends, Insurance Analytics Canada speaker suggests
June 28, 2017 Jason Contant, Online EditorMobile telematics data, while sometimes providing “noisy,” or meaningless information, can also offer rich insights on distracted driving that could impact loss trends, a speaker suggested on Wednesday at the third annual Insurance Analytics Canada Summit in Toronto. Ted Gramer,…
MPI posts $3.6 million net loss for first nine months of current fiscal year
January 30, 2017 by Canadian UnderwriterManitoba Public Insurance (MPI) has recorded a net loss for the first nine months of its fiscal year ending Nov. 30, 2016, compared to posting net earnings for the same period one year earlier. MPI saw a net loss of…
ICBC board finalizes terms of reference for independent review of insurance rates
January 26, 2017 by Canadian UnderwriterThe Insurance Corporation of British Columbia’s (ICBC) Board of Directors (BoD) has finalized the terms of reference for an independent review of the fairness and affordability of basic insurance rates in the province, with the idea being to limit future…
Manitoba Public Utilities Board approves 3.7% “over-all” general rate increase for Basic compulsory motor vehicle premiums
December 19, 2016 by Canadian UnderwriterThe Manitoba Public Utilities Board (PUB) announced on Friday that it has approved a 3.7% “over-all” general rate increase for Basic compulsory motor vehicle premiums in the province, effective March 1, 2017. “The Board found that on the evidence before…
Auto insurance rates rise in Ontario despite Liberal pledge to cut by 15 per cent
October 19, 2016 The Canadian PressTORONTO – Auto insurance rates are rising in Ontario, moving the Liberal government even further away from a self-imposed target of an average 15-per-cent reduction. The Liberals promised in 2013 to cut auto insurance premiums an average of 15 per…
Only 10% of Ontario drivers report being “very knowledgeable” about elements of a standard auto insurance policy: FSCO-commissioned survey
June 15, 2016 by Canadian UnderwriterOnly 10% of Ontario’s nearly 10 million drivers report that they are “very knowledgeable” about the elements in a standard auto insurance policy, according to a recent survey commissioned by the Financial Services Commission of Ontario (FSCO). The survey, released…